Bitcoin Fees Hit 5-Month High as Ordinals NFT Projects Congest the Network
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Bitcoin transaction fees are at a 5-month high due to increased activity from Bitcoin Ordinals projects.
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Ordinals are NFTs that store data on the Bitcoin blockchain, causing congestion.
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The most active Ordinals projects currently are BEES, gpts, and HALV.
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Bitcoin's mempool has over 120,000 unconfirmed transactions, up from under 30,000 in early October.
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Increased fees are benefiting Bitcoin miners, with fees making up 8.5% of revenue on Nov. 6 - the highest since June.