Blockchain Transaction Fees Skyrocket Following Ordinals Inscriptions Boom

By: Eliza Bennet

Transaction fees across various blockchain networks, including Bitcoin and Ethereum Virtual Machine (EVM) chains, surged dramatically as the recent popularity of Ordinals inscriptions continues to drive blockspace demand. Over the weekend, inscription activity on EVM led to increased spending on gas (used to perform transactions and smart contract interactions on Ethereum).

On December 16, expenditure in gas on script inscriptions reached a record high of $8.3 million, as the Ordinals inscriptions trend fuels the appetite for blockspace, not only on the Bitcoin network but beyond. See the given data for more insights.

Notably, increased transaction fees have led to a profitable period for Bitcoin miners, and subsequently, the stock prices of publicly-traded Bitcoin mining companies are experiencing a significant upturn.