Skip to main content

Amid Falling Inscriptions, Bitcoin Miners Chip Away at Transaction Backlog

Amid Falling Inscriptions, Bitcoin Miners Chip Away at Transaction Backlog

Bitcoin miners have been steadily clearing the mempool of unconfirmed transactions since the number almost reached 700,000 on September 6, 2023. Currently, the number of unconfirmed transactions has dropped to just over 153,000 pending confirmation.

Transaction Backlog Shrinks as Bitcoin Miners Face Fewer Inscriptions

On September 15, 2023, just over 500,000 unconfirmed bitcoin transfers lingered, awaiting miner confirmation, a decrease from the nearly 700,000 a week prior. Yet, as the curtain fell in September, the tally of unconfirmed transactions dwindled to a smidge over 153,000.

Data from both mempool.space and Johoe’s mempool statistics reflect that a substantial portion of the unconfirmed transfers have been processed. A couple of factors have augmented the miners’ capacity to navigate through the immense sea of unconfirmed transactions in the queue.

Amid Falling Inscriptions, Bitcoin Miners Chip Away at Transaction Backlog

Firstly, block times have been shaving off a fraction of their 10-minute average, clocking in at around 8 minutes and 48 seconds as of this writing. Secondly, the tally of Ordinal inscriptions has seen a significant dip since September 25.

On that day, a mere 31,251 inscriptions were processed, a stark contrast to the 232,104 handled just a day prior. With a dip in inscriptions, the Bitcoin blockchain is processing significantly fewer transactions since hitting an all-time high earlier this month.

On the very day a mere 31,251 inscriptions were processed, miners confirmed 285,750 transactions. Come the next day, miners upped the ante a hair, confirming roughly 309,789 transfers.

Currently, data indicates a lingering 103.98 megabytes (MB) of block space awaiting confirmation, translating to about 54 blocks. Since April 22, 2023, the mempool hasn’t completely cleared, yet with the ongoing pace, there’s potential for it to clear sometime next month, provided daily inscriptions maintain their lower-than-usual trend.

What do you think about miners clearing the transaction backlog? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/oKgOz3P
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more