Today the biggest news is that Bitcoin fees have dropped to record lows as the network mempool has shrank to its smallest size in a long time and the Bitcoin network’s hash power soared.
The higher hash power means that more miners have joined the network and its hash rate increased by 42% in the last 2 days.
A smaller mempool means that less transactions are left pending (waiting for confirmations). We have had many instances when Bitcoin’s mempool was cluttered with over 150 000 unconfirmed transactions, which typically drives the fees to soar. Back in October, we has such influx, with more than 140,000 transactions around the end of the month pending in the mempool and this created a peak of the prices of Bitcoin transaction fees. They reached $13.16 per transaction on average but since then they’ve been going down and today only about 7000 unconfirmed transactions were recorded (at the time of writing).
This is just one of the news I covered in today’s episode of the Crypto Corner Video Podacast. Ethereum and Bitcoin Cash were also in the news today, take a look at the video below to find out more and don’t forget to enter this week’s Crypto Giveaway – details are at the end of the episode.
I will be picking up 3 winners of this giveaway on Friday, so watch this space (and don’t forget to subscribe to my Youtube channel).
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