The Bitcoin network is gradually recovering from its recent congestion issues, with unconfirmed transactions decreasing from a peak of 500,000 to 263,406 today. The progress in resolving the problem is due to bitcoin miners working hard to catch up to the backlog and clear the mempool. Fees for sending transactions have significantly subsided over the past 72 hours, with high priority transfers costing just $0.83 as of today. The Lightning Network capacity, however, shrunk by $1.28 million with its unique channels dropping from 73,352 to 71,286 in the past week while the total BTC locked in the Lightning Network decreased from 5,463 BTC to 5,415 BTC. As the Bitcoin network continues to make progress in tackling the congestion issues, the hopes of seeing the Lightning Network rebound are ever-present.
Caroline Lewis
- 2023-05-14
Clearing the Network Congestion: All About the Bitcoin Network
Bitcoin miners have been hard at work tackling the recent network congestion issues, with progress being made to clear the backlog and reduce fees. However, the Lightning Network has shrunk in its capacity and total BTC locked.
