Over the last fortnight, the quantity of unconfirmed bitcoin (BTC) transactions has consistently exceeded the 500,000 mark, nearly touching 700,000 on September 6, 2023. Metrics indicate that Bitcoin’s mempool, a shortened term for “memory pool,” has not completely cleared in more than four months, dating back to April 22, 2023.
Bitcoin’s Backlog Swells: Unconfirmed Transactions Continue to Grow
The Bitcoin network has experienced a substantial increase in transaction volume this year, surpassing previous records. This surge is attributed to the inclusion of Ordinal inscriptions alongside financial transactions processed on the network. The 31 million Ordinal inscription transactions have even surpassed the quantity of financial transactions completed in recent periods. Consequently, this trend has resulted in a notable backlog of unconfirmed BTC transactions stuck in the mempool. On September 15, 2023, there’s 513,652 unconfirmed transfers waiting for miner confirmation.
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