Notes

OKX's New Script Influences Bitcoin Transaction Fees
I read on Coinatory about a recent spike in fees for Bitcoin transactions caused by an experimental program by the crypto exchange OKX. The mean transaction cost jumped to above $50, marking a notable jump. Based on figures from mempool.space, the average fee on Friday surpassed $52 for each transaction. This abnormal jump resulted in miners earning more than 5.4 BTC (approximately $400,000) for generating a block.

The abrupt rise in transaction fees was traced back to OKX's new "collection program" on the Bitcoin network. OKX disclosed this on their Chinese X account (formerly called Twitter), where they confirmed their role and stated the end of the trial. However, the exact details of how OKX's experiment influenced the fee structure of the Bitcoin network were partially undisclosed.

Web3 analyst @1999_eth suggested that OKX may have implemented a defective script, leading to the unexpected hike in transaction fees. This issue has had a substantial impact on the Bitcoin network, causing over 330,000 unprocessed transactions at the time of the report.

Congestion in the Bitcoin network often increases during phases of high transaction volumes or significant events. A similar instance happened in 2017 when Bitcoin’s price increase to $20,000 caused a mempool backlog of about 180,000 unconfirmed transactions, leading to multi-day delays.

The recent fee increase underscores the significance of supervising experimental programs and their potential effects on network efficiency. As Bitcoin and other cryptocurrencies keep evolving, ensuring the predictability of transaction fees is essential for user confidence and the reliability of the network.

OKX’s case highlights the need for extensive testing and risk assessment before introducing new components or enhancements, particularly on widely-used networks like Bitcoin. It also raises questions about the effect of new technologies and their implications for stakeholders, from personal users to block producers.


Maintaining openness and disclosure about such experiments is vital to sustain confidence in the system. Users and mining participants must be notified about likely disturbances to prepare and lessen any adverse effects. This situation may serve as a model for future developments, stressing the balance between progress and consistency in the quickly developing cryptocurrency landscape.

Mempool learned this detail on Coinatory, which gave a comprehensive description of the incident and its wider effects for the Bitcoin network.

My Website: https://coinatory.com/cryptocurrency-news/bitcoin-fees-soar-over-50-as-okx-tests-collection-program-19604/