Over the weekend, worries about an imminent Denial of Service (DoS) an “attack” on the internet were expressed on the Twitter account of Crypto in response to a dramatic increase in Bitcoin fees for both confirmed as well as unconfirmed payments. These anxieties among their respective adherents have already been allayed by a few BTC analysts and observers.
As reported by BitInfoCharts, the average transaction cost for BTC right now is $19.20, around 0.00068 BTC. The remaining number of transactions during the moment of writing, based on Mempool Space, was 459,341.
Even the total fees per block temporarily exceeded the block subsidy award of approximately 6.25 BTC on 7th May due to the network’s increasing demand. Transaction fees may rise as block space utilization increases.
Bitcoin’s Journey
According to business analysts, this is the very first instance of it in 2017. A single block had fees of 6.76 Bitcoin, while block 788695 had fees of around 6.7 Bitcoin. This Mempool Space Explorer reveals that usage has since moderated somewhat as well as fees are once more dropped below the block’s reward. It’s anticipated that processing the following block will cost 4.51 BTC in fees.
The increase in the Ordinals’ inscriptions has been credited to a spike in action as well as the demand for block space. On 7th May, Taproot was used in a record-breaking 75% of all Bitcoin on the network interactions, based on analytics company Glassnode.
Congestion on the BTC network may have been caused by a DoS attack. Demand drives the use of the BTC mempool; a targeted attack was not planned. The biggest cryptocurrency exchange in the world, Binance, again delayed Bitcoin trades on 8 May to the enormous number of outstanding transactions. In the previous 12 hours, Binance has banned Bitcoin transactions for a second time.
