Bitcoin Overflows with Pending Tx in Record Congestion

Bitcoin’s success with new protocols this year has revealed its most challenging test yet: Network Congestion.

Skeletons in the waiting room waiting to transfer those Bitcoins.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin mempool continues to swell with unconfirmed transactions. 
  • The network has been operating at maximum capacity. 
  • Bitcoin’s developer community remains divided on addressing the issue. 

Bitcoin’s network activity has shown no signs of slowing down since introducing Ordinals and new token standards. However, the continued demand for its block space has led to unprecedented problems for the network. 

As Bitcoin faces its most challenging test yet, pending transactions pile up in the mempool, stirring panic and chaos, leading to an important question: How will Bitcoin overcome this? 

Bitcoin’s Record Congestion

Bitcoin’s astronomical success with Ordinals and its new token standards have revealed a worrying trend: it can’t handle mass adoption. Since May, despite operating at maximum capacity, the network’s mempool swells with transactions, marking the longest congestion period in its history. 

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At press time, over 458,000 transactions sit in limbo on the network, waiting for confirmation, with much of this demand attributed to the success of Ordinals, BRC-20 tokens, and Inscriptions. 

Bitcoin Block Fullness Diagram.
Bitcoin Block Fullness. Source: Dune.

Data revealed that Inscription-based transactions dominate the network by holding 10% of the block size and generating 50% of the confirmations. 

Still, despite Bitcoin facing heightened congestion with these new protocols exacerbating block space demand, developers have yet to come up with a solution. 

Developer Solution for Bitcoin Remains Elusive

Bitcoin’s dev community remains torn on addressing the growing elephant in the room. While some core developers have called for a total ban on these new protocols, many argue that the challenges the network currently faces would persist regardless. 

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Although increasing the block size could resolve the problem within a hundred blocks, the topic remains contentious among developers, with strong opposition from many in the community. 

Still, despite what community members believe and posit, the network has yet to see competent solutions besides banning the protocols. However, until then, the network could continue facing these issues. 

On the Flipside

  • Bitcoin’s recent network congestion issues are similar to Ethereum’s in 2018. 

Why This Matters

Bitcoin is on track for mass adoption with the introduction of its new protocols and solutions. However, its issues have long gone unaddressed, which could ultimately hurt the network in the long term. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.