- Bitcoin transactions are now cheaper, as the number of unconfirmed transactions on the mempool has dropped.
- Currently, the average transaction fee is $7.8 per Bitinfocharts.
Bitcoin transactions are now cheaper than they were in the past weeks due to the congestion in the network’s Mempool. The spike in the number of unconfirmed transactions followed the recent decrease of the network hashrate, causing users to pay more to miners in priority fee to accelerate confirmations. However, the Mempool is now clear following the recent spike in Bitcoin hashrate.
This has also reduced the transaction fees to a reasonable level.
Bitcoin transactions are now cheap
Bitcoin hashrate began dropping in mid-October to 90.6 EH/s on October 27, which was related to the seasonal migration of miners in China. Between November 9 and 10, the hashrate grew by 42 percent to 159.2 EH/s, according to Coinwarz. Again, it was assumed that the Bitcoin miners in China might have completed their migration and are resuming operation. Currently, the hashrate has shaded a few points to 118.7 EH/s.
Mempool cleared for the first time since October 20th in the weee morning hours. pic.twitter.com/JWMs3NsK7v— 𝙼𝚞𝚛𝚌𝚑 (@murchandamus) November 10, 2020
Following the sudden spike in Bitcoin hashing power, the number of unconfirmed Bitcoin transactions on the Mempool decreased significantly. Perhaps, this is good news for the vast Bitcoin users since there will be less competition for transactions to be logged in new blocks. As such, the miners can be confirmed and map transactions on the blocks at the standard fee, regardless of the transaction size.
Bitcoin Mempool now cleared
On October 30, there were over 140,000 unconfirmed Bitcoin transactions on the Mempool, with an average transaction of $13.16, according to Bitinfocharts. However, unconfirmed transactions on the Mempool has dropped to 3718 (2.23 MB), according to mempool.observer. Likewise, the average Bitcoin transaction fee declined to $7.8, as per the data provided by Bitinfocharts.