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The Bitcoin Network’s Transaction Queue Breaks Another Record

Not only is the bitcoin price breaking records but the network transaction queue (mempool) has also hit an all-time high on May 5. Around 6 pm EST, the network had about 155,000 unconfirmed transactions with over 85 BTC worth of fees waiting to be settled.

Related: Bitcoin Transaction Fees Are Up More Than 1200% in Past Two Years

Bitcoin Network Reaches a Record 150,000 Unconfirmed Transactions

The last time the Bitcoin network’s mempool filled up and broke records was on February 22 with over 100,000 unconfirmed transactions. The record was surpassed on Friday, May 5 as the transaction backlog amassed over 150,000 transactions waiting to be confirmed according to Blockchain.info, Statoshi.info, and Tradeblock statistics.

The Bitcoin Network's Transaction Queue Breaks Another Record
Unconfirmed Transactions May 5, 2017 6 pm EST.

Of course, the subject of the massive backlog waiting in the transaction queue was heavily discussed on forums and social media. There also was numerous complaints of people waiting long periods of time to get a transaction confirmed. One bitcoin user writes;

I’ve got 5+ unconfirmed transactions, all three days old. This is ridiculous. Also I use electrum’s dynamic at 140%.

Meanwhile, some speculate the network was suffering a spam attack while others assumed the backlog is connected to the recent price spike because people are transacting more. A spam attack is when an exponentially high amount of very small transactions is being sent across the network with minuscule fees or have larger inputs/bytes per tx.

The Bitcoin Network's Transaction Queue Breaks Another Record
Unconfirmed Transactions May 5, 2017 3 pm EST.

Transactions and Fees on the Rise

Alongside the significant mempool size, average fees have been on the rise as well. People have been paying fees of $1-1.50 per transaction using wallets that figure for dynamic fees.

The Bitcoin Network's Transaction Queue Breaks Another Record
Median and average bitcoin fees have risen to $1.51 per transaction over the last three months according to Blockchair statistics.

According to 21 Inc’s fee calculator, the fastest and cheapest transaction fee is currently 280 satoshis/byte. Moreover, for the median transaction size of 226 bytes, fees are averaging 63,280 satoshis per transaction or $0.98 at the time of writing.

Bitcoin is Breaking a Bunch of Records in 2017

Lately, there’s a lot of people using bitcoin, and over the past thirty days, the mempool’s transaction count has been spiking. Bitcoin trading volume has also been high over the past month and just recently reached $1 billion worth of trades in 24-hours. Transactions per day have been roughly 250,000-300,000 with the network working at full capacity during the jumps in price.

It’s safe to say that bitcoin is breaking a whole lot of records in 2017. However, some of the protocol’s lifetime achievements can be viewed as positive while some of the records are negatives. May 5th’s unconfirmed transaction count is just another record broken in bitcoin’s history to add to the list.  

The Bitcoin Network's Transaction Queue Breaks Another RecordRecords Broken  

What do you think about bitcoin’s network backlog on May 5? What do you think about the records broken in 2017? Let us know in the comments below.


Images via Shutterstock, Blockchair, Tradeblock, Blockchain.info


Still have questions about Bitcoin? We have a detailed FAQ section with dozens of general questions and even a free Bitcoin guides page for detailed explanations of several important topics.

  • Achuo Etigha

    bitcoin is ripping the whole financial markets. if you need to expand your investment into other cryptocurrencies like
    ripple
    ethereum
    dogecoin
    monero
    litecoin
    dash etc kindly contact me for more details through (achuo.etigha@gmail.com)

  • 叶振东

    In the future, the first batch of 21 million original bitcoins will be snapped up by the rich. Its collection value will increase over time, become a rich collection. There is no need to worry about the problems in the course of the transaction. From the second batch of bitcoin will start using the new theoretical model, there is no such problem.

  • Transactions waiting or looking for the cheapest rate, will wait longer to be confirmed…no-brain-r. Try to exchange gold for 1 buck, you will be waiting for the rest of your life in public exchanges. Get used to the Transaction fees required to get business conducted in a timely manner to rise with the value, as is the case in any market. Bundle your transactions and make a transaction worth its while. Give the compensatory fee and gain, give a short fee and wait. Vendors will have to change how they settle the individual and daily business. More technology in hardware and protocol will come to speed things up. In the meantime, floating individual purchase transactions is here to stay. Traders in crypto will have to diversify in the strongest+quickest+alternatives like zcash(minutes), dodge, ether, and digital. Be the Bank and internally insure your purchase and exchange power with a mix of commodity backed crypto values that do not leave you lending your time and liquid currency. Build this into doing less business with exchanges and definitely not trying to sell your crypto to filthy slimy undercover detectives. The larger your transaction footprint in a well worn direction, the more attention you will receive. Not a great idea to be desperate in a pool of chummed up Sharks. The smarter you become with exchanges and transactions the more you will embrace anonymity over wealth and find the greatest values being there, peace of mind and safety. Being Flashy is not worth the Losses.

  • Khurram Javed

    Bitcoin’s dominance continues to decline now at 55.9% as unconfirmed transactions continue to increase creating a setup for the next cryptocurrency to overtake bitcoin’s dominance inevitably. It’s unfortunate the technology could not keep up with the interest. If Segwit is not adopted soon, ethereum will take bitcoins place.

    • Ricky Bickerton

      Sadly segwit is designed not to fix this issue but for us to pay blockstream to confirm the tx quicker off chain instead. This is why there is no compromise like sw2mb and sw3mb that have been proposed, as they will help tx times too much,(people will also see optimising the block size is answer to scaling) and blockstream need to see returns now.