Today, statistical data provider Johoe, showed that the number of transactions waiting to be confirmed on the Bitcoin mempool briefly exceeded 125,000. This represents the equivalent of about 149 megabytes of data waiting to be added to the blockchain. Which is enough to fill at least 107 blocks.
One of the important parts in the whole process of operation of cryptocurrency networks is thanks to the mempool. This storage section is a fundamental piece behind the processing of the transactions of any cryptocurrency network.
When a cryptocurrency user makes a transaction, the first place it is noted is in what is known as a mempool. A mempool is a temporary buffer where user transactions are temporarily stored.
Once the transaction reaches this place, the miners select them to process. It is at this last point, when the transaction really becomes effective and becomes integrated into the blockchain.
With this clear we can say that the mempool is a «waiting room». One in which transactions are stored until processed by miners.
Now, although the 125,000 registered today, is less than the peak that was an accumulation of more than 143,000 transactions on December 17, 2020. The increasingly saturated mempool is encouraging critics of Bitcoin.
The last time the mempool reached zero was on January 1 of this year. Even before then, mempool decongestion was already becoming a rarity.
And this is where the question arises of, why has Bitcoin not gained traction as a form of payment?
Elon Musk, a longtime Bitcoin advocate, will soon give Tesla Inc. customers the opportunity to purchase the company’s electric vehicles using the digital currency.
The news, along with Tesla’s move to acquire $ 1.5 billion of the cryptocurrency for its corporate treasury. It caused the price of Bitcoin to rise 25% from Sunday to a record high of $ 48,226 on Tuesday. For Bitcoin bulls, the announcement was the latest validation signal for the burgeoning digital currency.
However, despite making progress with investors, Bitcoin has been slow to take off as a form of payment. It was originally created in 2008 to operate as an electronic version of cash. Allowing two people anywhere in the world to exchange value digitally as if they were physically exchanging cash.
But there are those who claim that, in practice, it has not worked that way. The cost of using Bitcoin and its volatility have made normal day-to-day transactions impractical. And for now, that is not likely to change with Tesla’s acceptance of the coin.
In fact, according to the Bitcoin network stat trackers at mempool.observer. A fee of at least 93 sat / byte is currently recommended to ensure that a transaction is included in the next block.
With a Bitcoin price of $ 46,280 as a reference and an average size of 224 bytes per transaction. This results in a transaction fee of $ 9.63.
Just today, the recommended rate for inclusion in the next block went up to 141.9 sat / byte. According to a similar service, based on Twitter, to monitor rates on the Bitcoin network.
When you learn the hard way to lower sat / byte rates. I submitted a big transaction just before mempool blew up. Pray for my missing satoshis in action, that they find their way home safely one day. reflected the tweet.