The Bitcoin network experienced a major bottleneck on May 7, 2023, due to an overwhelming 500,000 unconfirmed transactions. Onchain fees have significantly decreased and are now below $5 as a result of the clearing of congestion, which was previously very high. Just over 300,000 transactions are still pending confirmation as of May 11, 2023, and 185 blocks must be mined to clear the backlog. At 342 exahashes per second (EH/s), the global hashrate is stable, and current predictions indicate that the difficulty could rise on May 18 (seven days from now).
Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90%
