The Bitcoin network is facing a severe challenge as the number of unconfirmed transactions has skyrocketed in just under two weeks.
Starting from 134,000, the figure has surged to over 390,000, leading to a bottleneck in the network’s mempool. This unprecedented influx of unconfirmed transactions has resulted in a staggering 343% increase in transaction fees.
On April 26, the transaction fees stood at $1.99 per transaction. However, as of May 7, the fees have soared to $8.82 per transaction. Bitcoin miners, responsible for processing these transactions, are struggling to cope with the overwhelming demand. Consequently, many users are growing frustrated as they face delays in completing their transactions in a timely manner.
The root cause of this backlog can be traced back to the exponential rise in the minting and transferring of Ordinal inscriptions and BRC20 tokens. These digital assets have inundated the Bitcoin network, exacerbating the congestion. Currently, the Bitcoin blockchain is accommodating over 13,000 BRC20 tokens and an astounding 4.17 million Ordinal inscriptions, further compounding the strain on the network’s resources
