The bitcoin blockchain has run into a peculiar problem that has left thousands of transactions pending approval. This is a testament to the network congestion that has plagued blockchain over the past week. So what could be the cause of this delay?
bitcoin Registrations Raise Their Heads Again
In early 2023, the bitcoin network went up in flames when its own version of non-fungible tokens (NFTs) known as Enrollments became the craze of the day. These registrations quickly gained popularity, quickly congesting the network and causing an increase in transaction fees.
However, in recent months, the bitcoin sign-up craze seemed to have completely calmed down and miners were able to return to business as usual. That is, until November 4 and 5, when interest in Registrations rises again.
On November 4, bitcoin signups recorded their second-highest daily volume as more than 433,000 signups were made to the blockchain. It is followed by September 15, when 440,760 registrations were made on the network.
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Source: Dune Analytics
Just like what happened in September, the surge in signups caused an increase in btc transaction fees and the result was a massive backlog. Average rates rose to more than $5.9, one of the highest levels for 2023, and have yet to fall again, according to data from YCharts.
According to the official Ordinals Wallet X identifier, projects driving Increased registrations include rats, GROK, stas and DOG1. There have been activities from other projects such as doge, insi and rabs. But the top four account for the majority of transactions.
More than 157,000 transactions remain unconfirmed
Due to the increase in bitcoin sign-ups and higher transaction fees, thousands of users have seen their btc stuck on the blockchain waiting to be confirmed. According to the Archive Today websiteThere are currently a total of 157,101 unconfirmed btc transactions on the blockchain.
These are primarily non-priority transactions, while high-priority transactions are processed at an average fee of $3.38 according to the website. Given such a large delay, it could take miners a couple of days to completely clear these unconfirmed transactions.
There has also been a decline in bitcoin signups as of Tuesday, November 7, with around 72,000 daily signups, suggesting space is being freed up to clear the backlog. If enrollment numbers continue to decline, miners will clear the backlog more quickly. However, if registrations were to see another increase, this could further increase the already inconvenient backlog.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/More-than-157000-Bitcoin-transactions-are-waiting-to-be-confirmed" alt="Tradingview.com bitcoin Price Chart (Trade Accumulation)” width=”2650″ height=”1758″/>
btc bulls hold above $34,000 | Source: BTCUSD on Tradingview.com
Featured image from Mint, chart from Tradingview.com
