Ordinals’ non fungible tokens (NFT) “stirred the waters” in Bitcoin. For weeks now, the network has been showing increased congestion, which has increased transaction fees. Only with the ones related to Ordinals, which are heavier, miners have already earned more than USD 600,000.
More precisely, the accumulated commissions to date for Ordinals transactions amount to USD 596,000 at the time of writing, according to data published by Data Always on the Dune Analytics platform.
Ordinals NFT registrations are made on a part of the bitcoin transaction called Witness. As such, they pay a minimum fee of 1 sat/vbyte, about a quarter of what transactions pay to send bitcoins (BTC).
However, since Ordinals transactions are heavier than “ordinary” ones, they end up paying higher fees, often in excess of $20. This, of course, depends on the weight of the transaction and the priority assigned to it.
Ordinals’ NFTs changed the scenario in Bitcoin.
Beyond what happens with the commissions paid by Ordinals, the rest of Bitcoin users also have to pay a higher price for trading on the network. This is because congestion is high, as reported in CryptoNews, and that forces commissions to go up in order for a trade to be confirmed faster.
For example, at the close of this note you see a scenario that has been repeated in recent days. Bitcoin’s mempool has more than 13,900 transactions and 76 blocks pending.
The minimum commission is USD 0.24 at the moment, although it is worth noting that choosing that rate does not give assurance that the transaction will be confirmed soon, as transactions with higher commissions are added almost permanently.