Bitcoin has congestion and transactions can take more than a day to confirm, understand

With the use of Taproot-type transactions on the rise, especially to include NFTs on the network, Bitcoin is presenting a queue of 123 blocks (9) this Thursday morning, which can be a nuisance for anyone who needs to make a transaction.

With approximately 144 blocks being mined daily, it is expected that the network will take a full day to confirm all 50,000 transactions currently queued, not counting new transfers.

As a result, Bitcoin users may have to pay higher fees to make their transactions. Otherwise, they will stand in line for long hours, or even days if the rate is too low.

Bitcoin transaction queue grows as the network receives NFTs

According to the website Mempool.Space, which monitors Bitcoin transactions, more than 50,000 transactions are waiting to be confirmed by miners. In total there are 123 waiting blocks.

Another point that stands out is the use of memory. By default, this limit is 300 MB, but nodes can increase it. Currently, this number is 544 MB, demonstrating the high demand for the network.

Bitcoin queue reaches 50,000 unconfirmed transactions, totaling 123 pending blocks. Source: Mempool.space

Jochen-Hoenicke’s website points out that network usage is the highest since November last year. Date when investors rushed to take their coins off the exchanges after the bankruptcy of FTX.

Therefore, the current mempool size is the second largest since May 2021, when bitcoin experienced a sharp fluctuation after reaching $65,000.

The size of the Bitcoin mempool reaches the highest level since the stock market crash last November. Source: jochen-hoenicke.de

NFTs are to blame

After a 4 MB block was mined last month, the largest in history, some Bitcoin developers rioted against NFTs on the network. The argument used is precisely this gigantic row of transactions, which are now competing for space with registration data that is not related to bitcoin.

According to the TransactionFee website, the use of Taproot, which is used to incorporate NFTs into Bitcoin, is on the rise. For example, last Sunday (5), 15% of transactions used this source.

Taproot adoption accelerates a year and four months after adoption. Source: Transaction Fee.

Another point that may affect this new wave of NFTs on Bitcoin is the Yuga Labs collection. This week the project raised BRL 85 million in an auction of 288 NFTs. That is, other projects should also benefit from the hype to make money.

Finally, other developers are more creative. Also this week, for example, the Rollkit team claimed they have technology to run Ethereum inside Bitcoin.

Therefore, Bitcoin users should be prepared to pay higher fees in the coming months while the network is used for other purposes as well. Those who benefit from this are obviously the miners for receiving bigger rewards.

Source: Live Coins

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