Bitcoin network is getting clogged up

Bitcoin network is getting clogged up

By ircrp | ircrp | 29 Oct 2020


 

With the last days of October bringing price action volatility and at the same time Bitcoin Network losing a significant amount of hash rate we are starting to observe a backlog of unconfirmed transactions raising to the highs of 2017. With the significant amount of transactions being queued the Bitcoin users are left with no option but to pay significantly higher transaction fees to get ahead of the backlog so that their transactions are delivered in a timely manner.

  • In the last four days the hash rate of the Bitcoin Network has dropped by almost 40% from the highs of 161 EH/s to today's 100 EH/s
    • Many sources assume the hash rate was lost due to miners migration after rainy season in China
  • There are currently over 100,000 transactions awaiting to be processed.
  • As a result of the above mentioned factors the current median fee remains at around $5.38 with the block fee at $8.84.
  • Mempool is reporting that majority of miners are now dropping transactions with the lowest fee as a consequence of nodes running out of the default 300 MB data storage dedicated for transaction data.
  • With the significant loss of the network processing power in this cycle the next difficulty adjustment in Bitcoin network is something that the community is looking forward to as the next 14 days cycle is expected to have a significant reduction in terms of mining difficulty.
 
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