Last week, the Bitcoin network had a problem. There were 500,000 transfers that needed to be processed, but this made it really crowded and slow. Now today, only 263,406 transfers need to be done! But 184 more blocks have to be taken care of so most of the transactions can go through properly.
Bitcoin Network Fees Reduce by Over Half in Just Three Days!
The big line of bitcoin transactions is finally decreasing as the miners have started to process them. Not long ago, CryptokenTop News mentioned that over 500,000 transactions were still pending on May 7th but that had dropped down to just a bit over 300,000 on Thursday, May 11th. As of May 14th according to mempool.space, the network fees for working with Onchain Bitcoins is current.
A few days ago, transferring Bitcoin would have cost around $3 if you wanted it to go through quickly. Now, though, that same transfer only costs $0.83 – a big decrease! In fact, statistics on the website mempool.io show us that in just three days, transaction fees have gone down a lot.
On May 14, 2023, there were around 263,406 unconfirmed Bitcoin transactions. The cost for a medium-priority transaction is $0.79 and low priority ones are around $0.75. This is good news since fees for high-priority transfers have decreased by 72.33% in the last 72 hours. That’s more than half of what we had on May 7.
28 Million Vanishes from the Lightning Network!
On May 9th, about 413,420 transactions were processed. In other words, over a period of five days, 36.28% of the backlog had been dealt with. On May 7th, fees to use the Lightning Network had gotten very expensive and remained extremely unstable. Unfortunately, even though fees got higher, the number of bitcoins in the Lightning Network didn’t go up. In fact, on 14 May 2023, the amount of Bitcoin stored went down from 5463 to 5415 when compared to five days ago.
Recently, something strange happened on the Lightning Network – around $1.28million disappeared! Before this incident, the Network had 73,352 different “channels” that allowed people to send money back and forth. But now there are only 71,286 channels, meaning over 2,000 have been lost. On top of that, roughly 5,057 Bitcoin is using a service called Clearnet while 253 Bitcoins use a network called Tor. The rest of the capacity on the Network is considered other.
What do you think about the recent changes to Bitcoin’s network and the Lightning Network’s ability? Express your thoughts on this topic in the comments section.