Bitcoin Network Faces Congestion
Data from the Mempool shows that there are currently over 470,000 pending transactions on the Bitcoin network, which is causing increased transaction congestion.
This has caused the transaction costs on the Bitcoin Network to fluctuate quite a bit, which was somewhat expected.
The Bitcoin Network is experiencing the longest block fullness with over 470,000 pending transactions, and the average transaction fee has fluctuated, with a slight decrease from $2.597 to $2.332, compared to $1.047 one year ago. This represents a 10.23% decline from the previous day and a 122.6% surge over the past year. This is not the first time Bitcoin has faced congestion issues, as in May 2023, the network experienced a similar backlog of transactions, causing average transaction fees to skyrocket to over $16.
(With inputs from Shikha Singh)
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