In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343% increase in transaction fees, which have risen from $1.99 per transaction on April 26 to a current rate of $8.82 per transaction as of May 7.
As of Sunday, May 7, 2023, the Bitcoin network is experiencing a major traffic jam due to an overwhelming number of unconfirmed transactions. The latest statistics reveal that a whoppingThis backlog can be attributed to the surge in minting and transferring of Ordinal inscriptions and BRC20 tokens, which have flooded the network. In fact, the Bitcoin blockchain is now hosting over 13,000To clear the, a whopping 179 blocks would need to be mined.
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