Bitcoin’s Transaction Queue Surpasses all Times.
On February 22 the transaction queue for the Bitcoin network, otherwise known as the mempool, reached its all-time-high. During peak hours of the day, over 100,000 transactions were unconfirmed, and many people were once again experiencing significant delays.
As the bitcoin price slowly approached the currency’s all-time-high the network also suffered from significant transaction congestion. For the past 36 hours, there has been a vast backlog of unconfirmed transactions. Currently, at press time there were 108,000 unconfirmed txs waiting in the mempool following the first record breaking 100,000 six hours prior. Of course, there have been lots of people complaining about high fees and long delays throughout the event.
Earlier it was reported that fees have increased by over 1200 percent in the past two years. At present fees being recorded for high priority transactions have been averaging 0.40-0.75 cents per transaction. Alongside this, the network is trying to process 3-4 txs/s, and over 70 btc worth of fees sits in the waiting. The last time the network suffered from significant backlog was on February 2 with over 900,000 btc waiting in the transaction queue.
During the rise of unconfirmed transactions on February 2 Bitcoin developer, Lukejr responded to a Reddit post asking for suggestions in regards to the 75K tx backlog that day. “Just pay a $5 fee, and it’ll go through every time unless you’re doing something stupid,” explains Lukejr. The week prior while the network was suffering from congestion on January 24, Lukejr revealed a Github BIP proposal asking to lower the block size.
Meanwhile, throughout the congestion, these events have fired up the block size debate on both sides. Currently, there seems to be no sign of compromise for scaling solutions and bitcoin forums are filled with discussions on the best approach. Many bitcoin supporters say they are patiently waiting for Segregated Witness (Segwit), but the implementation is only supported by 26 percent of miners. Another faction of bitcoin proponents looks to the Bitcoin Unlimited client which aims to raise the block size and has 20 percent support at the moment.
Many bitcoiners have tried to figure out why these backlogs are taking place more frequently. Some believe an individual or organization may be creating spam attacks on the network or sending significant amounts of low fee transactions. Other people suggest the congestion is due to the rising price as traders are likely exchanging bitcoins more often. Whatever the case may be the congestion has yet to subside, and the mempool transaction count continues to remain at its highest level.
Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The opinions expressed in this article are those of the author, they do not necessarily represent infocoin views and should not be attributed to Infocoin.