Breaking News: Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90%.
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 in onchain fees, which have now dropped below $5. As of now, there are only slightly over 300,000 unconfirmed transactions awaiting confirmation, and 185 blocks need to be mined to clear the backlog.
Bitcoin Backlog Begins to Gradually Subside
Bitcoin has been the talk of the town lately, as it grapples with the challenge of meeting the demand for block space.
