I was checking mempool and saw the transaction fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?
It is for sure because of the Ordinals and we see this because of the listing at the binance. I remember that a few months ago the Ordinals were in the hype and at that time too, the mempool was congested resulting in the high tx price.
Anyways this is a party time for the miners as their revenues are increased by many times these days.
I had a look into the blocks confirmed as at the time of this post it was at 815740 and the last block to be mined by viabtc pool is block 815721 which around 20 blocks down, imagine having to wait this long and if you don’t get into the next block mined by them you wait way longer again, definitely a long time before wait.
Well, if the mempool is congested like it is now, will it take longer to mine the block too ?
Yes, I know that the transaction fee is increased but due to this, the block mining time is also increasing ?