Key details:
-
In low precedence, the commissions are roughly USD 60.
-
The launch of the Bitcoin staking mainnet appears to be triggering the surge.
Bitcoin community transaction charges skyrocketed on Thursday, August 22, with instances of practically USD 100 for high-priority operations, inflicting a big enhance in protocol congestion, with greater than 300,000 transactions awaiting affirmation.
In line with the info proven on Mempool.House, low precedence transaction charges are distributed as follows: for low precedence they vary round USD 62, for medium precedence round USD 79 and for prime precedence they quantity to USD 97. These Figures not seen for greater than 4 monthswhen the fourth Bitcoin halving was executed and the Runes protocol went into operation.
With the rise in transaction charges, congestion on the Bitcoin community has intensified. On the time of this report, greater than 321,000 transactions had been happening. ready to be processed by Bitcoin miners. Additionally, a quantity not seen for a number of months.
The origin of the excessive charges and congestion of the Bitcoin community isn’t due, as has occurred just lately, to the Ordinals or Runes protocols. This time, all the things factors to the launch of the principle Bitcoin staking community, developed by the Babylon agency.
As reported on their social networks this Thursday, August 22, 2024, the launch of the BTC staking service “drives a 3rd native use case for bitcoin.”
Intimately, the service affords the potential for staking bitcoin by exercising self-custody. In line with Babylon, staking is a follow that “secures Proof of Stake networks” and permits customers to earn rewards.
After a couple of hours of congestion, the Bitcoin community has returned to regular. On the time of writing, charges for high-priority transactions are round USD 0.51 and USD 0.42 for low-priority transactions. This was a brief rebound in charges, very completely different from the episodes recorded initially of this 12 months, when congestion lasted for a number of days in a row, as reported by CriptoNoticias on the time.
As transaction charges and consequently congestion on the Bitcoin community enhance, many frequent transactions take longer than anticipated to course of. That is the place the Lightning Community is available in, Bitcoin’s scalability resolution which permits micropayments to be made nearly immediately, at low price and in a safe method.
