Bitcoin's network is wildly active with over 135,000 unconfirmed transactions

Bitcoin's mempool size, the aggregate number of all transactions waiting to be confirmed, reached an all-time high with Bitcoin's price on Thursday with nearly 135,000 unconfirmed transactions.

Bitcoin's network is wildly active with over 135,000 unconfirmed transactions

Bitcoin's mempool size, the aggregate number of all transactions waiting to be confirmed, reached an all-time high with Bitcoin's price on Thursday with nearly 135,000 unconfirmed transactions. As a result, Bitcoin fees have almost doubled since Sunday, jumping 85% in four days. As some may know, the Bitcoin network is made up of a network of decentralized miners, which are basically computers who race to solve a very complicated math puzzle required to process your transactions and earn fees. Bitcoin reached an all-time-high of $23,000 on Thursday, with a market cap of $425 billion.  Higher network activity leads to higher fees, and higher network congestion. A steep increase in the number of daily transactions lead to higher average fees per transaction, but also leaves millions of transactions in limbo for days or weeks. Transactions with high amounts of input complexity relative to its proposed fee are also discriminated against by miners. To give a sense of trading volume, on December 13, when Bitcoin’s price was in the mid $18,00 range, transaction fees were $2.70 with trading volume at $23 billion, and today when Bitcoin broke $23,000, transaction fees were $5.00 and trading volume spiked to $65 billion. Bitcoin fees were as high as $13 in October, and peaked at $55 in October 2017, according to Decrypt. If one of your BTC transfers on Redeeem gets "stuck" or isn't being picked up by mining pools, please talk to support or we recommend a transaction accelerator services like pushtx.btc.com to jump the link. Accelerators are expensive, they can run you $30 to $1,000 to prioritize a transaction, but they claim 98% probability of confirming your transaction within 4 hours, and 75% probability within 1 hour. Most exchanges, like Coinbase, Kraken and Binance, pay the fees out of their own pockets.