#mempool

In the context of cryptocurrencies, a mempool (short for "memory pool") is essentially a waiting room for transactions. Here is a breakdown:  

Temporary Storage:

When you make a cryptocurrency transaction, it is not immediately added to the blockchain. Instead, it's broadcast to the network and held temporarily in the mempool.  

Decentralized Nature:

It's important to understand that there isn't one single, global mempool. Each node (computer) on the cryptocurrency network maintains its own version of the mempool.

Role in Transaction Processing:

Miners, who are responsible for verifying and adding transactions to the blockchain, select transactions from the mempool to include in new blocks.  

Miners often prioritize transactions with higher transaction fees, as they receive these fees as a reward.  

Factors Affecting the Mempool:

The size and state of the mempool can fluctuate significantly depending on network activity.  

During periods of high demand, the mempool can become congested, leading to longer confirmation times and higher transaction fees.  

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Bitcoin miners have been steadily clearing the mempool of unconfirmed transactions since the number almost reached 700,000 on September 6, 2023. Currently, the number of unconfirmed transactions has dropped to just over 153,000 pending confirmation. Transaction Backlog Shrinks as Bitcoin Miners Face Fewer Inscriptions On September 15, 2023, just over 500,000 unconfirmed bitcoin transfers…

The Bitcoin (BTC) network is currently experiencing severe congestion, with mempool data revealing a whopping 560,000 unconfirmed transactions. Memory usage has risen to 1 GB, and transaction fees have reached a notable high of over 20 Sat/vB.

This recent bottleneck is being attributed by experts to a wave of “fomo” or the fear of missing out, predominantly caused by the minting of sats. Simultaneously, there’s notable frenzy surrounding Ordinals and BRC-20, even if it has died down somewhat.

All in, this high demand has pushed the average block mining time to 10.9 minutes, indicating that miners are finding it challenging to cater to the surge in demand, even though the difficulty adjustment eased yesterday.

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