Fees on the Bitcoin blockchain have risen to a new high, with the average cost to send the biggest coin now at its highest point in over two and a half years. Based on the Bitinfocharts figures, the average fee for a Bitcoin transaction has reached $37.58, surpassing the levels of April 2021.
This increase in fees is a result of growing interest in Ordinals – a version of non-fungible tokens (NFTs), but for the BTC blockchain. These tokens, which represent unique images or art, are stored on the Bitcoin blockchain and have gained popularity among investors in recent months. As a result, more Ordinals are being minted, taking up valuable blockspace that would otherwise be used for regular BTC transactions.
The rise of Ordinals has caused a divide within the Bitcoin community. According to some, blockchains should be prioritized for their original purpose of facilitating P2P payments, while others see the potential for growth and innovation with layer-2 solutions and NFTs on the network.
Some prominent Bitcoin community members, such as Beautyon and Adam Back, have weighed in on the issue. Beautyon believes that Ordinals could act as a catalyst for layer-2 adoption, while Back sees the high fees driving innovation and development of layer-2 capabilities.
Meanwhile, data from Blockchain.com shows that Bitcoin champion miners are generating the most USD revenue in two years. The total revenue for miners, which encompasses block rewards and fees, has jumped to levels not seen since Bitcoin’s current all-time high of $69,000 in November 2021.
Even with its high fees, Bitcoin champion continues to be a popular investment choice. As of December 19th, BTC is trading at around the $43,000 mark. Altcoins also rose after the recent Bitcoin surge, with Ethereum (ETH) and Solana (SOL) settling at $2,240 and $75, respectively.