Bitcoin Fees Skyrocket To 20-Month High As Miner Revenues Soar With $69K BTC Price!

As of December 17, figures from BitInfoCharts indicate an average transaction fee of close to $40.

Commentators: High Bitcoin Fees Are Inevitable

The recent surge in Bitcoin transactions has led to increased fees for network users, prompting a debate on their enduring presence.

According to BitInfoCharts, sending BTC on-chain now costs slightly above $37, marking the highest average since April 2021.

Supplementary data sourced from Mempool.space reveals Bitcoin’s extensive mempool, causing even $2-fee transactions to lack on-chain priority.

Presently, close to 350,000 transactions await confirmation.

As the repercussions of Ordinals on fees upset many, prominent figures in the Bitcoin community argue that double-digit transaction costs are just a preview of future challenges. To navigate this, proponents advocate embracing layer-2 solutions like the Lightning Network, tailored for mass adoption.

“Current fees are temporarily inflated due to JPEG antics, offering a glimpse into the future. True scaling occurs on L2,” expressed Hodlonaut, a widely-followed commentator, in a series of posts on X (formerly Twitter) on December 16.

Hodlonaut continued by asserting that demanding low fees for “Level 1” transactions isn’t merely uninformed but also contributes to an attack on Bitcoin itself.

This viewpoint delves into Bitcoin’s fundamental structure as a competition-driven network that gains value over time through proof-of-work. Maintaining low fees contradicts this essence, as demonstrated by hard forks aiming to provide this benefit, which failed to attract value.

“Why prioritize onboarding someone with sub $1 fees to L1 if they can’t afford to move the funds in five years? It’s better to explore alternatives like bcash or other centralized options,” Hodlonaut remarked, referencing Bitcoin Cash (BCH), currently priced at $224.

Miners Enjoy Best USD Revenues In Two Years

In another context, renowned commentator Beautyon emphasized that despite the fees, Bitcoin operates according to its intended design.

“If Ordinals bring the high on chain world to everyone earlier than expected, it will act like a scythe cutting down everyone who did not accept a Layer 2 solution to the network fee problem,” part of a recent X post stated.