The mempool shrank the Bitcoin network to its lowest size since mid-October this week after the network segmentation strengthened.
A pure mempool means that thousands of confirmed pending fixed transactions have been included in the last blocks, leaving very few unconfirmed transactions.
The increase in hemp capacity is due to the revitalization of miners from China who migrated from Sichuan after the end of the province’s rainy season. Bitcoin hash rate increased by 42% over the 9th and 10th day period.
The smaller mempool is good news for regular Bitcoin users, as it reduces competition among new transactions for inclusion in upcoming blocks. Reducing competition in mempool helps reduce bitcoin transaction fees, as miners can embed all transactions in mempool, regardless of the size of the individual fee.
The average Bitcoin transaction fee peaked at $ 13.16 per transaction on October 30, when there were more than 140,000 transactions in mempool. The influx of new hash force over the weekend allowed bitcoin blocks to be discovered faster than the benchmark rate of 10 minutes per block due to the network’s relatively low mining problems. This allowed miners to reduce the number of unconfirmed transactions to zero on November 9.
At the time of writing, there are about 6,000 mempool transactions at an average of 3 satoshi fees per byte, or about $ 0.11. Some users reported that the commission is only 1 Sept / Byte for transactions confirmed within a few hours.
Mining difficulties were expected to increase after the next adjustment to counter increased hash strength in the network, meaning that the current delay in higher fees could be short-lived. However, the retail rate is currently unstable and has decreased by an earlier 37 split per second in the last day.
Bitcoin transaction fees were relatively low in the second half of 2020. During the last week of October, the price of BTC peaked at $ 13,000 for the first time since December 2017, coinciding with a sharp increase in the number of transactions sent to mempool. It leads to an accumulation of unconfirmed transactions.
As network activity dwindles during this bullish week, Bitcoin users are encouraged to take advantage of current conditions by making transactions that may be prohibitively expensive to perform higher fees, such as opening Lightning Network channels and integrating inputs.