Despite Fee Reduction, Bitcoin Network Faces Stubborn Transaction Backlog. Bitcoin transaction fees have stayed below $7 since Jun. 9, 2024, and have fallen under $3 in the last five days. Even with this decrease in fees, over 200,000 unconfirmed transactions have persisted in the backlog, as the queue has not come close to clearing since October 2023. Bitcoin’s Fee Market Struggles to Match Network’s Rising Demand. This week, transaction fees on the Bitcoin network have remained low, currently averaging 22.3 satoshis per virtual byte (sats/vB), or $2.67 per transaction. According to mempool. space on June 27, a high-priority transfer costs approximately 10 sats/vB, or about $0.86 per transaction. Fees have generally trended downward since April, although there was a brief increase in the fee market on June 7. https://yakihonne.s3.ap-east-1.amazonaws.com/6789a15735d4ac7cb13396ac59a0bdc813680111b9df4a7ff2497a364c869fb9/files/1719554454478-YAKIHONNES3.jpg
The Bitcoin network is currently facing a stubborn transaction backlog, with a significant number of unconfirmed transactions waiting to be included in blocks. The backlog has grown to over 165,000 transactions, causing delays and higher fees for Bitcoin users
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