Bitcoin network fees continue to grow due to increased adoption of Ordinals NFTs

Bitcoin transaction fees continue to rise, and the average cost of sending the cryptocurrency is now at its highest level in two and a half years.

To Report According to Decrypt, BitInfoCharts data shows that each Bitcoin transaction costs an average of $37.58. The last time was in April 2021 (April 1400) when the Bitcoin network fee was increased to this extent. This process started when users’ interest in Ordinals protocol increased.

Cardinals are a solution for creating NFTs on the Bitcoin network, simply assets such as images or artwork that can be stored on the Bitcoin blockchain.

Investor interest in Ordinals means more users are mining and occupying block space that can be used to process imageless transactions. Since miners validating these transactions have more work to do, they can charge more from people who want to send bitcoins.

For example, Decrypt tried to make a transaction using a mobile wallet, but the fee was 42% of the amount of bitcoins to be sent.

However, this enthusiasm for the Cardinals has divided the Bitcoin community. Some say blockchain should be prioritized to do what bitcoin was originally created to do: make peer-to-peer payments online.

It was in April 2021 (April 1400) that Bitcoin transaction fees reached their highest level of $62.77.

At the time, Bitcoin was in the middle of its uptrend; Therefore, more people were using blockchain to transfer this asset. The price of Bitcoin at that time was around $57,000.