Fun

Mempool Clog: Bitcoin Hashrate Drops 40%, Backlog Shows Over 100K Unconfirmed Transactions

News Feed - 2020-10-29 12:10:54

Mempool Clog: Bitcoin Hashrate Drops 40%, Backlog Shows Over 100K Unconfirmed Transactions


The Bitcoin network hashrate has dropped significantly over the last four days sliding from a high of 161 exahash per second (EH/s) to 90 EH/s on October 27. Today, the Bitcoin hashrate has improved a hair as the network’s security is currently hovering around 100 EH/s. However, the mempool log of unconfirmed transactions has spiked to levels not seen since the 2017 highs.


On Wednesday, October 28, 2020, the Bitcoin (BTC) hashrate is trying to regain what was lost during the last four days. According to statistics, since the October 27 high of 161 EH/s, the network hashrate is down -37.88% at 100 EH/s today. The overall SHA256 hashrate lost more than 40% between the highest point to the lowest metric recorded.


Analysts assume the drop was due to the end of the rainy season in Sichuan China and its been said that miners have been migrating to different regions in the country. The significant drop follows the network’s all-time high when the hashrate spiked to 174 EH/s on October 14, 2020.



The executive from the mining organization Hashr8, Thomas Heller, spoke about the hashrate drop on Twitter on October 26.


“Looking at the top 10 pools, we can see approx 22 EH/s left the Bitcoin network,” Heller tweeted. “Not a precise measure of course, but overlaid with the number of blocks mined per day, we can get a rough idea of the hashrate change. This coming difficulty adjustment is one to look forward to,” the executive added. Difficulty data for October 28, 2020.


Not too long ago, BTC’s mining difficulty dropped from the highest point ever at 19.69T to today’s range of 18.60T. With the hashrate so low, miners may see the difficulty drop even lower making it easier to mine bitcoins.


The next expected difficulty change however is still five days away scheduled for on or around November 2, 2020. Today there are 17 mining pools pointing their hash at the BTC chain. The top mining operation today is F2pool with 17.93 EH/s under the hood. F2pool is followed by Poolin, Btc.com, Antpool, and Binance Pool. Data from bitcoinfees.cash recorded at 12:00 p.m. (EST) on October 28, 2020.


Now because the hashrate dropped and it has coincided with the price of bitcoin (BTC) rising, network fees have jumped considerably. Stats from bitcoinfees.cash indicates the next BTC block fee $8.26 and the current median fee is $5.10 per transaction.


Data from the mempool shows there’s 121,000+ unconfirmed transactions waiting to be confirmed. Of course, the wait times have pushed the transaction fee market up because people are paying higher fees to get their BTC transactions confirmed.


For now, miners will have to be patient and wait out the five days in order for the difficulty to drop lower. It is uncertain how much migration is happening in China right now as far as Sichuan operations are concerned, but most of the hashrate losses stemmed from China-based mining pools.


What do you think about the big hashrate drop during the last four days? Let us know what you think in the comments section below. Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner MINING | 1 day ago Bitcoin Mining Rigs Struggle for Profits, Despite BTC"s Hashrate Reaching an All-Time High MINING | Oct 15, 2020 Tags in this story bitcoin security, BTC fees, BTC Hashrate, China, difficulty, difficulty change, Hashpower, Hashrate, hashrate losses, Mempool, mining, mining bitcoin, Mining Pools, Price High, sichuan, Unconfirmed Transactions


Image Credits: Shutterstock, Pixabay, Wiki Commons, coinwarz.com/mining/bitcoin/hashrate-chart, Btc.com, bitcoinfees.cash, Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Dow Futures Pump 100 points, but Ex-White House Insider Warns of Recession
Dow futures jump 100 points despite warning from former White House advisor and Treasury Secretary. Source: Shutterstock The US stock market looks set t
Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K
Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of cr
Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain
Gareth Jenkinson14 hours agoParis Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz ChainThe French football club aims to explore various avenues in the cryptocurrency sector, starting with becomi
Anyhedge to Launch Blockchain-Enforced Synthetic Derivatives for Bitcoin Cash
Anyhedge to Launch Blockchain-Enforced Synthetic Derivatives for Bitcoin Cash Developers from the organization General Protocols have announced the launch of a synthetic derivati
Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase
Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase While bitcoin has been hovering above the $60K handle for a great majorit
Ana Paula Pereira3 hours agoPolygon Zero accuses Matter Labs’ developers of plagiarismPolygon Zero has accused Matter Labs of copying significant code from its Plonky2 library to zkSync, a rival Ethereum layer-2 scalin
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million Investment management firm Ark Invest says bitcoin is “li
Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency
Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency Indian cryptocurrency exchanges are bringing back banking support a
Market Shockwave Ahead? Ethereum Could Crash Over 60%, Analyst Says
Este artículo también está disponible en español. Like most digital assets, Ethereum witnessed a correction this week by losing over 5% in the last 24 hours while trading
$1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price
Este artículo también está disponible en español. Bitcoin has been consolidating below the $100,000 level for twelve consecutive days, marking a pause in its recent histo
Crypto Analyst Who Called Ethereum Price Dump Says ETH Is Now Undervalued, Time To Buy?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Costs Still High
Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Costs Still High Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into t