2 years ago
Bitcoin mempool was clogged with implicit 400,000 transactions waiting to beryllium processed connected May 7.
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Crypto speech Binance closed Bitcoin (BTC) withdrawals connected May 7 owed to an alleged overflow of transactions connected the Bitcoin network.
Bitcoin mempool was clogged with implicit 400,000 transactions waiting to beryllium processed astatine the clip of writing. The mempool is known arsenic the "waiting area" for incoming transactions earlier they are verified independently by each node connected the network.
We've temporarily closed $BTC withdrawals arsenic the #Bitcoin web is experiencing a congestion issue.
Our squad is presently moving connected a hole until the web is stabilized and volition reopen $BTC withdrawals arsenic soon arsenic possible.
Rest assured, funds are SAFU.
Behind the congestion is believed to beryllium a surge successful BRC-20 transactions successful the past fewer days. The trading frenzy connected memecoins similar Pepe (PEPE) drove Bitcoin transaction fees to their highest point successful 2 years. The PEPE token has jumped implicit 263% successful the past 7 days, according to CoinMarketCap.
Developed aft Ethereum’s ERC-20 token standard, BRC-20 is an experimental token modular precocious introduced that allows users to make and transportation fungible tokens connected the Bitcoin blockchain.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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