Post
Topic
Board Bitcoin Discussion
Re: Bitcoin mempool reaches 600K transactions
by
Smeet
on 05/09/2023, 18:21:06 UTC
The actual reason why the network is congested was posted by DdmrDdmr,

As per my Ordinals Dashboard (I’ve just updated it), block 806280 contains 7.292 Ordinals out of the 7.616 TX, occupying 91,6% of the block (see "Weight of Ordinals per Block" on the Dashboard). If you filter the said block on the "OrdinalsOrdinalTx List", you’ll see that they are all similar to this (*):
https://ordinals.com/inscription/d9d0920f37c1ba8688a43a4d01943132fe98319bb271e72c4011b7798caf3354i0

Ordinals are averaging between 9 and 12 sat/vB per day over the past week which have risen a fair share from the 6 to 7 sat/vB during august, and since they’ve been occupying and average of 40+% of the blocksize over the past few days (it had been in the 20%-30% range for some days previously), I figure this all sums up the current fees, still distant to those that were around some months ago, but still.

(*) BRC-20 json files. See: https://trustmachines.co/learn/what-is-brc-20-token-standard/

As I said it is a temporary attack, sooner or later we can expect the spam attack to vanish over time.

Ah, reading more about this - it has been going on for a while: https://forkast.news/bitcoins-mempool-congestion-ordinals-inscription/ I wonder how much its costing them to occupy 20-30% of the blocksize consistently. Might be a while before we get to pre-February levels.