Bitcoin’s Reduced Onchain Fees and Falling Unconfirmed Transactions Mark the Start of the Week
– Average onchain fees on the Bitcoin blockchain have dropped below $1 per transaction.
– The current average fee is 0.000026 BTC or $0.778 per transfer.
– Median-sized fees have also decreased significantly since July 27.
– The number of unconfirmed transactions is now below 300,000.
– To clear the backlog, around 100 blocks need to be mined.
Miners Witness a Reduction in Difficulty and Maintain a High Hashrate
– Miners have experienced a 2.94% reduction in difficulty.
– This has made the process of uncovering BTC blocks easier.
– The current hashrate is at 425.65 exahash per second (EH/s).
– Foundry USA is the leading mining pool with 111.18 EH/s.
– Antpool is the second-largest pool with 88.42 EH/s.
In conclusion, Bitcoin users can benefit from reduced onchain fees and a decline in unconfirmed transactions. Miners are also experiencing a decrease in difficulty, making the mining process more efficient. With a high hashrate and multiple mining pools contributing to the Bitcoin blockchain, the network remains secure and robust.
Hot Take: The recent drop in onchain fees and unconfirmed transactions is a positive development for Bitcoin users, as it reduces costs and increases transaction speed. Miners are also seeing benefits with a decrease in difficulty and a steady hashrate. Overall, these trends contribute to the continued growth and stability of the Bitcoin network.
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