Due to a backlog of approximately 470,000 pending transactions, according to data from the Mempool, the Bitcoin network is currently experiencing heightened transaction congestion. The Bitcoin Network’s transaction costs have changed as a result of this.
With over 470,000 pending transactions, mempool statistics indicates that the Bitcoin Network is experiencing its longest block fullness. Additionally, recent data shows that the typical Bitcoin transaction fee, which is currently $2.332, has changed over time. This indicates a decrease of 10.23% from the day before and an increase of 122.6% over the previous year.
All Bitcoin transactions that have not yet been verified by a miner and added to the following block on the blockchain are temporarily recorded in the Mempool. This Mempool is momentarily stored by each node in the Bitcoin network. Every time a new block is added to the blockchain, transactions in the Mempool are regularly purged. But after they reach the minimum transaction fee barrier, pending transactions in the Mempool are only handled and verified.
When the network is busy, miners favour transactions with higher fees, which causes transfers with lesser costs to back up. As a result, users who require immediate transaction confirmations must pay higher fees, which raises prices. The price of Bitcoin has not yet been greatly impacted by the current transaction backlog.