On October 28th, affected by the dual factors of continued price increases and the decline in mining power, the Bitcoin network congestion intensified, and the average BTC transaction fee hit a new high since January 2018.
According to BTC.com data, the number of unconfirmed Bitcoin transactions currently exceeds 11,000, and the block interval has increased. The average computing power of the entire network dropped to 121.59 EH/s in the past 7 days.
The drop in Bitcoin’s computing power is related to the end of the flood season in Sichuan. According to Bitcoin mining blogger Thomas Heller, “BTC mining power dropped by about 22 EH/s on October 26, and the previous day happened to be the end of the season.” He believes that the end of the rainy season in Sichuan led to a large number of miners migrating to others. area.
On the other hand, the price of Bitcoin has continued to rise recently, stimulating an increase in transaction volume in the secondary market. According to data from the Cocoa Finance platform, Bitcoin has maintained an upward trend since the beginning of October, with the price rising from around $10,500 to over $13,000, approaching the 2019 price high.
In the case of Bitcoin’s declining computing power and increasing transaction volume, transaction packaging time has been extended, network congestion has been severe, and average transaction fees have risen sharply. The data shows that the current average transaction fee for Bitcoin is US$10.198, an increase of 190.5% from US$3.51 on the 25th, reaching the highest point since January 2018.
