Bitcoin Network Overwhelmed by 390,000 Unconfirmed Transactions and Surging Fees

In conscionable nether 2 weeks, the fig of unconfirmed transactions connected the Bitcoin web has skyrocketed from 134,000 to implicit 390,000, causing a bottleneck successful the mempool. This surge successful unconfirmed transactions has resulted successful a staggering 343% summation successful transaction fees, which person risen from $1.99 per transaction connected April 26 to a existent complaint of $8.82 per transaction arsenic of May 7. Bitcoin miners are struggling to support up with the demand, leaving galore users frustrated and incapable to implicit their transactions successful a timely manner.

Bitcoin Network Struggles with Unprecedented Traffic and Soaring Fees

As of Sunday, May 7, 2023, the Bitcoin web is experiencing a large postulation jam owed to an overwhelming fig of unconfirmed transactions. The latest statistic uncover that a whopping 390,000 transfers are presently stuck successful limbo, waiting for confirmation.

This backlog tin beryllium attributed to the surge successful minting and transferring of Ordinal inscriptions and BRC20 tokens, which person flooded the network. In fact, the Bitcoin blockchain is present hosting implicit 13,000 BRC20 tokens and a staggering 4.17 cardinal Ordinal inscriptions, further exacerbating the congestion.

To wide the current backlog, a whopping 179 blocks would request to beryllium mined. Given the mean artifact clip of 10 minutes, it would instrumentality astir 1.24 days to excavation the required fig of blocks. This backlog has caused transaction fees to skyrocket by a whopping 343% implicit the past 11 days. As per bitinfocharts.com data, the mean transaction interest presently stands astatine 0.00031 BTC oregon $8.82 per transfer.

The influx of transactions has been dubbed an “attack” by a fig of bitcoin proponents.

Bitinfocharts.com further shows the median-sized Bitcoin transaction interest presently stands astatine 0.00018 BTC oregon $5.16 per transfer. However, the concern is acold from ideal, arsenic per mempool.space. The website reveals that a low-priority interest volition acceptable you backmost $7.74, portion a medium-priority interest costs $7.90.

For those who request their transactions processed urgently, a high-priority interest of $7.99 per transfer. Adding to the vexation is the information that the existent artifact clip is longer than the ten-minute average, with the past artifact taking a whopping 10 minutes and 55 seconds to beryllium discovered.

The clogged mempool has been a hot taxable connected societal media lately, with users expressing a scope of opinions connected the matter. While immoderate are excited astir the surge successful activity, others person labeled the emergence of non-financial transactions arsenic a DDoS oregon an attack.

Bitcoin is not nether attack.

The anemic artifact size increases simply weren't capable to conscionable demand, and Lightning didn't spot wide adoption.

Quit whining. Either judge that a immense mempool and precocious fees volition beryllium the norm, oregon decently summation the artifact size.

— Sam Patt (@SamuelPatt) May 7, 2023

Despite the optimism of some, the emergence successful unconfirmed transactions has not led to a important summation successful Lightning Network adoption. This is due to the fact that it is inactive expensive to open and adjacent a channel, and non-custodial solutions are fewer and acold between.

At precisely 11:07 a.m. (ET), the largest crypto speech successful the world, arsenic measured by commercialized volume, has temporarily halted bitcoin (BTC) withdrawals. The speech has attributed this determination to a “congestion issue” that the Bitcoin web is presently grappling with.

“Our squad is presently moving connected a hole until the web is stabilized and volition reopen BTC withdrawals arsenic soon arsenic possible. Rest assured, funds are SAFU,” Binance wrote connected Sunday morning.

What are your thoughts connected the existent authorities of the Bitcoin network? Do you deliberation the surge successful unconfirmed transactions and fees is simply a impermanent setback oregon a motion of deeper issues? Share your opinions successful the comments conception below.

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