Bitcoin network transaction fees are once again on the rise following an extended period of dormancy. The current minimum transaction fee, as reported by Mempool, has surpassed 600 satoshis per virtual byte (sat/vB), equating to approximately $37. This surge in fees has led to the rejection of over 347,000 transactions.
Furthermore, Mempool usage has not only breached the 300 MB mark but has skyrocketed to an astounding 1.41 GB. The congestion’s root cause lies in Ordinals tokens, which, in a single day, incurred 235.8 BTC in transaction fees. The last instance of such elevated fees was recorded on May 9, coinciding with the heightened popularity of Ordinals tokens.
The resurgence of interest in the Ordinals concept has resulted in increased transaction fees for all Bitcoin users. Luke Dashjr, a Bitcoin Core Developer, shed light on the situation. He pointed out that the inscription feature, integral to the Ordinals concept, allows additions like text and images to the Blockchain. Dashjr highlighted the problem, stating, “Inscriptions are spamming the blockchain by exploiting a vulnerability in Bitcoin Core.” Since 2013, Bitcoin Core has permitted users to set a limit on the size of additional data in transactions. However, Inscriptions surpasses this limit by disguising its data as program code.
Some BTC developers express concerns that the Inscription concept introduces a security vulnerability to the network.
