According to CryptoPotato, the Bitcoin network is currently dealing with increased transaction congestion, as data from the Mempool indicates a backlog of over 470,000 pending transactions. This has led to fluctuations in transaction fees on the Bitcoin Network.
Mempool data shows that the Bitcoin Network is experiencing its longest block fullness with over 470,000 pending transactions. Recent data also reveals that the average Bitcoin transaction fee has seen fluctuations, currently standing at $2.332. This represents a decline of 10.23% from the previous day and a 122.6% surge over the past year.
The Mempool serves as a temporary record of all Bitcoin transactions that still need to be validated by a miner and added to the next block on the blockchain. Each node in the Bitcoin network temporarily stores this Mempool. Transactions in the Mempool are periodically cleared each time a new block is added to the blockchain. However, pending transactions in the Mempool are only processed and confirmed once they meet the minimum transaction fee threshold.
During network congestion, miners tend to prioritize transactions associated with higher fees, leading to lower-fee transfers piling up. Consequently, users who want quick transaction confirmations must pay higher fees, leading to a rise in costs. Meanwhile, the current transaction backlog has not significantly affected the BTC price. At writing time, BTC was trading at $26,742 with slight fluctuation, according to CoinGecko data.
