Bitcoin Network Spammed by One-Satoshi Transactions

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The Bitcoin (BTC) mempool is filling up with small, very low-value transactions, clogging up the network. The backlog quickly built up, bringing the mempool to around 90,000 pending transactions.


Satoshi transactions can wait to be cleared for hours

The Bitcoin network operates as usual, as small-scale transfers of “dust” amounts of BTC do not affect fees. Transactions are not prioritized, so they wait for others to be cleared. The backlog can take hours to confirm and all transactions included in blocks.

The mempool situation continued for some time, with the backlog remaining and large-scale transactions with higher fees still ongoing.

Whale Panda’s explanation included a dust consolidation of wallets and addresses. Currently there is no data for a dusting attack. BTC transactions have come under scrutiny, but so far few theories have been offered for the backlog. A sprinkling attack could be used as a tool to artificially connect multiple wallets and mask other connections with noise.

Bitcoin Network Slows as Market Prices Fall

The Bitcoin network is also showing reduced activity and transaction values ​​as fewer coins are moved to exchanges. Over the past day, around $1 billion in BTC has been moved, a relatively smaller amount. Confirmed transactions, however, are logically increasing and the delay will soon be passed on. Currently, BTC processes 350,000 confirmed transactions per day.

The mempool accumulation comes at a time when nearly every sign of activity is being scrutinized for potential price effects. BTC is hovering below $8,700, with expectations of sliding to a lower range if the trend continues. Transactions and mining activity are a proxy indicator of general interest in BTC.

The BTC network has seen higher backlogs, which has also affected fees. In 2017, the increased interest in BTC and attempts to transfer funds created waiting times of several hours, even with transactions with quite high fees. Right now, a visualization tool, TX Street, shows all BTC blocks as already full, with enough transactions waiting their turn.

The BTC transaction fee, however, has not increased and stands at $0.43. However, whale-wide transactions usually pay higher fees. Yet for BTC, this is the biggest mempool congestion since January 2018. The backlog is also higher compared to the summer of 2019, when the Bitcoin network was used for a form of verification for other crypto projects.

What do you think of the latest BTC congestion? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @PowerOfOriginal

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