Bringing more complex products to the network had the effect of using up more block space, and competition for this space drove up transaction fees. In fact, in May of 2023, during the height of the initial Ordinals craze, transaction fees accounted for a full 43% of the total income per block. Later in 2023, Ordinal demand again spiked and saw fees on individual transactions spike as high as $37, a level not seen in over two years prior.
Related posts
-
Past vs. Present — Examining Bitcoin’s History of Bull Market Corrections
As of now, the price of bitcoin has decreased by 23.4% from its peak of $73,737,... -
Bitcoin’s Market Cap at Risk of Falling Below $1 Trillion for First Time in 4 Months
According to recent statistics on Saturday, July 6, 2024, bitcoin’s market capitalization is nearing the $1... -
Private Equity Giants Are Circling Bitcoin Miners on AI Allure
Private equity firms are now looking at bitcoin miners in a much more different way after...