This week the The Bitcoin network’s mempool has shrunk to its smallest size since mid-October after the network’s hashing power soared.
The clear mempool meant that Thousands of transactions pending confirmation have been added to the final blocksand there are very few unconfirmed transactions to be performed.
The increase in hash power has been attributed to the revival of China-based miners who emigrated from Sichuan after the end of the province’s rainy season. Bitcoin’s hash rate rose 42% in two days on November 9th and 10th.
Clearer mempool is good news for regular bitcoin users reduces competition between new transactions to move them into the next blocks. Reducing competition in the mempool helps Reduce bitcoin transaction fees as miners may be able to add all transactions to the mempool regardless of their individual fee amounts.
Mempool was cleared early in the morning for the first time since October 20th. pic.twitter.com/JWMs3NsK7v
– (@murchandamus) November 10, 2020
Mempool was deleted at dawn for the first time since October 20th.
Average Bitcoin transaction fees peaked at $ 13.16 per transaction on October 30th.when there were more than 140,000 outstanding transactions in mempool. Due to the influx of new hashing power over the weekend, Bitcoin blocks were able to find each other faster than the benchmark speed of 10 minutes per blockdue to the network’s relatively minor mining difficulties. This allowed the miners Reduce the number of unconfirmed transactions to zero on November 9th.
At the time of this writing there was about 6,000 transactions in the mempool at an average rate of 3 satoshis per byte, or about $ 0.11. Some users have reported charges as low as 1 satoshi per byte for transactions confirmed within hours.
The mining difficulty was expected to increase on the next vote to accommodate the higher hashing power of the networkThis would mean that the current deadline for high fees may be short-lived. But still, The hash rate is currently volatile, down 37 exahashes per second on the last day.
– Clark Moody (@clarkmoody) November 10, 2020
The mempool has been deleted. Send it when you have it. #Bitcoin
Bitcoin transaction fees were comparatively low until the second half of 2020. In the final week of October, the price of Bitcoin consolidated above $ 13,000 for the first time since December 2017, which coincided with a massive surge in transactions sent to the mempool and resulted in a backlog of unconfirmed transactions..
The decline in network activity over the course of a bullish week encourages Bitcoin users to take advantage of the current transaction terms. this can be too expensive if the prices are higher, such as opening from Lightning Network channels and Consolidation of tickets.
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