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Bitcoin Transaction Fees See Sharp Decline Since December Peak, Network Congestion Persists

[Jan 10 12:30 PM] On Jan. 10, 2024, the fee for high-priority transactions is set at 42 satoshis per virtual byte (sats/vB), amounting to $2.66 per transaction. The average transaction fee stands at 98.9 sats/vB, equivalent to $11.17 per transfer. Although there has…

Bitcoin Transaction Fees Dip Amid November’s Surging Miner Revenues

[Nov 25, 2023 4:35 PM] Transaction fees for Bitcoin have eased, following their surge to more than $18 per transaction on two separate occasions last week. As of November 24, 2023, the average fee per transaction stood at roughly $5.89, with the median fee per transfer…

Bitcoin Transaction Fees Skyrocket, Reaching Second Highest Point of 2023 Amidst Backlog Woes

[Nov 17, 2023 9:30 AM] On Thursday, November 16, 2023, Bitcoin saw its average transaction fees peak at $18.69 per transfer, marking a high of 0.00051 BTC. This surge represented the second-largest increase in 2023. However, the following day saw a reduction in onchain…

Bitcoin Fees Climb 150% in 3 Days as Block Space Grows More Expensive

[Nov 9, 2023 1:30 PM] Transaction fees within the Bitcoin network have surged considerably, eclipsing the figures recorded merely three days prior. A transfer deemed high-priority, which formerly cost an average of $3.38, now demands a fee of $8.46. This significant…

Bitcoin’s Transaction Backlog Swells With Latest Inscription Wave, Pushing Fees Up 4,000%

[Nov 6, 2023 6:30 PM] After a quiet period post-September 15, Bitcoin transaction backlogs are surging anew, with a noticeable resurgence of Ordinal inscriptions starting October 24. The number of pending bitcoin transactions in the mempool has surpassed 157,000…

Bitcoin’s Mempool Congestion: Unconfirmed Transactions Approach 700,000 in September

[Sep 15, 2023 8:00 AM] Over the last fortnight, the quantity of unconfirmed bitcoin (BTC) transactions has consistently exceeded the 500,000 mark, nearly touching 700,000 on September 6, 2023. Metrics indicate that Bitcoin’s mempool, a shortened term for…

Bitcoin Blockchain Clears Over 187,000 Unconfirmed Transactions Since Last Week

[Jul 5, 2023 3:30 PM] Throughout the past week, the Bitcoin blockchain has successfully confirmed over 187,000 unconfirmed transactions, as shown by recent statistics. This has not only reduced a significant portion of the congestion but also led to a decrease in…

Bitcoin’s Average Transfer Fee Surged 92% in 4 Days With More Than 330,000 Unconfirmed Transactions in the Backlog

[Jun 22, 2023 2:00 PM] With 13.15 million ordinal inscriptions on the Bitcoin blockchain, demand has continued to keep network transfer fees high, as the average fee to transact onchain is 0.00012 BTC or $3.54 per transaction. Moreover, since June 18, 2023, average fees…

Bitcoin Fees Decrease, But Over 257,000 Pending Transactions Await Confirmation

[Jun 4, 2023 4:00 PM] 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…

Bitcoin Transaction Backlog Shrinks, but Over 289,000 Still Await Confirmation

[May 20, 2023 1:30 PM] Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218…

A ‘Tremendous Variety of Possible Transaction Types’ — A Look at the Conversation Between Nakamoto and Andresen

[May 10, 2023 11:30 PM] The Bitcoin mempool, otherwise known as the network’s transaction backlog, is still clogged with over 390,000 transactions waiting to be processed by miners. To clear the mempool, more than 190 blocks need to be mined. As the scaling issues…

Bitcoin Community Divided: Scaling Challenges Trigger Intense Debate as Mempool Overflows

[May 9, 2023 9:30 AM] This week, the Bitcoin community has been abuzz with discussions about the network’s scaling challenges. As the blockchain’s transfer fees continue to surge, the backlog of transactions stuck in the mempool has hit an unprecedented…

Bitcoin Network Overwhelmed by 390,000 Unconfirmed Transactions and Surging Fees

[May 7, 2023 10:30 AM] In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343%…

Circle clears ‘substantially all’ minting and redemption backlog for USDC

[Mar 15, 2023 8:01 PM] The stablecoin issuer says that from March 13 and March 15, it redeemed $3.8 billion USDC and minted $0.8 billion USDC.