Cryptocurrency

Bitcoin

Light

<div class="finbold"> 
 <p class="paragraph">During the last week of April, the number of awaiting transactions on the Bitcoin (BTC) network started to surge, reaching a peak in May, followed by very expensive transaction fees being charged from Bitcoin holders moving their coins.</p> 
 <div></div> 
 <p class="paragraph">Since then, the Bitcoin mempool remained congested with hundreds of thousands of stuck <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s <a rel="noopener noreferrer nofollow" title="waiting" href="https://thebittimes.com/tag/waiting.html">waiting</a> in line to be added to a block and confirmed by the <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a>, in order for the sent BTC to be received at the destination.</p> 
 <p class="paragraph">However, things started to change six months later, in the last week of September. At the time of publication, data retrieved by Finbold from <em>Johoe’s Bitcoin node</em>, on October 3, shows 6-month lows for the number of awaiting transactions in the network — with only 31,000 transactions waiting in line.</p> 
 <p class="paragraph">Notably, the numbers were over 20 times higher than at its worst moments this year. On May 8 it reached a new high of 472,000 awaiting transactions, followed by a new high of 490,000 on August 11, and the all-time high number of stuck transactions superior to 655,000 on September 6.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="491" src="https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp" alt="Unconfirmed Transaction Count (Mempool)" class="wp-image-131141" srcset="https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp 1536w, https://cdn.thebittimes.com/images/2023/10/04/d404b08efa8c38e581447178bb0ba7ee.webp 1800w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Unconfirmed Transaction Count (Mempool). Source: <em>Johoe’s node</em> 
  </figcaption> 
 </figure> 
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8"> 
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto"> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/10/04/c7dc7058fe5a54f7036b78305403d94c.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-must-stay-above-this-level-or-it-s-goodnight-to-the-bull"> Bitcoin must stay above this level or ‘it’s goodnight to the bull’ </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/10/03/e5800026164823fe9a090068f69a0a71.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="crypto-recession-alert-mike-mcglone-signals-troubles-ahead"> Crypto recession alert: Mike McGlone signals troubles ahead </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/10/03/fbf1ae50a99a25da0d597d6ff9ec6dcf.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="is-bitcoin-about-to-skyrocket-1-100-expert-analysis"> Is Bitcoin about to skyrocket 1,100%? Expert analysis </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/10/03/6e5bfb53ffe92d8e1295c448b92a13a2.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="machine-learning-algorithm-predicts-bitcoin-price-for-october-31-2023"> Machine learning algorithm predicts Bitcoin price for October 31, 2023 </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/10/03/b3a3a2b305cec3eba5a22303c6d06894.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-to-40-000-reasonable-in-q4-says-crypto-expert"> 'Bitcoin to $40,000 reasonable' in Q4, says crypto expert </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment"> 
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;"> 
  </div> 
 </div> 
 <p class="paragraph">It is important to say that on May 16, Johoe’s node crashed, erasing this day’s registers, which can be seen in the chart as false lows with zero transactions waiting in the mempool.</p> 
 <h2 class="wp-block-heading" id="h-awaiting-transactions-effects-bitcoin-fees-and-lightning-network">Awaiting transactions effects: Bitcoin fees and Lightning Network</h2> 
 <p class="paragraph">Considering that the Bitcoin network operates with a very limited block size supply, the increase of awaiting transactions can also increase the demand for the available block space, which can make senders compete by outbidding each other with higher transaction fees, in order to have their transactions confirmed first.</p> 
 <p class="paragraph">This effect was glanced at on May 8, during the first peak of <a rel="noopener noreferrer nofollow" title="awaiting" href="https://thebittimes.com/tag/awaiting.html">awaiting</a> <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s, with the average paid fees going as high as $31 per Bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>, according to <em>BitInfoCharts</em>.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="309" src="https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp" alt="Bitcoin Average Transaction Fee historical chart" class="wp-image-131142" srcset="https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp 1536w, https://cdn.thebittimes.com/images/2023/10/04/793e1cf1ae326cc3b031ced28c0288b9.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Bitcoin Average Transaction Fee historical chart. Source: <em>BitInfoCharts</em> 
  </figcaption> 
 </figure> 
 <p class="paragraph">Interestingly, the fees later remained under the $5 per <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> threshold, costing less than the price of a Big Mac worldwide.</p> 
 <p class="paragraph">Additionally to that, users started migrating their BTC funds to the Lightning Network (LN), in order to be able to transact off-chain, while the Bitcoin network was congested.</p> 
 <p class="paragraph">However, with the most recent unloading, LN stats started to drastically change, with nodes being shut down, channels being closed, and funds being retrieved for the safety of the Bitcoin blockchain.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="257" src="https://cdn.thebittimes.com/images/2023/10/04/d5436501ab46174dfcd679defdaf8c76.webp" alt="Lightning Network Monthly Stats" class="wp-image-131143" srcset="https://cdn.thebittimes.com/images/2023/10/04/d5436501ab46174dfcd679defdaf8c76.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/d5436501ab46174dfcd679defdaf8c76.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/d5436501ab46174dfcd679defdaf8c76.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/d5436501ab46174dfcd679defdaf8c76.webp 1434w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Lightning Network Monthly Stats. Source: <em>Amboss</em> 
  </figcaption> 
 </figure> 
 <p class="paragraph">The above monthly stats for the Lightning Network were retrieved by Finbold from <em>Amboss</em>, by press time. Showing 4,667 channels being closed in the past month, and 1,033 nodes being shut down in the same period — for negative changes of 6.36% and 5.76% respectively.</p> 
 <p class="paragraph">Despite that, the LN capacity measured in BTC has increased by 1.64%, with 80 more available Bitcoin for the network’s liquidity.</p> 
 <p class="paragraph"> </p> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-congestion-is-no-more-btc-network-reaches-record-lows-on-awaiting-transactions-tbt64983.html">https://thebittimes.com/bitcoin-congestion-is-no-more-btc-network-reaches-record-lows-on-awaiting-transactions-tbt64983.html</a></p>

Bitcoin congestion is no more: BTC network reaches record lows on awaiting transactions

목차

TheBitTimes

2023년 10월 3일에 게재된 다른 기사

3 best-performing cryptocurrencies out the top 100 in 2023

Decentralized Science needs business development to succeed, investor says

DWF Labs Bolsters AirDAO Ecosystem with $7.5M Investment

Harga BTC Diprediksi Meroket Ke US$145.000 di Akhir Tahun 2025

SUI Could Target $0.4140 If Token Unlocks Fuel Sell Pressure

Top 100 Cryptos of 2017: 27 Scams, 79 Will Never Update ATH, Analyst Says

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!