Bitcoin transaction fees reduced due to reduction in mempool activity. In fact, the Bitcoin mempool is clear now and it resulted less transaction fees as well as make the users be able to execute transactions, which may not otherwise be practical.
The Bitcoin mempool clears to zero
After the Bitcoin hash power increased significantly by 42%, the Bitcoin mempool reduced this week. This is the mempool’s smallest size since mid-October.
The clear mempool means that unconfirmed transactions performed and now there are just few outstanding transactions.
Bitcoin hash power increased due to reactivation of China-based miners. In fact, in the recent days a lot of miners in China migrated from Sichuan due to the end of rainy season in this province.
A clear mempool is good news for regular Bitcoin users. Because they do not need to wait long for the confirmation of their transactions. In addition, it reduces the competition in the mempool. As a result, the transaction fees will decrease significantly.
Bitcoin Transaction Fees Reduced; Bitcoin transaction fees reached a peak last month
It was Oct. 30 that Bitcoin transaction fees increased to $13.16 per transaction. It resulted in over 140,000 unconfirmed transaction accumulation in the mempool. As a result, the average confirmation time for a transaction on Bitcoin network increased to over 10 minutes. In fact, it happened due to low mining difficulty in the network.
At the time of writing, around 6000 transactions remained in the mempool with a median fee of 3 satoshis per byte (sat/byte), which is around $0.11. Even though, some users reported that their transactions confirmed just within few hours with only 1 sat/byte fee.
It expected that mining difficulty will increase by the next adjustment. In fact, the mining difficulty will surge due to increase in hash power. It means, that the low transaction fees will live shortly. However, the hash rate decreased to 37 EH/s in the past day and is experiencing highly volatile days.