New Bitcoin Mempool Backlog Crisis Has Been Averted, For Now
The only viable way to bypass this backlog is for users to spend a higher transaction fee. However, that is not the "pushy" direction in which Bitcoin should evolve by any means. The past 24 hours have been somewhat turbulent for the Bitcoin ecosystem. With the number of unconfirmed transactions surpassing the 43,500 mark just over a day ago, things weren’t looking great. But it looks like the mempool is showing signs of a desperately needed decline in unconfirmed transfers. Another stark warning that the scalability of Bitcoin needs to be addressed today rather than tomorrow. It....
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The Bitcoin network hashrate has dropped significantly over the last four days sliding from a high of 161 exahash per second (EH/s) to 90 EH/s on October 27. Today, the Bitcoin hashrate has improved a hair as the network’s security is currently hovering around 100 EH/s. However, the mempool log of unconfirmed transactions has spiked […] The....
Amid continued highs in trading and price, Bitcoin’s transaction backlog is giving out warning signs of a network already at capacity. Data from Blockchain.info uploaded to Twitter by Chain engineer Tony Arcieri showed constant spikes in the Bitcoin mempool, the vat of unprocessed transactions waiting for confirmation. “The Bitcoin mempool, a buffer of unprocessed transactions, has been flaring up a lot now that the system is at capacity, only 4tps average,” Arcieri commented. Notably, the size of such transactions peaked around Feb. 23 at just under 75 mln bytes, before coming down....
On January 24, the Bitcoin blockchain transaction queue was significantly backed up with unconfirmed transactions. At the peak of the backlog, the mempool showed over 67 thousand unconfirmed transactions. Following this event Bitcoin developer Lukejr has revealed his latest Github BIP proposal asking to lower the block size even more. After a Day of....
While the number of Bitcoin transactions that can fit in a block remains the same, demand on the network is leading to rising transaction costs. The number of transactions waiting to be confirmed in the Bitcoin mempool surged briefly above 125,000 today. This represents the equivalent of roughly 149 megabytes worth of data waiting to be added to the blockchain, which is enough to fill at least 107 upcoming blocks.Although smaller than the spike that saw a 143,000+ transaction backlog on Dec. 17, 2020, the increasingly cluttered mempool is emboldening Bitcoin’s critics while providing forks....
Mempool.space is an open-source mempool visualizer and blockchain explorer for Bitcoin. It features real-time updates and live transaction tracking. The post Interview: Wiz And Simon Of Mempool.space appeared first on Bitcoin Magazine.