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The Bitcoin network has experienced a sudden surge in unprocessed transactions, leading to an unprecedented logjam in the mempool over the past two weeks. According to the latest data, 390,000 unconfirmed transactions are awaiting processing, rendering the network gridlocked. This development has resulted in a surge in transaction fees by 340%, from last month's $1.99 per transaction to $8.81 per transaction as of May 7.
Bitcoin miners are struggling to keep up with the surge in demand, leaving many users frustrated and unable to process their transactions on time. Over the weekend, a considerable logjam hit the Bitcoin blockchain, primarily attributed to the upsurge in "Ordinal" inscriptions and "BRC20" tokens' transfer and creation, inundating the network. Additionally, the blockchain network has over 13,000 BRC20 tokens and 4.17 million Ordinal inscriptions, further exacerbating the congestion.
Solving the current backlog would require approximately 177 blocks to be mined, with each block taking about 10 to 12 minutes to mine, therefore requiring roughly 1.22 days to hit the required threshold. The mempool bottleneck has resulted in a dramatic surge in transaction fees, with bitinfocharts.com reporting the current average transaction fee at 0.00031 BTC, equivalent to $8.82 per transaction.
The congestion has also led to soaring median-sized Bitcoin transaction fees, which are 0.00018 BTC, equivalent to $5.15 per transaction. Despite bitinfocharts.com indicating that non-custodial solutions are scarce due to mounting transaction costs, some social media users are optimistic about the increased activity, contrasting those who view non-financial transactions as an attack or DDoS.
Lightning Network adoption remains relatively low, with escalated network fees keeping potential users at bay. Opening and closing a channel remains prohibitively expensive, making non-custodial solutions limited. As we wait for the logjam to clear, Bitcoin remains embroiled in a crisis that could delay its growth.
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