This chart sort of looks wrong to me and has a vertical line that goes down to 20m
and then starts a steep climb back to 120m
https://blockchain.info/charts/mempool-sizeDid we have a glitch, bug in the system or something so I decided to read up on just what the mempool is and it says
When a Bitcoin transaction is transmitted to the network it first gets verified by all of the <a href="
https://99bitcoins.com/step-by-step-guide-firing-up-bitcoin-node/">Bitcoin nodes</a> available. After it successfully passes verification it goes and sits inside the “Mempool” (short for Memory Pool) and patiently awaits until a miner picks it up to include it in the next <abbr rel="tooltip" title="A group of transactions. Each block has a reference to the previous block and that is how a "blockchain" is built.">block</abbr>. So the Mempool is basically the <abbr rel="tooltip" title="A computer that runs the Bitcoin software (Bitcoin Core) and is connected to the Bitcoin network (i.e. connected to the internet and allows other computers access to it). Nodes validate the transactions that go throughout the network and they are crucial to keep bitcoin secure and decentralized.">node</abbr>’s holding area for all the pending transactions.
Source
https://99bitcoins.com/what-is-bitcoin-mempool/Well doing the sums I did 120m divide by seven transactions per second that Bitcoin can process and that equals 17,142,000 seconds or 4,671 hours
but surly something is wrong so the statement above must be wrong or the chart must be wrong.
here
https://blockchain.info/unconfirmed-transactions/ it reads that we have "168380 Unconfirmed Transactions"
So dived that number by 7 Transactions per second and you get about 24,000 seconds or 6.6 hours which sounds like a hell
of a long time for a transaction to complete so what is going on here ?
