Key facts:
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In low priority, the commissions are approximately USD 60.
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The launch of the Bitcoin staking mainnet seems to be triggering the surge.
Bitcoin network transaction fees skyrocketed on Thursday, August 22, with cases of nearly USD 100 for high-priority operations, causing a significant increase in protocol congestion, with more than 300,000 transactions awaiting confirmation.
According to the data shown on Mempool.Space, low priority transaction fees are distributed as follows: for low priority they range around USD 62, for medium priority around USD 79 and for high priority they amount to USD 97. These Figures not seen for more than four monthswhen the fourth Bitcoin halving was executed and the Runes protocol went into operation.
With the increase in transaction fees, congestion on the Bitcoin network has intensified. At the time of this report, more than 321,000 transactions were taking place. waiting to be processed by Bitcoin miners. Also, a number not seen for several months.
Bitcoin fees are on the rise this August 22. Source: Mempool.space.
The origin of the high commissions and the congestion of the Bitcoin network does not respond, as in the past, to the Ordinals or Runes protocols. This time, everything point out the launch of the Bitcoin staking mainnet, developed by the firm Babylon.
In detail, the service offers the possibility of staking bitcoin by exercising self-custody. According to Babylon, staking is a practice that “secures Proof of Stake networks” and allows users to earn rewards.
🚀REVOLUTION. ES. HERE! 🔶🔒
🔸Self-custodial Bitcoin staking—has finally been unlocked. 🔓
🔗 Participate in Babylon Bitcoin Staking Mainnet Phase-1: https://t.co/on18unO9iY
🔸The Babylon Bitcoin Staking Mainnet launch leads to the third native use case for #Bitcointhe… pic.twitter.com/onBS5ZIHKb
— Babylon (@babylonlabs_io) August 22, 2024
As transaction fees and consequently congestion on the Bitcoin network increase, many common transactions take longer than estimated to process. This is where Blockchain comes into play. Lightning network, Bitcoin’s scalability solution which allows micropayments to be made almost instantly, at low cost and in a secure manner.
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