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Average Onchain Bitcoin Fees Drop Below $2, Lowest in Over 250 Days

[Jul 14, 2024 11:19 AM] Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, with current onchain fees at 15.5 satoshis per virtual byte (sat/vB), translating to $1.54 per transfer. Bitcoin Fees Hit 10-Month Low Onchain Bitcoin fees…

From Half a Million to 27K: Bitcoin’s Transaction Backlog Set to Clear for First Time in Four Months

[Oct 3, 2023 11:30 AM] It’s been a captivating four months since Bitcoin’s mempool last emptied, and with the recent downturn in Ordinal inscriptions this month, the backlog now holds a mere 27,210 unconfirmed transactions. Bitcoin’s Transaction…

Amid Falling Inscriptions, Bitcoin Miners Chip Away at Transaction Backlog

[Sep 30, 2023 2:00 PM] Bitcoin miners have been steadily clearing the mempool of unconfirmed transactions since the number almost reached 700,000 on September 6, 2023. Currently, the number of unconfirmed transactions has dropped to just over 153,000 pending…

As Ordinal Transaction Dominance Soars, NFT Advocates Question Bitcoin’s Reported Downturn

[Aug 21, 2023 8:30 AM] Metrics reveal a significant day for the Bitcoin blockchain as 411,511 Ordinal inscriptions were minted Sunday, clinching the title of the second most prolific day for inscriptions ever. Additionally, over the past seven days, Ordinal inscriptions…

Bitcoin’s Transaction Backlog Surges Past 400,000

[Aug 20, 2023 10:30 AM] 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…

Bitcoin Network’s High Difficulty Levels Poised to Ease Amid Longer Block Intervals 

[Jul 24, 2023 8:00 AM] Upon achieving an unprecedented all-time high on July 11, 2023, soaring to a staggering 53.91 trillion, Bitcoin’s difficulty is poised to decline by an estimated range of 3.9% to 4.04% come July 26, 2023. Block generation periods have been…

Ordinal Inscriptions Approach 19 Million Amid Stagnant Fees, Bitcoin NFT Sales Drop

[Jul 23, 2023 11:30 AM] The number of Bitcoin Ordinal inscriptions on the blockchain is nearing 19 million, a trend that has continued for the past 218 days since December 16, 2022. Statistics indicate that miners have accrued roughly 1,847.66 BTC in fees, worth about…

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 Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion

[May 14, 2023 9:30 AM] In the past week, the Bitcoin network has made progress in resolving its congestion issues. On May 7, 2023, the number of unconfirmed transactions reached an all-time high of over 500,000 transfers, causing a major backlog. However, as of today…

BRC20 Token Economy Thrives Amidst Crypto Downturn, Surging 53% in Five Days

[May 12, 2023 12:00 PM] Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within…

Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90%

[May 11, 2023 8:00 AM] On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has been clearing, resulting in a significant reduction…

Average Bitcoin Transaction Fees Skyrocket to $19.20 per Transfer as Over 440,000 Transactions Remain Unconfirmed

[May 8, 2023 8:30 AM] Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed…

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%…

Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases

[May 4, 2023 11:30 AM] Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45%…

BRC20 Token Standard Sparks Frenzy in Bitcoin Community With Market Cap Surpassing $95 Million

[May 3, 2023 11:30 AM] As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a new experimental token standard known as “Bitcoin Request for Comment,” or BRC20, has garnered substantial attention in the…

Bitcoin Mempool Overwhelmed With 134,000 Unconfirmed Transactions Amid Price Volatility

[Apr 26, 2023 3:30 PM] Amidst the buzz surrounding bitcoin’s latest price surge, a significant number of transactions are currently clogging up the mempool. As of writing, 134,986 unconfirmed transactions await confirmation, and block times are lingering above the…

Bitcoin’s Average Transfer Fees Experience Sharp Increase: 122% Rise in 10 Days

[Feb 8, 2023 2:30 PM] Statistics show transfer fees on the Bitcoin network have increased 122% since the end of last month, as the average transaction fee has climbed from $0.767 to $1.704 per transaction. The rise in onchain fees coincides with the new Ordinals digital…