On November 18, the Bitcoin network witnessed an unusual phenomena. It cleared the largest number of transactions since January 2018.
Mempool Grew Over 800% on November 15
Bitcoin’s (BTC) memory pool, which has the number of uncornfirmed transactions, spiked above 88 megabytes in the past 48 hours, reaching levels last seen in January 2018 during the massive bullish run on its price. The memory pool has since retraced to normal levels dropping 98% on Nov. 18.
In a span of four hours on Nov. 15, the mempool size grew over 800%, from 10.8 MB to over 93 MB, causing excited discussions across the community on what could be transpiring on the blockchain.
During the past 48 hours, since the memory pool of BTC transactions crossed 90 MB, a number of analysts have pointed towards a spam of one satoshi transactions as the cause of the surge. The spike saw the blockchain record the highest number of unconfirmed transactions since back in January 2018 when the price of BTC was at $18K highs.
However, the blockchain functioned normally as transactions of high value were validated without any trouble given the small nature of other transactions.
BTC Memory Pool Back to Normal
The memory pool of BTC is back to normal levels of about 15 MB as the miniscule spam of satoshis was quickly cleared out. Binance crypto exchange was one of the platforms with the highest number of transactions cleaning the BTC dust without hustle.
Given the miniscule value of the transactions, Binance spent a total of 1 satoshi/byte to clear out its backlog of BTC dust and USDT transactions during the weekend, one analyst noted.
— Alex Saunders (@AlexSaundersAU) November 17, 2019
While the January bubble pushed the mempool above 300 MB, the current spike will not come as a huge surprise to Bitcoin’s community given the rather cool state of the market currently. Bitcoin currently trades at $8,564 USD, as at time of writing.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.