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Unconfirmed transactions on the Bitcoin network at their highest level since 2017

October 28, 2020

The Bitcoin network has slowed down due to new spike prices for Bitcoin (BTC), which has resulted in a large number of unconfirmed transactions.

Based on the number of mempool transactions on Blockchain.com The number of unconfirmed Bitcoin transactions exceeded 100,000 on October 27th. This is the highest number of unconfirmed Bitcoin transactions since late 2017, when Bitcoin hit $ 20,000.

The historical peak of unconfirmed transactions in the Bitcoin mempool was recorded in early December 2017 and, according to Blockchain.com, was around 180,000 transactions.

Total unconfirmed transactions at time of going to press. Source: Blockchain.com
Unconfirmed transactions on the Bitcoin network at their highest level since 2017
Unconfirmed transactions on the Bitcoin network at their highest level since 2017

A large number of unconfirmed transactions come when Bitcoin hits new multi-month highs. Bitcoin crossed a threshold of $ 13,745 on October 27, almost hitting its previous high of $ 13,970 on June 26, 2019.

In the middle of the upward trend The Bitcoin network had some issues with its key indicators. On October 25, the hash rate of Bitcoin, a key indicator of the health of the Bitcoin network, fell from 151.1 EH / s on October 24 to 116.3 EH / s.

Reportedly, some aggregators of mining data are linking the decline in Bitcoin’s hash rate to the end of the Sichuan rainy season. Heavy rains in the region lead to low hydropower prices for miners. As the rivers and tributaries dry up, the miners move to Inner Mongolia and Xinjian.