Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why
Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge. This was what took place at the start of March. Bitcoin Transaction Fees Surge At the beginning of the month, bitcoin had experienced higher transaction fees. These higher fees were as a result of transaction clustering in the mempool. Once the....
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Reduced mempool activity not only results in reduced fees but gives users a chance to perform transactions that may not otherwise be practical. The Bitcoin network mempool shrank to its smallest size since mid-October this week after the network’s hash power soared. The clear mempool meant that that thousands of stuck transactions pending confirmation were included in recent blocks, leaving very few unconfirmed transactions still outstanding. The spike in hash power has been attributed to the re-activation of China-based miners who migrated from Sichuan after the end of the province’s....
Spamming on Bitcoin network fills up mempool with almost 40,000 unconfirmed transactions. The Bitcoin network seems to be under attack again. The digital currency network was clogged yesterday by what is suspected as a spamming attempt, partially disrupting the transactions. The spamming attack has got close to 30,000 transactions queued up in the mempool, awaiting confirmation. Every time the Bitcoin network comes under attack, it renews the debate on block size and scalability. However, no solid action has been taken by any of the Bitcoin Core developers in this regard yet. The Bitcoin....
Three and a half years after the activation of SegWit, adoption of the space-saving transaction format is still far from ideal. According to analysis by Mark “Murch” Erhardt of Chaincode Labs, 88% of all Bitcoin transaction inputs pay higher fees than are necessary. Erhardt bases his conclusion on data showing just 12% of transaction inputs use the SegWit format, which is less fee intensive than transacting with legacy inputs.Erhardt believes that a reliance on legacy transaction fees keeps Bitcoin blocks smaller than they could otherwise be, contributing to a seemingly growing backlog of....
CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it. Bitcoin Is The Only Scarce Asset Bitcoin’s scarcity has often been one of the strongest arguments for the value of the....
Spamming the network with transactions makes no sense whatsoever, though. The bitcoin network has suffered from multiple attacks over the past few months. These are not attacks against the technology, but rather individuals flooding the network with transactions. It occurs one such spam campaign is underway once again, although it is unclear who is behind this unusually high amount of bitcoin transfers. Some people speculate this is someone who favors Bitcoin Unlimited, albeit that is not confirmed. Spam attacks against the bitcoin network have become a major problem. Due to the nature of....