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In March 2023, Bitcoin’s average and median fees surged more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoins worth $4.2 million have been added to the fees.
As of 2:30 PM (ET) on March 31, 2023, according to statistics from mempool.space, there are approximately 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times have increased in March following the network fee increase that occurred during the first week of February.
At that time, due to demand from Ordinal enrollment transactions, fees rose 122% in 10 days. With BTC’s price significantly higher and the Ordinal Inscription trend still in full swing, average and median transfer fees have risen since February 8, 2023.
According to data from bitinfocharts.com, as of Friday afternoon (ET), the average BTC transaction fee was 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1,704 per transfer, or 41.17% lower than today’s average BTC fee.
BTC’s median fee rose 42.02% from $0.69 to $0.98 per transaction during the same time frame. Average fees increased to $4.24 per transaction on March 24, and on the same day median fees reached $1.37 per transfer.
At the time of writing, there are more than 662,000 Bitcoin-based Ordinal subscriptions, and some of the fee increase has been attributed to the subscription trend. Currently, 150.2457 BTC have been collected in fees for Ordinal Inscriptions.
While BTC fees have been higher, they are still lower than the average and median fees settled on the Ethereum (ETH) network. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median Ether fee today is 0.0014 ETH or $2.54 per transaction.
While average and median BTC fees range between $0.98 to $2.40 per transaction, some fee payments, at 6 satoshis per byte or $0.24 per transaction, have made it past the transaction queue.
While block intervals were faster than the ten-minute average before the last difficulty change, averaging nine minutes and 33 seconds over the last 2016 blocks, they currently range between nine minutes and 50 seconds to ten minutes and 21 seconds.
What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below.
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