After investors’ concerns about an attack on the Bitcoin network, Bitcoin analysts helped to allay fears.
The spike in Bitcoin transaction fees and unconfirmed transactions led to a potential Denial of Service for the network on Crypto Twitter over the weekend. Brisket ) caused concern. Some Bitcoin analysts and commentators have also taken action to allay these fears of their followers.
It Happened For The First Time Since 2017
BitInfoCharts According to data, Bitcoin average transaction fees currently stand at $19.20. However, according to Mempool Space, the cumulative number of transactions at the time of this writing is around 459,341.
Increasing demand on the network means that fees per block May 7 temporarily exceeded the 6.25 BTC block subsidy reward in . The proof-of-work mining process has a 6.25 BTC block subsidy that halves every four years. However, in rare cases where the demand for block space increases, this figure can be exceeded, resulting in higher transaction fees.
Industry analysts say this development 2017It’s the first time it’s happened since.
Mempool Space shows that activity has cooled a bit since then, and fees have dropped below the block reward again. The next block is expected to be processed generating 4.51 BTC fees.
The increase in activity and block space demand is attributed to the increase in Ordinals entries. analytics provider glassnode According to , on May 7, a total of 75 percent of on-chain Bitcoin transactions reached a record level using Taproot. However, some on Crypto Twitter claimed that the recent congestion was caused by a DoS (denial of service) attack on the Bitcoin network.
Bitcoin analysts pointed out that this was due to demand rather than a premeditated attack.
0xfoobar The user-named analyst made the following statements to his followers on the subject: “The Bitcoin mempool is finally getting some use and investors are pointing it out as a DoS attack on the network. They really don’t even consider the most basic scenarios like Bitcoin becoming popular and people being willing to pay to use it.”
8 May Binance suspended Bitcoin transactions, citing the large volume of pending transactions. Thus, the platform suspended BTC transactions for the second time in the last 12 hours.
