{"id":174693,"date":"2021-02-10T07:21:25","date_gmt":"2021-02-10T04:21:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-mempool-clogs-up-with-125k-transactions-waiting\/"},"modified":"2021-02-10T07:21:25","modified_gmt":"2021-02-10T04:21:25","slug":"bitcoin-mempool-clogs-up-with-125k-transactions-waiting","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-mempool-clogs-up-with-125k-transactions-waiting\/","title":{"rendered":"# Bitcoin mempool clogs up with 125K transactions waiting"},"content":{"rendered":"<p>&#8220;<strong># Bitcoin mempool clogs up with 125K transactions waiting <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZmQzZGJjZmMtM2RlOC00NDY0LTg1NjctMjYxMDgxOWFkNmZhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>The number of transactions waiting to be confirmed in the Bitcoin mempool<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jochen-hoenicke.de\/queue\/#0,24h\"> surged<\/a> briefly above 125,000 today. This represents the equivalent of roughly 149 megabytes worth of data waiting to be added to the blockchain, which is enough to fill at least 107 upcoming blocks.<\/p>\n<p>Although smaller than the<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jochen-hoenicke.de\/queue\/#0,3m\"> spike<\/a> that saw a 143,000+ transaction backlog on Dec. 17, 2020, the increasingly cluttered mempool is<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MartinAudley\/status\/1359237197279481857\"> emboldening<\/a> Bitcoin\u2019s critics while<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EdBsv\/status\/1359286776465006593\"> providing<\/a> forks with talking points about the speed and cost of cryptocurrency transactions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Over past 3 months, the daily av\u00ader\u00adage Bitcoin transaction fee has var\u00adied be\u00adtween $2.18 and $17.20; makes buying a coffee (or any other consumer purchase) with Bitcoin very expensive ~<br \/>Bit\u00adIn\u00adfo\u00adCharts  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8bT5yl1Ioo\">https:\/\/t.co\/8bT5yl1Ioo<\/a><\/p>\n<p>\u2014 D.A. Nygaard (@Danofhope) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Danofhope\/status\/1359182824926892034?ref_src=twsrc%5Etfw\">February 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The mempool is commonly referred to as the &#8220;waiting area&#8221; for incoming transactions before they are confirmed, verified independently by each node connected to the network.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Danofhope\/status\/1359182824926892034\"><\/a>The last time the mempool cleared to zero was on Jan. 1 of this year. Even before then, mempool clearances were already becoming a rare occurrence.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Sorry <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jonfortt?ref_src=twsrc%5Etfw\">@jonfortt<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/carlquintanilla?ref_src=twsrc%5Etfw\">@carlquintanilla<\/a> but where is the followup question about &#8220;HOW can Bitcoin be used for Transactions when the current transaction confirmation cost is $16 each&#8221;<\/p>\n<p>So unless you are purchasing something more than $800&#8230;..its cheaper to use a credit card at 2% fee <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/I927LIb8C8\">pic.twitter.com\/I927LIb8C8<\/a><\/p>\n<p>\u2014 LiveMarketChat (@LiveMarketChat) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/LiveMarketChat\/status\/1359180015452250120?ref_src=twsrc%5Etfw\">February 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Bitcoin network stats trackers at<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mempool.observer\/\"> mempool.observer<\/a>, a fee of at least 93 sat\/byte is currently recommended to assure a transaction is included in the upcoming block. At a reference price of $46,280 for BTC and a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n size of 224 bytes per transaction, this results in a transaction fee of $9.63.<\/p>\n<p>Earlier today, the recommended fee for next block inclusion climbed to 141.9 sat\/byte, according to a similar, Twitter-based <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CoreFeeHelper\/status\/1359340988355911683\">service<\/a>\u00a0for monitoring fees on the Bitcoin network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">When you learn the hard way lowballing sat\/byte fees. I sent a large transaction RIGHT before mempool exploded. Say some prayers for my MIA satoshis that they find their way home safely some day.. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Q0fmWwWjVr\">pic.twitter.com\/Q0fmWwWjVr<\/a><\/p>\n<p>\u2014 \u2623\ufe0fBTC Bap\u2623\ufe0f (@BTCBap) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTCBap\/status\/1359282426686566403?ref_src=twsrc%5Etfw\">February 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On Feb. 8, a total of 84.72 BTC was<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ycharts.com\/indicators\/reports\/bitcoin_statistics\/indicators\"> collected<\/a> in transaction fees, which equates to $2.05M in miner revenue. Transaction fees had remained quite reasonable through most of Nov. and Dec. 2020, even after a sweeping bull market pushed prices above the previous all-time highs.<\/p>\n<p>Bitcoin\u2019s premier second layer scaling solution, the Lightning Network, is also<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitcoinvisuals.com\/lightning\"> witnessing<\/a> record highs, in participating node count and dollar value of cumulative BTC capacity across all channels. <\/p>\n<p>On Feb. 2, mega exchange OKEx announced plans to integrate Lightning into their exchange processes, serving to save itself money in transaction fee costs while also un-burdening the mempool from their transaction demand.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-mempool-clogs-up-with-125k-transactions-waiting\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin mempool clogs up with 125K transactions waiting &#8221; The number of transactions waiting to be confirmed in the Bitcoin mempool surged briefly above 125,000 today. This represents the equivalent of roughly 149 megabytes worth of data waiting to be added to the blockchain, which is enough to fill at least 107 upcoming blocks&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":174694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZmQzZGJjZmMtM2RlOC00NDY0LTg1NjctMjYxMDgxOWFkNmZhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75462,75029,77445,74880,72927],"class_list":["post-174693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-hash-rate","tag-lightning-network","tag-mempool","tag-transactions","tag-fees"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=174693"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/174694"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=174693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=174693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=174693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}