In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343% increase in transaction fees, which have risen from $1.99 per transaction on April 26 to a current rate of $8.82 per transaction as of May 7. Bitcoin miners are struggling to keep up with the demand, leaving many users frustrated and unable to complete their transactions in a timely manner.

**Editor’s Note: At 12:38 p.m. (ET) on May 7, 2023, Binance tweeted that the crypto exchange resumed bitcoin withdrawals.

Bitcoin Network Struggles with Unprecedented Traffic and Soaring Fees

As of Sunday, May 7, 2023, the Bitcoin network is experiencing a major traffic jam due to an overwhelming number of unconfirmed transactions. The latest statistics reveal that a whopping 390,000 transfers are currently stuck in limbo, waiting for confirmation.

This backlog can be attributed to the surge in minting and transferring of Ordinal inscriptions and BRC20 tokens, which have flooded the network. In fact, the Bitcoin blockchain is now hosting over 13,000 BRC20 tokens and a staggering 4.17 million Ordinal inscriptions, further exacerbating the congestion.

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Author: Jamie Redman

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