A Bitcoin Blockspace Boom

The extreme urgency of BRC-20 transactors is captured the the extraordinary fees they paid for the experience. As congestion in our Bitcoin mempool reached fever pitch, fee pressure rose dramatically.Bitcoin mempool reached fever pitch, fee pressure rose dramatically.
For only the fifth time in history, the average fee paid per block surpassed the block subsidy, with the last instance being at the 2017 market peak. For all five of these events, the period of high fee pressure was short-lived, and subsided after just a few days.
At the height of the BRC-20 mania, the average mined block was paying 6.66 BTC in fees, making for a total reward of 12.9 BTC per block (~$348k).BTC in fees, making for a total reward of 12.9 BTC per block (~$348k).BTC per block (~$348k).

Text files during this second wave accounted for between 30% and 60% of total fees paid, which is significantly higher than the 5% to 20% typically seen during the first wave if image inscriptions.Text files during this second wave accounted for between 30% and 60% of total fees paid, which is significantly higher than the 5% to 20% typically seen during the first wave if image inscriptions.

In total, inscriptions have paid a cumulative sum of 1,262 BTC in fees to miners, with 1,090 BTC (86%) of this occurring during the last week. The chart below shows just how explosive the fee pressure associated with text files has been.BTC in fees to miners, with 1,090 BTC (86%) of this occurring during the last week. The chart below shows just how explosive the fee pressure associated with text files has been.BTC (86%) of this occurring during the last week. The chart below shows just how explosive the fee pressure associated with text files has been.text files has been.

With this rapid rise in demand for Bitcoin blockspace, the total USD denominated fees paid per day almost set a new all-time-high, peaking at $17.8M/day. A challenging side effect of this was that the cost of sending a regular Bitcoin transaction also reached extreme heights, with the median and mean fee required to get a transaction included in a block hitting $20.17 and $30.80, respectively.Bitcoin blockspace, the total USD denominated fees paid per day almost set a new all-time-high, peaking at $17.8M/day. A challenging side effect of this was that the cost of sending a regular Bitcoin transaction also reached extreme heights, with the median and mean fee required to get a transaction included in a block hitting $20.17 and $30.80, respectively.