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In low precedence, the commissions are roughly USD 60.
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The launch of the Bitcoin staking mainnet appears to be triggering the surge.
Bitcoin community transaction charges skyrocketed on Thursday, August 22, with circumstances of practically USD 100 for high-priority operations, inflicting a big enhance in protocol congestion, with greater than 300,000 transactions awaiting affirmation.
In line with the information proven on Mempool.Area, low precedence transaction charges are distributed as follows: for low precedence they vary round USD 62, for medium precedence round USD 79 and for top precedence they quantity to USD 97. These Figures not seen for greater than 4 monthswhen the fourth Bitcoin halving was executed and the Runes protocol went into operation.
With the rise in transaction charges, congestion on the Bitcoin community has intensified. On the time of this report, greater than 321,000 transactions have been going down. ready to be processed by Bitcoin miners. Additionally, a quantity not seen for a number of months.
The origin of the excessive charges and congestion of the Bitcoin community isn’t due, as has occurred lately, to the Ordinals or Runes protocols. This time, every thing factors to the launch of the primary Bitcoin staking community, developed by the Babylon agency.
As reported on their social networks this Thursday, August 22, 2024, the launch of the BTC staking service “drives a 3rd native use case for bitcoin.”
Intimately, the service provides the opportunity of staking bitcoin by exercising self-custody. In line with Babylon, staking is a observe that “secures Proof of Stake networks” and permits customers to earn rewards.
After a couple of hours of congestion, the Bitcoin community has returned to regular. On the time of writing, charges for high-priority transactions are round USD 0.51 and USD 0.42 for low-priority transactions. This was a short lived rebound in charges, very completely different from the episodes recorded at first of this 12 months, when congestion lasted for a number of days in a row, as reported by CriptoNoticias on the time.
As transaction charges and consequently congestion on the Bitcoin community enhance, many widespread transactions take longer than anticipated to course of. That's the place the Lightning Community is available in, Bitcoin's scalability resolution which permits micropayments to be made nearly immediately, at low value and in a safe method.
