Bitcoin has been struggling to keep up with the demand for block space, resulting in a queue of unconfirmed transactions in the mempool. Just a few days ago, the mempool hit an all-time high with over 500,000 unconfirmed transactions waiting to be processed. This surge in demand is due to the recent craze for digital currency and the emergence of the BRC20 token economy. However, as of May 11, 2023, there are just over 300,000 unconfirmed transactions waiting for confirmation, and the backlog is gradually clearing.
To clear the current transaction queue, approximately 185 blocks need to be mined. The good news is that the backlog reduction has resulted in a significant drop in onchain fees. Just a few days ago, the average transaction fee skyrocketed to $31 per transfer. However, as of today, a high-priority transaction costs a mere $3.00.
This drop from $31 to $3 per transaction represents a reduction of over 90%. 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 (EH/s), 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%.
In conclusion, the backlog in Bitcoin transactions is gradually clearing, resulting in a significant drop in onchain fees. As of now, the block times have been averaging below the ten-minute mark, and the global hashrate is holding steady. The cryptocurrency market continues to experience growth, with the emergence of the BRC20 token economy.