Bitcoin’s Transaction Backlog Surges Past 400,000

Bitcoin’s Transaction Backlog Surges Past 400,000

A fortnight ago, unconfirmed BTC transactions dipped under 300,000. However, they’ve since rebounded, surpassing the 400,000 mark. While the average network fee remains under $1, since August 6, it’s fluctuated from $0.77, peaking at $2.59 per transaction just two days later on August 8. Presently, the average transaction fee hovers around 0.000032 BTC, equating to $0.836 per transfer.
Bitcoin’s Transaction Pileup Rises by 100,000 Pending Transfers in 2 Weeks
Bitcoin’s transaction backlog, often referred to as the mempool, witnessed a surge from just under 300,000 unconfirmed transactions on July 31, 2023, to a staggering 411,544 awaiting confirmation as of August 20, 2023.
Data reveals that 124 blocks, or over 238 megabytes of block space, are required to tackle this buildup. Notably, the average block time clocked in at 9 minutes and 40 seconds on Sunday, with the hashrate soaring high.
Come 9:00 a.m. Eastern Time on that Sunday, the hashrate smoothly sailed at an impressive

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