Bitcoin is undergoing a massive crisis now as several transactions have been left incomplete with the mempool clogging up. The problem arises because the amount of transactions that can take place at one time through this cryptocurrency has remained the same- although the number of users using Bitcoin has increased exponentially. Currently, there are close to 125,000 transactions that haven’t been dealt with yet. This, in turn, indicates close to 149 megabytes of data that has still not been included in the blockchain. Goes without saying, their inclusion would definitely fill close to 107 blocks.
Bitcoin Needs An Immediate Clearance Of Its Mempools
The mempool certainly didn’t reach the spike on the 17th of December where it reached 143,000+ backlogs. Yet, the clutter has already emboldened quite a few of the critics of Bitcoin, whilst providing interesting input into the cost and speed of any transactions in the cryptocurrency sector. Currently, the mempool has been called the ‘waiting area’- because of the number of transactions that get stored here before being confirmed. After that, they wait to be verified on an independent level by quite a few notes which get connected through the various networks.
Clearances of Bitcoin mempools are rare events- the previous one got cleared on the 1st of January, 2021. Quite a few Bitcoin networks have prescribed a fee of about 93 byte which would definitely guarantee that the transaction also has an upcoming block inside them. With the current price of BTC set at $46,280, the transaction fee comes to a sum of $9.63.
There have been instances when the transaction fee has definitely gone above this limit- like it did today. The recommended fee went up to 141.9 bytes- as reported by a Twitter supervised service that looks upon Bitcoin fees.
