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Two weeks ago, Bitcoin’s unverified transactions were fewer than 300,000. Since then, they’ve increased significantly, crossing the 400,000 threshold. Although the mean network fee is still below $1, it ranged from $0.77 to a peak of $2.59 per transaction between August 6 and 8. As of now, the average fee stands at 0.000032 BTC, equivalent to $0.836 for each transaction.
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Bitcoin’s Unconfirmed Transaction Backlog Grows by 100,000 in 14 Days
The backlog of Bitcoin transactions, commonly referred to as the mempool, rose from slightly under 300,000 pending transactions as of July 31, 2023, to an overwhelming 411,544 that were still pending as of August 20, 2023.
The data indicates that 124 blocks, or over 238 MB of block space, are necessary to clear this backlog. Interestingly, the typical block time was 9 minutes and 40 seconds on the recent Sunday, and the hashrate was notably high.
At 9:00 a.m. Eastern Time on that Sunday, the hashrate impressively reached 411.82 exahash per second (EH/s). With the fast block times and significant hashrate, the difficulty adjustment is preparing for a 5.10% increase, pushing it over the 55 trillion mark.
Statistics from mempool.space on August 20, 2023.
Both daily financial transfers and the consistent volume of Ordinal inscriptions contribute to this growing backlog. As of August 20, Ordinal inscriptions have surpassed 25 million. On Sunday alone, the network transmitted 234,120 inscriptions.
In contrast, the day before, August 19, there were 300,653 inscriptions created. Even though interest in Bitcoin-based NFTs has lessened in terms of sales, the production of inscriptions continues without a break. According to the latest report, the average transaction fee is 0.000032 BTC, which amounts to $0.836, as sourced from bitinfocharts.com.
Between August 8 and August 12, BTC fees went beyond the $1 mark, reaching as high as $2.59 per transaction. The median fee is at 0.0000084 BTC or $0.22 per transaction. August recorded an increase, with the median transaction fee hitting $1.14 on August 8.
Bitinfocharts.com’s median fee resembles mempool.space’s high-priority fee, clocking in at $0.26 per transaction as of August 20. Examination of recent data shows that miners are finding it hard to manage the escalating number of unconfirmed transactions, resulting in a continuous backlog.
What’s your perspective on the rising number of Bitcoin’s pending transactions? Feel free to express your views and opinions on this matter in the comments section below.
Frequently Asked Questions (FAQs) about fokus keyword: Bitcoin’s unconfirmed transactions
What is the current status of Bitcoin’s unconfirmed transactions?
As of August 20, 2023, Bitcoin’s unconfirmed transactions have surged past 400,000, with 411,544 awaiting confirmation. This backlog has grown significantly from just under 300,000 two weeks earlier.
How have the transaction fees fluctuated during this period?
Between August 6 and 8, the average network fee fluctuated from $0.77 to $2.59 per transaction. As of the latest report, the average transaction fee stands at 0.000032 BTC, equating to $0.836 per transfer.
What contributes to the growing transaction backlog?
The growing backlog is fueled by both regular financial transfers and the continuous volume of Ordinal inscriptions. Miners are also struggling to manage the increasing number of unconfirmed transactions.
What are Ordinal inscriptions, and how do they relate to the backlog?
Ordinal inscriptions refer to a type of activity or data within the Bitcoin network, and they contribute to the transaction backlog. On August 20, Ordinal inscriptions exceeded the 25 million milestone, with large numbers transmitted daily.
How is the network handling the surge in unconfirmed transactions?
Data indicates that 124 blocks or over 238 MB of block space are needed to tackle the buildup. The hashrate has soared, and the difficulty adjustment is gearing up for a 5.10% rise. However, the ongoing backlog shows that miners are still struggling to curtail the growing number of unconfirmed transactions.
Has the interest in Bitcoin-based NFTs affected the transaction backlog?
Although the fervor for Bitcoin-based NFTs in terms of sales volume has dwindled, the production of inscriptions remains unwavering and relentless, contributing to the transaction backlog.
More about fokus keyword: Bitcoin’s unconfirmed transactions
- Bitcoin’s Official Website
- Mempool.space Statistics
- bitinfocharts.com
- Overview of Ordinal Inscriptions
- Latest Bitcoin Network Hashrate
- Guide to Bitcoin-based NFTs
