173000 unconfirmed transactions, 13 transactions per second

[piotr_n]

Thank you. Very informative. Apparently difficulty will rise a lot after approximately 2 hrs. Difficulty is much too easy at the moment with this hash rate. There’s a new block every minute

And then there will be one every hour.
Or they will stop mining blocks for 6 hours, just to trigger the emergency adjustment.

It's really a very bad system thet they use.
Whoever is buying this shit must be very strong on investing in certain social behaviours, having them not minding the technical aspect behind.
but then, they have been buying fiat for centuries

I haven’t been following situation, has this been happening  before? I mean BTC hashrate dropping this much because of miners moving to BCH?

Yes, this happens regularly - as the diff and price changes.
On fork.lol you can see the waves

[1714925376]

1714925376

[PVminer]

Yes, this happens regularly - as the diff and price changes.
On fork.lol you can see the waves

It happened but it has never happened at such scale, i.e. Bitcoin mining has never been that slow.

[piotr_n]

There is always the first time for a record

Will be more in the future.

[cellard]

Yes

I also like this website https://fork.lol/

From what I've read, they are planning on forking Bitcoin Cash again to fix the stupid current EDA that makes these fluctuations... I was wondering, will this split of Bitcoin Cash create another Bitcoin Cash?

Any fork creates another something.
Whether that another something will be kept alive, respected, distinguished and traded separately - that's more of a social science

Well on that case I predict a lot of drama coming to Bitcoin Cash pretty soon. From what i've seen, ALL forks always survive, there's always some jackass that mines it just for the lols. This may create incentives to miners to keep mining it. In this case, it would be difficult for the old chain to survive since it's just the EDA change, but who knows, an attacker against Bitcoin Cash could use this fork to create disruption by keeping the old chain alive. I don't see how this pump can be sustained any longer, specially when in January 1st Coinbase will allow people all this free money to be dumped.

[Matias]

Yes, this happens regularly - as the diff and price changes.
On fork.lol you can see the waves

It happened but it has never happened at such scale, i.e. Bitcoin mining has never been that slow.

Maybe because Bitcoin cash price has rised so much in couple of days, profitability difference for miners has not been this large before?

And here https://fork.lol/

 one can see that the surge of bitcoin cash mining profitability is because of the recent rise in BCH prise lately, not because of drop in BCH mining difficulty. Anyway in about an hour this will be fixed.

[bitjoin]

Cleary something to do with bitcoin cash attack. We've seen above 100k before though and i've still managed to send transactions through provided the fee is correct.

[casinolize.com]

it should settle in next couple of days

[Matias]

Apparently BTC mining difficulty will get greatest ever (?) difficulty drop in the next adjustment
https://bitcoinwisdom.com/bitcoin/difficulty

[posi]

I'm not so surprise because of this situation was the reason why bitcoin was dump in price and it was because most miners are currently mining bitcoin cash but I was told by reliable source that will be over in 3hours and all the unconfirmed transaction will be confirmed pretty soon.

[Preclus]

Apparently BTC mining difficulty will get greatest ever (?) difficulty drop in the next adjustment
https://bitcoinwisdom.com/bitcoin/difficulty

And then BCH will adjust to the highest difficultly it has ever had.

The miners will all switch back to BTC

resulting in:

BCH will later readjust to a low difficultly
BTC will later readjust to a higher difficulty

Causing the miners to all switch over to BCH again

and the cycle repeats itself.

Yea or nay?

[Matias]

Blockchain.info is wrong. See my discussion here:
https://bitcointalk.org/index.php?topic=2392134.msg24463368#msg24463368

The number of unconfirmed transactions is correct but the rate per second and the mempool size are incorrect.

Is this also wrong?

https://blockchain.info/fi/charts/cost-per-transaction

It shows cost/transaction to be about 50 USD, when e.g. this https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

 shows it to be less than 20 USD.

[khaled0111]

Bitcoin will survive after this attack and miners will go back to mine bitcoin after they realize that BCH is not as profitable as BTC.
But how to prevent such problem from happening again, if with any hardfork there will be a huge instability in the crypto market, it will be impossible to gain new users.

[Lucius]

Number of unconfirmed transactions is under 120 000 now and it quickly descends.It will take some time for the situation to come to normal but it is much better than it was the in last days.Unfortunately there is a problem to be solved that such situations do not happen,people are pretty disappointed when their transaction remains unconfirmed for days.

I'm sure that all transactions will be confirmed soon,with more miners come back to mine BTC this problem will disappear at least for some time.

https://blockchain.info/unconfirmed-transactions

[kernighan]

A few weeks ago it was also 100k transactions, in a short time they were all proceeded.

Though, this proves that Bitcoin is not yet ready for mass adoption and needs deep upgrades to support more transactions.

Will others Crypto take advantage if this ? 

People may overstate the situation as 120k

[skaffen]

There are still at least 13 transactions per second being requested.  I'm assuming this is an attack on the network, inflating fees for legitimate users in order to make BCH look more attractive.  Is there any way this can be mitigated?  Whoever is doing it doesn't have any disincentive to make them stop, they can just be sending coins to themselves with tiny or no fees, and most of the trns will time out (if that's the correct term).

If you reload this page the tps changes on each reload, anyone have a page with a dynamic count of transactions per second?

13 to 30, depending on reloads:

https://blockchain.info/unconfirmed-transactions

vs around 3 tps actually being processed

https://blockchain.info/charts/transactions-per-second

Sorry if I've gotten the details wrong here, please correct me if so.

[PVminer]

There are still at least 13 transactions per second being requested.  I'm assuming this is an attack on the network, inflating fees for legitimate users in order to make BCH look more attractive.  Is there any way this can be mitigated?  Whoever is doing it doesn't have any disincentive to make them stop, they can just be sending coins to themselves with tiny or no fees, and most of the trns will time out (if that's the correct term).

If you reload this page the tps changes on each reload, anyone have a page with a dynamic count of transactions per second?

13 to 30, depending on reloads:

https://blockchain.info/unconfirmed-transactions

vs around 3 tps actually being processed

https://blockchain.info/charts/transactions-per-second

Sorry if I've gotten the details wrong here, please correct me if so.

People, please stop quoting blockchain.info. This site is broken. The transaction rate is smaller than the clearing rate, hence it cannot be 13 tps. I monitor it on my node and blockchain is completely bogus. See, https://jochen-hoenicke.de/queue/#24h for the correct data.

There is no "attack". Please stop spreading misinformation.

[Matias]

There are still at least 13 transactions per second being requested.  I'm assuming this is an attack on the network, inflating fees for legitimate users in order to make BCH look more attractive.  Is there any way this can be mitigated?  Whoever is doing it doesn't have any disincentive to make them stop, they can just be sending coins to themselves with tiny or no fees, and most of the trns will time out (if that's the correct term).

If you reload this page the tps changes on each reload, anyone have a page with a dynamic count of transactions per second?

13 to 30, depending on reloads:

https://blockchain.info/unconfirmed-transactions

vs around 3 tps actually being processed

https://blockchain.info/charts/transactions-per-second

Sorry if I've gotten the details wrong here, please correct me if so.

People, please stop quoting blockchain.info. This site is broken. The transaction rate is smaller than the clearing rate, hence it cannot be 13 tps. I monitor it on my node and blockchain is completely bogus. See, https://jochen-hoenicke.de/queue/#24h for the correct data.

There is no "attack". Please stop spreading misinformation.

Thanks for your site. Do you know where to see incoming uncorfimed btc transactions/second reliably?

[PVminer]

Thanks for your site. Do you know where to see incoming uncorfimed btc transactions/second reliably?

I'm not the owner of that site. It's just useful and probably the best one to analyze the mempool.

I don't have any other good site.  https://tradeblock.com/bitcoin/ used to work but it is not completely reliable.

Transaction per second is not a good measure of mempool status because transactions differ in size a lot. It's probably best to take a snapshot of the size of the  mempool at time t, compare to t+dt and add the size of blocks mined at that time.

[blocklife]

https://blockchain.info/unconfirmed-transactions

With absolute maximum on 7 transactions per second and in practice less than 4, and new transmissions coming in 13/second, how can this backlog ever be processed?

its a basic queueing system
so all transactions will be processed with time

X = # of queued transaction


A = 0 first queue position
Z = a number # last in queue

N = New transaction

ttp N = (Z-A)/(tpps)  // ttp = time to process , tpps = transactions processed per seconds

however the ttp N will keep rising

[Matias]

https://blockchain.info/unconfirmed-transactions

With absolute maximum on 7 transactions per second and in practice less than 4, and new transmissions coming in 13/second, how can this backlog ever be processed?

its a basic queueing system
so all transactions will be processed with time

 

Not necessarily. Mempools don't have unlimited capacity and also there is transaction expired by timeout (by default 14 days after entering).

So in practice, if your transaction is not processed in 14 days, it will never be processed.