Although the Bitcoin blockchain’s average transaction fees have decreased since surpassing $30 per transfer on May 8, there are still over 257,000 pending transactions awaiting confirmation. Furthermore, from May 1 onwards, the network has successfully verified anywhere from 355,000 to over 682,000 transactions per day. Presently, approximately 188 blocks or 0.343 gigabytes must be mined by bitcoin miners to resolve the backlog of unconfirmed transactions.
Bitcoin’s Consistent Backlog: 188 Blocks to Clear Pending Transactions
At the time of writing, there remains a significant backlog of pending bitcoin transfers awaiting confirmation. With the average block interval set at ten minutes per block, it would require approximately 1.30 days to clear this backlog. However, a substantial portion of the backlog has been resolved since May 7 and 8, 2023, when the number of unconfirmed bitcoin transactions exceeded 500,000.
On May 8, according to data from bitinfocharts.com, the average tra
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