Bitcoin Average Transaction Fees Nears $40, Highest Since April 2021

• The current average cost of moving Bitcoin on-chain is just over $37.
• This is the highest average cost since April 2021.

As of December 17th, the average transaction cost for transfering Bitcoin was approximately $37, according to data from the statistics portal BitInfoCharts.

All users of the network are now paying more for their transactions due to the most recent wave of Bitcoin Ordinals inscriptions. Moreover, some think these costs will remain. The current average cost of moving Bitcoin on-chain is just over $37, according to BitInfoCharts. This is the highest average cost since April 2021.

Ordinals Effect

There is a huge amount of unconfirmed on-chain transactions in Bitcoin’s mempool, according to further data from Mempool.space; as a consequence, even transactions with a $2 fee do not get on-chain priority. Moreover, around 350,000 transactions are still pending confirmation.

Advocates of Bitcoin continue to argue passionately while many smaller investors find casual on-chain spending unfeasible.

Popular Bitcoin figures claim that transaction charges in the double digits are only the beginning, while many are upset about the effect of Ordinals on fees. Protective measures need the use of so-called layer-2 solutions, such the Lightning Network, which is built to accommodate widespread adoption.

As proof-of-work implies, Bitcoin’s intrinsic nature as a competition-based network will cause its value to rise over time. Maintaining cheap fees is incongruous and, as seen by Bitcoin network hard forks that sought to provide that advantage, fails to draw value.

According to stats compiled by Blockchain.com, miners’ earnings (the total of block subsidies and fees in USD) has reached levels not seen since November 2021, when Bitcoin reached its current all-time high of $69,000.

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