Bitcoin’s congestion has been clearing, resulting in a significant reduction in onchain fees.
This surge in demand can be attributed to the recent craze for Ordinal inscription, as well as the emergence of the BRC20 token economy. As of 7:00 a.m. Eastern Time on May 11, 2023, there are justunconfirmed transactions waiting for confirmation. To clear the current transaction queue, approximately 185 blocks need to be mined.
The good news is that the backlog is gradually clearing, resulting in a significant drop in onchain fees. Just a few days ago, on May 8, the average transaction fee skyrocketed to $31 per transfer. However, as of today, a high-priority transaction at 7:00 a.m. was a mere $3.00. The drop from $31 to $3 per transaction represents a reduction of over 90%. In addition, recent statistics reveal that a low-priority transaction costs just $2.23, while a medium-priority transfer is priced at $2.65 per transaction. As of now, the block times have been averaging below the ten-minute mark, with an average of eight minutes and 28 seconds and nine minutes and 57 seconds.
The global hashrate is holding steady at 342 exahash per second , and current estimates suggest that the difficulty may increase on May 18, in seven days. The projected difficulty rise is expected to be around 0.1% to 1.94%.
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Blue Chip Firms Join Global Blockchain Network; World Effect of Soaring Bitcoin Network FeesListen to this episode from The Hash on Spotify. The most valuable crypto stories for Tuesday, May 9, 2023.This episode is sponsored by Ciphertrace.'The Hash' tackles today's hot topics: Private equity giant Apollo is part of a bid to buy bankrupt crypto lender Celsius. Fintech firm Digital Asset is launching a blockchain network with some big names like Microsoft, BNP Paribas and Deloitte, among others. Pudgy Penguins raises millions in new capital for its NFT project. Global consequences are being felt as transaction fees on the Bitcoin network surge.See also:Private-Equity Giant Apollo Is Part of a Bid to Buy Bankrupt Crypto Firm CelsiusDigital Asset Will Start Global Blockchain Network With Deloitte, Goldman Sachs and OthersNFT Project Pudgy Penguins Raises $9MAfrica Moves to Lightning, Stablecoins as Bitcoin Transaction Fees SoarCiphertrace, a Mastercard company, helps banks, governments, regulators, exchanges and VASPs to trace the movement and risk of crypto funds, uncover illicit activity, and help comply with global regulations. Get in touch today to find out more at Ciphertrace.com.-This episode has been edited by senior producer is Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info.
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