Bitcoin’s Frenzy of Activity Pushes Average Transaction Fee Over $7, Nearly 2-Year High
Bitcoin blockchain involving Ethereum-style tokens and non-fungible token (NFT)-like “inscriptions” has driven up congestion on the network, pushing the average fee rate to the highest in nearly two years while showering miners of the cryptocurrency with extra revenue. For comparison, the rate so far this year had fluctuated between roughly 50 cents and $4, data from BitInfoCharts shows.
Bitcoin’s total transaction fees, which are paid by users to miners, jumped to around 124 BTC or roughly $3.5 million, on May 3, representing a 484% increase in the past 14 days. “This current fee spree is an anomaly,” wrote Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. BRC-20 (a play on Ethereum’s ERC-20 token standard), which facilitates the issue and transfer of fungible tokens on the Bitcoin blockchain, has accounted for about 6% of all Bitcoin activity since its inception in early March, according to pseudonymous analyst and yield farmer Dynamo DeFi. This year has also seen the rise of Ordinals inscriptions, which are similar to NFTs.
Source
https://t.me/DeFi_Ethereum
