Bitcoin Fees Decline, but Over 257,000 Transactions Await Confirmation: An Analysis of Recent Blockchain Activity
The average transaction fees on the Bitcoin blockchain have significantly dropped after peaking at over $30 per transfer on May 8. Despite this positive development, there is still a substantial backlog of over 257,000 pending transactions that are eagerly awaiting confirmation.
From May 1 onwards, the Bitcoin network has been consistently verifying a remarkable number of transactions each day, ranging from 355,000 to over 682,000. This demonstrates the network’s resilience and ability to handle high transaction volumes.
At present, in order to clear the backlog of unconfirmed transactions, Bitcoin miners must mine approximately 188 blocks or process 0.343 gigabytes of data. This task is crucial to ensure smooth transaction processing and to address the needs of the pending transaction pool.
Overall, while the reduction in Bitcoin fees is encouraging, the large number of pending transactions highlights the ongoing demand and the importance of a well-functioning and efficient blockchain network.
Bitcoin’s Persistent Backlog: Clearing 188 Blocks to Confirm Pending Transactions
As of now, there is still a substantial backlog of pending bitcoin transfers awaiting confirmation. Based on the average block interval of ten minutes per block, it would take approximately 1.30 days to clear this backlog. However, progress has been made in resolving the backlog since May 7 and 8, 2023, when the number of unconfirmed bitcoin transactions exceeded 500,000.
On May 8, the average transaction fee surged to $31 per transaction, as reported by bitinfocharts.com. As of June 4, 2023, the average transaction fee stands at 0.00012 BTC or $3.15, with a median-sized fee of 0.000053 BTC or $1.44 per transaction. According to mempool.space statistics at 3:51 p.m. Eastern Time (ET) on June 4, 2023, there are approximately 257,141 pending transactions awaiting confirmation.
To address a significant portion of this backlog, approximately 188 blocks need to be successfully mined. Mempool.space categorizes fee data into four tiers: “no priority” transfer at $0.31 per transaction, “low priority” transfer at $0.69 per transaction, “medium priority” transaction at $0.84, and “high priority” transfer at $0.99. The high transaction volume and backlog are partly influenced by the approaching milestone of 11 million transactions.
When comparing average transfer fees, Bitcoin outperforms Ethereum’s network fees. Data reveals that the average ETH transfer fee amounts to 0.0029 ETH or $5.46 per transaction, with a median-sized network fee of 0.0012 ETH or $2.30 per transaction. Interestingly, Etherscan’s gas tracker, similar to mempool.space, displays lower fees for ether transfers compared to the figures shown on bitinfocharts.com.
For instance, at 3:51 p.m. (ET) on Sunday, a high-priority ETH transaction incurs a fee of only $0.84 per transfer. While Bitcoin achieved a record of 682,000+ transactions per day on May 1, Ethereum surpasses this by clearing anywhere between 930,000 to 1 million transactions daily.
Also Check: Be Careful Of Bitcoin/BTC Trading WhatsApp Groups Scam
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