The Bitcoin blockchain has run right into a peculiar challenge that has seen hundreds of transactions pending to be authorized. This is a testomony to the network congestion that has plagued the blockchain over the previous week. So what could possibly be the reason for this backlog?
Bitcoin Inscriptions Rear Their Heads Again
Earlier in 2023, the Bitcoin community was lit ablaze when its personal model of non-fungible tokens (NFTs) known as Inscriptions turned the rave of the day. These inscriptions rapidly grew in recognition, congesting the community very quickly and inflicting transaction charges to surge.
Over the previous few months although, the Bitcoin Inscriptions craze appeared to have died down utterly and miners had been capable of return to enterprise as regular. That is, till November 4-5 when curiosity in Inscriptions begins rising once more.
On November 4, Bitcoin Inscriptions noticed their second-highest day by day quantity when over 433,000 inscriptions had been made on the blockchain. This got here second to September 15, when 440,760 inscriptions had been made on the community.
Source: Dune Analytics
Just like what occurred in September, the spike in inscriptions brought about a spike in BTC transaction charges and the end result was a large backlog. Average fees got here out to over $5.9, one of many highest ranges for 2023, and are but to return again down, in line with data from YCharts.
According to the Ordinals Wallet official X deal with, the initiatives driving the rise in Inscriptions embrace rats, GROK, stas, and DOG1. There have been actions from different initiatives akin to doge, insi, and rabs. But the primary 4 account for the most important portion of transactions.
Over 157,000 Transactions Remain Unconfirmed
Due to the spike in Bitcoin inscriptions and the upper transaction charges, hundreds of customers have seen their BTC caught on the blockchain ready to be confirmed. According to the Archive Today website, there are at the moment a complete of 157,101 BTC transactions sitting on the blockchain unconfirmed.
Mainly, these are transactions with out precedence whereas high-priority transactions are being processed at a median price of $3.38 in line with the web site. Given such an enormous backlog, it may take a few days for miners to utterly clear these unconfirmed transactions.
There has additionally been a decline within the Bitcoin inscriptions by Tuesday, November 7, with round 72,000 day by day inscriptions, which suggests area is being freed up for the backlog to be cleared. If the inscription figures proceed to say no, then miners will clear the backlog quicker. However, if the inscriptions had been to file one other surge, it may additional add to the already inconvenient backlog.
BTC bulls maintain above $34,000 | Source: BTCUSD on Tradingview.com
Featured picture from Mint, chart from Tradingview.com
