The Bitcoin network witnessed a notable shrink in its mempool, reaching its smallest size since mid-October. Why does this matter? Well, it’s as if the highway of transactions just cleared up after a long weekend traffic jam.
What Happened?
This dramatic mempool reduction occurred thanks to an explosive surge in the network’s hash power. The catalyst? The re-emergence of China-based miners, who had packed their bags and moved on from Sichuan, making a triumphant return following the end of the province’s rainy season. During November 9 and 10, Bitcoin’s hash rate skyrocketed by 42%. Talk about a power trip!
The Bright Side of a Smaller Mempool
For everyday Bitcoin users, a smaller mempool is akin to finding a reliable shortcut through town. By minimizing the pesky backlog, it means transactions can now speed along more smoothly with reduced competition. And what’s the cherry on top? Lower transaction fees! As miners have the leisure of selecting from a more manageable pool of transactions, they can afford to be less picky about which ones make the cut.
From Peaks to Valleys: Transaction Fees
Things were not always so rosy! On October 30, users were grumbling as average Bitcoin transaction fees peaked at an eye-watering $13.16 per transaction. At that time, the mempool was as crowded as a Black Friday sale, with over 140,000 transactions pending. Fortunately, a few days later, with the influx of new hash power, miners found blocks faster than expected—less than the benchmark of 10 minutes—thanks to relatively low mining difficulty.
The Day the Mempool Cleared
By November 9, the once-populated mempool had reduced to zero, a situation that many thought was impossible just days prior. The buzz around it was palpable, with users excitedly suggesting, “Send ’em if you got ’em!” It was a day worth tweeting about!
The Future: A Roller Coaster of Hash Rates
However, optimism might be short-lived. The mining difficulty is expected to rise with the next adjustment in response to the network’s heightened hash power. Additionally, the hash rate has already experienced volatility, dropping 37 exahashes per second in one day! It’s a bit like riding the world’s fastest roller coaster—you don’t know whether to laugh, cry, or hold on for dear life.
Taking Advantage of the Moment
Now is the time for Bitcoin users to take advantage of these favorable conditions. Tasks that typically come with hefty fees, such as opening Lightning Network channels and consolidating inputs, are now affordable. So, if you’ve been holding off on getting things in order, now might be the moment to strike!
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