The Bitcoin network fell amid sky-high prices for new bitcoins (BTC), resulting in a large number of unconfirmed transactions.
According to the number of mempool transactions on Blockchain.com, on October 27, the number of unconfirmed bitcoin transactions exceeded 100,000. This is the largest number of unconfirmed bitcoin transactions recorded since the end of 2017, when bitcoin reached $ 20,000.
According to Blockchain.com data, the highest level of unconfirmed transactions of all time was recorded in the bitcoin mempool in early December 2017 and amounted to about 180,000 transactions.
A large number of unconfirmed transactions are in Bitcoin, which peaks in a few months. On October 27, Bitcoin crossed the $ 13,745 threshold and nearly reached the previous peak of $ 13,970, recorded on June 26, 2019.
In the midst of growth, the Bitcoin network has recently faced some issues with key indicators. On October 25, Bitcoin’s hash rate – a key indicator of the health of the Bitcoin network – fell from 151.1 EH / s on October 24 to 116.3 EH / s.
Some mining data collectors have reportedly linked the decline in bitcoin hashrate to the end of the rainy season in Sichuan. Heavy rain in the region is driving down the price of hydropower for miners. However, when rivers and tributaries dry up, miners move to Inner Mongolia and Xinjiang.