Bitcoin transaction fees continue to rise due to congestion at the mempool

Due to high market activity, the number of transactions pending in the mempool is growing rapidly, resulting in higher network fees.

Bitcoin Fees and Unconfirmed Transactions – Complete Beginner’s Guide

Tonight the number of transactions in «waiting area» bitcoin exceeded 125 thousand. Their total volume was 149 MB, which would be enough to fill more than 107 new blocks. Although the current level of congestion of the mempool is not a record, but in combination with a jump in the course cryptocurrencies, significantly increases the cost of fees.

At the time of publication, the recommended service commission is 93 satoshi per byte, that is, for an average transaction now you have to pay about $ 9.6. At night, the recommended board level reached 141.9 sat / byte or more than $ 14.6.

Bitcoin transaction fees continue to rise due to congestion at the mempool

For users, this situation is disadvantageous, since it not only increases additional costs, but also makes small transactions unprofitable. Therefore, some exchanges are planning to use the Lightning Network, a second-tier scaling solution, to reduce costs and offload the mempool..

At the same time, miners get additional benefit from what is happening. Only on February 9, they received 196 BTC for processing transactions.

text: Ivan Malichenko, photo: Bloomberg

Similar articles