While Bitcoin reduced its queued transaction requests by Wednesday, network congestion remains high. Average confirmation time hovers significantly above ten minutes. The on-chain measure of the Bitcoin network’s achievement remains at a high not seen since February 2023 and December 2022.
Meanwhile, hundreds of thousands of simultaneous transactions are waiting to be confirmed. This is well above normal levels in the tens of thousands. The extent of network lag is so high that at least one Bitcoin proponent says it is a DDoS attack by BTC senders attaching BRC-20 ordinal scripts.
Binance switches to the Lightning Network
Processing time started to look better during the week, but the network Almost never recovered for normal speeds. To deal with long waiting times and high fees, Binance had to pause withdrawals for a few hours on Sunday. It restored bitcoin withdrawals on Monday but stopped them again before services were restored.
But Binance is hoping that quick work with the Lightning Network will speed things up. exchange announce Over the weekend, he had a team working on enabling BTC Lightning Network withdrawals.
The Lightning Network is a “Layer-2” blockchain scaling platform that handles Bitcoin transactions. It is updated periodically with “Layer-1” or the primary string to update you at a glance with what’s going on between updates. While waiting for the mempool to clear, L2 can track Bitcoin orders.
BTC Network Jam sends Bitcoin transaction fees skyrocketing
The memory pool contains unconfirmed transactions remained elevated This week hundreds of thousands. This is much higher than their normal level. It usually reaches into the tens of thousands at any time during periods of low network congestion.
The total BTC order backlog since the weekend, starting May 6, is the amount of network latency unseen since June 2021. That was as the price of bitcoin soared on a cyclical bull run for cryptocurrency. Request by senders using the BRC-20 token standard to mint “ordinal” NFTs using the BTC blockchain has caused the current congestion.
The blockchain suddenly slowed down as a result of senders adding these scripts. It amounts to an attack on the Bitcoin network, says John W. Ratcliffe, a veteran proponent of Bitcoin and its software.
On Twitter, he cited the unnecessary data waste format that most BRC-20 users include. It’s a level of incompetence that’s astonishing to believe, he says. It would be an odd way to attack the network, however, as it results in miners getting higher fees. Regardless, the need will once again emerge to be the mother of innovation.
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