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Thursday, December 3, 2020

Bitcoin Fees Drop As Mempool Equals Zero

The bitcoin mempool network drops to its lowest since October after the hash power of the network soared this week. What a clear mempool means is that around 1000 pending confirmation transactions got included in current blocks leaving a small number of unconfirmed transactions outstanding. 

The sudden increase in the network’s hash power is due to re-activating the miners(China-based) that arrived from Sichuan when the rainy season ended. The hash rate of bitcoin spiked by 42% over 9th November and 10th November. Smaller mempool reduces competition regarding the inclusion of fresh transactions in future blocks. This reduced competition reduces the transaction fees of bitcoin as all transactions can be included in the blocks by the miners regardless of their fee amounts.

bitcoin physical coins
Bitcoin

Rate Of Bitcoin Transactions

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Average BTC transaction fees peaked at $13.16/transaction on 30th October with 140,000 transactions pending. As the network faced less difficulty in low mining due to the hash power influx, bitcoin blocks were found far more quickly than the normal speed of 10 mins/block. This helped to equal the unconfirmed transactions to zero on 9th November. The average fee of transactions as of now is 3 satoshis/byte or $0.11.However, the increase in mining difficulty is to be expected after another adjustment meaning that the period of fewer fees is short. Yesterday, there was a drop of 37 exahashes/second due to the volatile hash rate.

During October’s last week, there was a backlog in unconfirmed transactions. Bitcoin users should take the present conditions in their favor and perform expensive transactions such as consolidating inputs and opening channels of the lightning network.

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