The number of transactions awaiting confirmation in Bitcoin's mempool rose above 125,000 today. This is equivalent to about 149 megabytes of data waiting to be added to the blockchain. This amount is enough to fill at least 107 incoming blocks. Although this is lower than the level recorded on December 17, 2020 (143 thousand transactions), the increasingly crowded mempool gives courage to Bitcoin critics. What's more, it gives forums an argument to discuss the speed and cost of transactions A waiting room for transactions Mempool is commonly referred to as a "waiting room" for incoming transactions before they are confirmed, verified independently by each node connected to the network. The mempool was last cleared on January 1 of this year. However, before then, clearing the mempool was becoming a rare occurrence. According to mempool.observer, a fee of at least 93 sat/byte is now recommended to ensure the transaction is included in the upcoming block. With a reference price of $46,280 per BTC and a median of 224 bytes per transaction, this results in a transaction fee of $9.63. Earlier today, the recommended fee for inclusion in the next block climbed to 141.9 sat/byte. As of February 8, miners have collected 84.72 BTC in transaction fees. That amount of bitcoin is about $2 million. Transaction fees remained fairly reasonable for most of November and December 2020. Even after the bull market pushed prices above the previous ATH. Now, however, they have risen to record levels. Tags bitcoin btc mempool
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