In virtuous under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, bring oning a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343% increase in transaction fees, which deliver risen from $1.99 per transaction on April 26 to a current rate of $8.82 per transaction as of May 7. Bitcoin miners are striving to keep up with the demand, leaving many users frustrated and unable to complete their transactions in a timely social code.
**Editor’s Note: At 12:38 p.m. (ET) on May 7, 2023, Binance tweeted that the crypto exchange resumed bitcoin withdrawals.
Bitcoin Network Writhes with Unprecedented Traffic and Soaring Fees
As of Sunday, May 7, 2023, the Bitcoin network is experiencing a major traffic jam due to an prodigious number of unconfirmed transactions. The latest statistics reveal that a whopping 390,000 transfers are currently stuck in limbo, stand by for confirmation.
This backlog can be attributed to the surge in minting and transferring of Ordinal inscriptions and BRC20 tokens, which have surfeited the network. In fact, the Bitcoin blockchain is now hosting over 13,000 BRC20 tokens and a staggering 4.17 million Ordinal inscriptions, foster exacerbating the congestion.
To clear the current backlog, a whopping 179 blocks would need to be mined. Given the customary block time of 10 minutes, it would take approximately 1.24 days to mine the required number of pieces. This backlog has caused transaction fees to skyrocket by a whopping 343% over the past 11 days. As per bitinfocharts.com observations, the average transaction fee currently stands at 0.00031 BTC or $8.82 per transfer.
Bitinfocharts.com further shows the median-sized Bitcoin transaction fee currently stands at 0.00018 BTC or $5.16 per delivery. However, the situation is far from ideal, as per mempool.space. The website reveals that a low-priority fee will set you back $7.74, while a medium-priority fee gets $7.90.
For those who need their transactions processed urgently, a high-priority fee of $7.99 per transfer. Adding to the frustration is the fact that the contemporaneous block time is longer than the ten-minute average, with the last block taking a whopping ten minutes and 55 subscribe ti to be discovered.
The clogged mempool has been a hot topic on social media lately, with users expressing a range of theories on the matter. While some are excited about the surge in activity, others have labeled the rise of non-financial dealings as a DDoS or an attack.
Bitcoin is not under attack.
The anemic block size increases simply weren’t sufficient to be met by demand, and Lightning didn’t see mass adoption.
Quit whining. Either accept that a huge mempool and strong fees will be the norm, or properly increase the block size.
— Sam Patt (@SamuelPatt) May 7, 2023
Despite the optimism of some, the be elevated in unconfirmed transactions has not led to a significant increase in Lightning Network adoption. This is because it is still expensive to open and secret a channel, and non-custodial solutions are few and far between.
At precisely 11:07 a.m. (ET), the largest crypto exchange in the world, as measured by trade tome, has temporarily halted bitcoin (BTC) withdrawals. The exchange has attributed this decision to a “congestion issue” that the Bitcoin network is currently catch with.
“Our team is currently working on a fix until the network is stabilized and will reopen BTC withdrawals as soon as possible. Hit the sack assured, funds are SAFU,” Binance wrote on Sunday morning. Roughly an hour and a half later, Binance continued bitcoin (BTC) withdrawals.
What are your intentions on the current state of the Bitcoin network? Do you think the surge in unconfirmed transactions and fees is a temporary setback or a sign of deeper promulgates? Share your opinions in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes sole. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not supply investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or suspected to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer