Bitcoin congestion is no more: BTC network reaches record lows on awaiting transactions
During the last week of April, the number of awaiting transactions on the Bitcoin (BTC) network started to surge, reaching a peak in May, followed by very expensive transaction fees being charged from Bitcoin holders moving their coins. Since then, the Bitcoin mempool remained congested with hundreds of thousands of stuck transaction s waiting in line to be added to a block and confirmed by the network , in order for the sent BTC to be received at the destination. However, things started to change six months later, in the last week of September. At the time of publication, data retrieved by Finbold from Johoe’s Bitcoin node , on October 3, shows 6-month lows for the number of awaiting transactions in the network — with only 31,000 transactions waiting in line. Notably, the numbers were over 20 times higher than at its worst moments this year. On May 8 it reached a new high of 472,000 awaiting transactions, followed by a new high of 490,000 on August 11, and the all-time high numbe...