Bitcoin Network Grapples with 390,000 Unconfirmed Transactions and Surging Fees

May 7, 2023

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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. Bitcoin miners are struggling to keep up with the demand, leaving many users frustrated and unable to complete their transactions in a timely manner.

Overwhelming Unconfirmed Transactions Clog Bitcoin Network

The Bitcoin network is currently experiencing a massive traffic jam due to an unprecedented 390,000 unconfirmed transactions. This surge in unprocessed transfers is causing delays and frustration for users attempting to complete transactions in a timely manner. The congestion is primarily attributed to the explosion in minting and transferring of Ordinal inscriptions and BRC20 tokens.

Soaring Transaction Fees Exacerbate the Situation

The backlog of unconfirmed transactions has caused transaction fees to skyrocket by 343% over the past 11 days. As of May 7, 2023, the average transaction fee stands at 0.00031 BTC or $8.82 per transfer, while the median-sized fee is 0.00018 BTC or $5.16 per transfer. According to , low-priority fees are $7.74, medium-priority fees are $7.90, and high-priority fees reach $7.99 per transfer.

Bitcoin is not under attack.

The anemic block size increases simply weren't sufficient to meet demand, and Lightning didn't see mass adoption.

Quit whining. Either accept that a huge mempool and high fees will be the norm, or properly increase the block size.

— Sam Patt (@SamuelPatt)

Prolonged Block Times Add to the Frustration

The current block time is longer than the ten-minute average, with the last block taking ten minutes and 55 seconds to be discovered. This delay further compounds the challenges faced by users trying to complete their transactions. The congested mempool has sparked a heated debate on social media, with some users accusing non-financial transactions of causing a Distributed Denial of Service (DDoS) attack on the network.

Limited Adoption of Lightning Network Solutions

Despite the increasing backlog of unconfirmed transactions, there has not been a significant uptick in Lightning Network adoption. This is because opening and closing channels remain expensive, and non-custodial solutions are limited.

Binance Temporarily Halts Bitcoin Withdrawals Due to Congestion

The world’s largest crypto exchange by trade volume, Binance, has temporarily suspended Bitcoin withdrawals due to the ongoing congestion issue. Binance assured users that their funds are safe and that they are working on a fix until the network stabilizes, at which point withdrawals will resume.

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Jem Benny
I am a senior stock trader. I think it is really important to share the knowledge and the experience with rookies. "Must know" and education content creator. I have been following the events of the crypto industry since 2011. I joined Walletinvestor as a content creator providing technical analysis and overviews on the current market situation.