Bitcoin Forum

What is happening with the Bitcoin network?

https://i.imgur.com/TBUIeeMm.jpg
mempool (https://mempool.space/)

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The last time Bitcoin Network got super congested was in April of 2021. When High priority transaction fee was $62 approximately. It was the same time when we were in Bull Run and the price of Bitcoin went to 64k.

https://i.imgur.com/j7ULe8vl.png
CMC (https://coinmarketcap.com/)

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At the moment we are in the Bear Market so i assume we might see either a big low or we remain in the same phase or Bull Run is on the way. What do you guys think?

Ordinals is why. Spamming the blockchain with random jpeg data.

And we aren't in a bear market anymore. That ended two months ago.

For the last few days now, I have experienced this high network fee. This time, I don't think it's as a result of the high transaction volume on Bitcoin; that's the increase in frequent movement, as it was on April 20, 2021, as you have mentioned.

This high fee could be a result of the new NFT hype on the Bitcoin network. I can remember vividly that the high increase in the ETH gas fee was a result of an increase in demand for NFTs and a high increase in Defi projects. I believe this is also the case with Bitcoin, although Bitcoin is charged a transaction fee but not a gas fee since the NFT of anything has not started with Bitcoin. I can't recall experiencing any such high fees on the Bitcoin network.

But the sweet thing here is that you can always customize your fee to the lowest that you can afford to pay, but you shouldn't expect to see your coin immediately. Whoever pays a higher fee gets their transaction executed first.

I was under the impression that markets were crushing causing people to panic sell or anything in those lines, and had to check price on preev, coindesk etc and  everything seems normal....

But checking mempool again, average fees seem to have gone up if you want your transaction to be added to the next block and I can only speculate that this could be artificially done to gain better rewards by the miners.. Because there is nothing justifying the raise of the transaction fees. Just hoping miners are not shutting down or something in those lines that is putting so much load to cause the clog, currently over 400 thousand transactions pending...

https://i.ibb.co/ph1VrGZ/Screenshot-20230507-160127.jpg

The hick in Bitcoin transactions fees used to accompany a market dimension such as the bull market and when I studied the market in the last two weeks, the Bitcoin monopoly has been gravely congested the hick in fees has left many Bitcoin transactions unconfirmed most especially those the choose low fees and if you want your transaction to be broadcast easily then one need to choose high priority.


We cant speculate what direction the price goes but then I will recommend that we all continue to hold more bitcoin, because there is a high possibility of seeing a bull run is around.

Bitcoin’s Frenzy of Activity Pushes Average Transaction Fee Over $7, Nearly 2-Year High (https://www.coindesk.com/tech/2023/05/04/bitcoins-frenzy-of-activity-pushes-average-transaction-fee-over-7-nearly-2-year-high/)

It is because of BRC-20 tokens and low quality projects try to migrate their projects to Bitcoin blockchain that is a biggest chain and can be helpful for them to catch attention of token fans. Those tokens can be weak, low quality but from what you have seen on Ethereum blockchain, Binance Smart Chain and other chains with smart contracts, you will see the same with BRC-20 tokens.

I guess it won't stop soon and the Bitcoin network, mempools will be more overloaded with those shit tokens.

So we either go up or down or sideways? Totally agree!

You're analyzing this from the end result instead of looking at the cause, the previous cases of high fees per transaction were caused by a bull market or a span after the forks wars, it's not that high fees cause a bull market, it's the other way around. And since the price is quite flat in the last few days probably everyone is waiting before making a move, waiting for a sign those fees will have a bad effect on the price or for BTC to gain even more users due to the brc20 madness.


Why would miners shut down operations when we're up around 75% in revenue per TH?

Shieet. That’s pretty fucked up. I haven’t done any transactions lately and I am quite shocked right now. Hopefully the devs will remove that shitty idea called “ordinals” and bitcoin will become usable again. Otherwise this has the potential to kill bitcoin.  In the end one of the best selling points of bitcoin was its ability to make cheap transactions. If bitcoin can’t do that anymore than it will be useless for the average guy.

The main reason for the increase is due to NFT in the blockchain or ordinal. Honestly the headache of these ordinals, we don't know how long we will deal with it.

       We have no other options to avoid this but to still make the transaction especially if we are using electrum, there is no other choice to swap to another crypto. It would be okay if it was on an exchange and at least somehow it could be swapped to other coins that are lower than that.

Its not just Ordinals, but they showed the way to the rest of the spammers and entities that want to see Bitcoin fail. Ordinals publicly demonstrated the exploit, and others have been joining in from the apathy of some developers. Consensus rules were relaxed in the protocol and this is being abused, plain and simple. And the worst is yet to come, this started in February, still going...

https://images2.imgbox.com/69/2a/G0JQBeRw_o.png (https://images2.imgbox.com/69/2a/G0JQBeRw_o.png)

Sending any Bitcoin is pretty frustrating right now. Two days ago I sent it, but in the end, I had to pay a significant bump fee, in order to finish everything after 30 hours of waiting
This Ordinal garbage somehow makes the idea of Bitcoin practically meaningless. cheap and fast transactions are no longer part of Bitcoin. I really hope this madness will stop.

btw. Is there at least a direct solution to this problem in sight, or will we remain hostages to this plague?