Bitcoin mempool clogs up with 125K transactions waiting

The number of transactions awaiting confirmation in the bitcoin memo briefly reached 125,000 today. That amounts to about 149 megabytes of data waiting to be added to the blockchain, which is enough to fill at least 107 future blocks.

Although this is no jump, with over 143,000 transactions in progress on the 17th. December 2020, the increasingly confusing meme encourages bitcoin critics while offering a fork in the conversation about the speed and cost of crypto-currency transactions.

Over the past three months, average daily bitcoin transaction fees have ranged from $2.18 to $17.20; making buying coffee (or other consumer purchases) with bitcoins very expensive ~

– District Attorney Nygaard (@Danofhope) February 9, 2021

A mempool is commonly referred to as a waiting area for incoming transactions before they are independently verified by each node connected to the network.

The last time the memepool was zeroed out was the 1st. January of this year. Even for this period, flashback in membranes has become a rarity.

Sorry @jonfortt @carlquintanilla but where does that leave the next question HOW can bitcoin be used for transactions when the current cost to confirm transactions is $16 each.

So unless you’re buying something over $800, …… buy, it’s cheaper to use a 2% credit card

– LiveMarketChat (@LiveMarketChat) 9. February 2021

According to statistics from the bitcoin network tracker on mempool.observe, a charge of at least 93 Sb/byte is currently recommended to ensure the transaction is included in the upcoming block. With a reference price of $46,280 per BTC and a median of 224 bytes per transaction, this amounts to a transaction cost of $9.63.

Earlier in the day, the recommended fee to activate the next block rose to 141.9 Sb/byte, according to a similar Twitter-based service that monitors fees on the bitcoin network.

If you learn the hard way how to reduce your satellite/byte costs. I sent a big contract just before the memory pool exploded. Please pray for my missing Satoshis that one day they will come home safely ….. #Bitcoin

– ☣️BTC Bap☣️ (@BTCBap) February 9, 2021.

The eighth. In February, a total of 84.72 BTC in transaction fees were collected, representing $2.05 million in revenue for the mining company. Transaction costs remained reasonable through most of November and December 2020, even after an aggressive bull market pushed prices to earlier highs.

Bitcoin’s first Layer 2 scaling solution, the Lightning network, is also seeing a record number of participating nodes and a dollar value of total BTC throughput across all channels.

The second one. In February, the mega-exchange OKEx announced that it would integrate Lightning into its trading processes to reduce transaction costs and make it easier to remember trades.

frequently asked questions

Why do some bitcoin transactions take so long?

When a blockchain-based network experiences spikes, it leads to delays, transaction backlogs, and higher transaction costs because demand exceeds supply and miners can choose what to process. Even if you have a healthy transaction fee, you can still get caught up.

How many transactions can fit in one block of Bitcoin?

The time it takes to create a bitcoin block is currently 10 minutes, meaning a new block is mined every 10 minutes. In ten minutes (600 seconds), bitcoin can do about 2,759.12 transactions on average, assuming the above assumptions. In other words: The bitcoin blockchain can currently only guarantee 4.6 transactions per second.

How long will bitcoin transactions last in 2020?

Bitcoin transactions take 10 minutes on average. However, the duration of the transaction depends on several factors. Bitcoin transactions must be verified in a process called mining, which requires miners to solve complex puzzles.

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