Bitcoin Miners Reward as Fees Reach 20-Month High
Key Takeaways:
- Bitcoin’s on-chain transaction fees have surged to nearly $40, reaching their highest level in 20 months.
- There has been debate within the cryptocurrency community about the sustainability of high transaction fees, with some advocating for layer 2 solutions like the Lightning Network.
- Despite the controversy, Bitcoin miners have been enjoying increasing profits, with profits last reaching levels at an all-time high of $69,000 in November 2021.
Due to recent popularity Bitcoin ordinal inscription, Bitcoin On-chain transaction fees soar to the highest in 20 months.Includes average transaction fees Reached almost $40 as of December 17th.
These fee increases have sparked a debate about sustainability within the cryptocurrency community.
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Bitcoin’s mempoolwhich represents unconfirmed transaction balances, has increased significantly as follows: Nearly 300,000 transactions are awaiting confirmation..
While many users are frustrated by the high fees, some influential figures in the Bitcoin industry claim: This is a glimpse into the future.
They have double-digit transaction costs Signs of Bitcoin’s Rising Popularity To resolve this issue, users should turn to layer 2 solutions such as: lightning network.
popular critic, Hodlonaut Highlighting this view on X (formerly Twitter), he said:
Currently, fees are artificially and temporarily high due to the JPEG clown phenomenon, but this is only a glimpse into the future. No expansion occurs in L1.
He went on to claim: Requiring low fees for “level 1” transactions is counterproductive to Bitcoin’s long-term success.
Bitcoin Veteran adam back echoed this sentiment, emphasizing the importance of expanding layer 2 capabilities and not relying solely on miner fee incentives.
Despite the controversy over high fees Bitcoin miners are reaping the benefits. data This shows that miner revenue, including block subsidies and USD fees, has reached levels not seen since Bitcoin’s all-time high of $69,000 in November 2021.
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