The cost of sending BTC on-chain is rising sharply. According to Data provided by BitInfoCharts, to date the average transaction fee has reached almost $40! This is the highest figure since April 2021.
“Scaling does not occur in Layer-1”
The latest wave of Bitcoin Ordinals registrations has resulted in an increase in transaction fees for all users of the network. But some believe high costs will become the norm from now on.
Additional data provided by mempool.space It shows that the Bitcoin memory pool of all unconfirmed transactions is highly congested: this means that transactions that involve a $2 surcharge have almost no chance of being confirmed.
At the time of this writing, there are approximately 350,000 backlogged processes in the memory pool.
As it is no longer practical to conduct small transactions on-chain, the debate over Bitcoin’s scalability has flared up once again.
While many have expressed disappointment over the Ordinals’ influence on network commissions, some prominent members of the community argue that the current situation is nothing more than a taste of the future. Currently, the only solution is to adopt Layer-2 solutions such as the Lightning Network, which are specifically designed to increase the scalability of the network and encourage mass adoption.
On X (formerly Twitter), user Hodlonaut wrote: “Currently fees are artificially and temporarily high due to JPEG quirks. But this is nothing more than a glimpse into the future. Scaling does not occur in Tier-1.“
This is the best time in the last two years for miners
Despite high commissions Underlines the user Beautyon, the network continues to operate smoothly. “If ordinals help blockchains become popular sooner than expected, they will act as a sickle, cutting off anyone who does not accept Layer-2 solutions to the network fee problem.“
“Many users will be confused, upset and ready to abandon Bitcoin. But of course they won’t get any help because there is no one to blame, no one to ask for compensation; after all, this is the normal state of the network. The rules are followed, and these are the rules you accept!”
This point of view Shared by Adam BackCo-founder of Blockstream. Also, according to him, the answer to the question is expansion to Layer-2 networks: “You can’t stop JPEGs in Bitcoin. Complaining will only push users to create more JPEGs. If you try to stop them, they will find even worse ways to introduce this use case to the network. Higher tariffs will encourage Tier-2 innovation and adoption. Keep calm and build.“
THE Data from Blockchain.com It shows that USD miners’ income has reached levels not seen since November 2021, when Bitcoin reached its all-time high of $69,000.