The Bitcoin network hardly has any transactions to process. The mempool has remained practically empty this Wednesday, June 2, so, with just 2 blocks in the queue, bitcoin transfers (BTC) are being processed with surprising speed and with very low commissions.
As things are happening on the Bitcoin blockchain, is a good time to transact taking advantage of high speed and low fees. This after a long period of network congestion as happened in April.
The mechanism under which transactions are processed in the Bitcoin network is that they are not validated immediately, but that must remain in a queue , a kind of waiting room called a “mempool” or temporary memory of the network. There the transactions accumulate and remain until a miner includes them in a block.
However, the mempool has remained practically empty in the last hours as shown in the graph of the mempool.space explorer. Even, at a certain moment on Wednesday, there was only one block pending to be mined.
In fact, at the time of As of the writing of this note, the metrics indicate that there are only 7,000 operations to be confirmed and only 3 blocks waiting to be mined. Therefore, lower priority transactions have remained on the order of $ 2 or about 39 satoshis (sat) per byte. This is really low, compared to the almost USD 30 that users have had to pay for a transfer in times of high congestion.
It is also evident the misuse that is usually given to the network when commissions are paid above the average, something which is not necessary at this time. When there is barely an average of 2 or 3 blocks in the queue, a commission of 1 to 5 sat / vb is more than enough to enter one of the next blocks to be confirmed. However, many are paying commissions that are above it, as shown in the following graph.
Are there fewer transactions than ever before?
With the mempool practically empty I could attack the doubt. Many may be wondering what is happening? Is interest in bitcoin declining? Given this, the blockchain.com graph stands out where it can be seen that there is currently as much demand as at the times when the network has been congested, with more than 250,000 transfers processed per day.
At this time, it has become clear that scalability It is not exactly a problem in Bitcoin as it is often mentioned. However, it should be considered that, with high traffic, the network is frequently congested, similar to what happens on large highways where vehicles will arrive faster, or not, to their destinations depending on how congested it is, without This means that the road actually has a design problem.
One of the elements that may be behind what is happening in mempool is the recent reduction in mining difficulty as reported by CriptoNoticias. Meanwhile, the hash rate has risen, a sign that more miners have been connected, despite recently announced measures by China to punish mining. It means, then, that there is much more computational processing to process transactions taking advantage of the fact that the difficulty has decreased.