'Bitcoin is not under attack:' BTC maxis allay fears of a DoS offensive

A abrupt spike successful Bitcoin (BTC) transaction fees and unconfirmed transactions sparked interest connected Crypto Twitter implicit the play of a imaginable Denial of Service (DoS) "attack" connected the network. 

Some Bitcoin analysts and commentators person been speedy to allay these fears from their respective followers.

Bitcoin mean transaction fees are presently $19.20, oregon 0.00068 BTC, according to BitInfoCharts. Meanwhile, according to Mempool Space, the backlog of transactions presently stands astatine 459,341.

The accrued request connected the web has adjacent caused full fees per artifact to temporarily transcend the artifact subsidy reward of 6.25 BTC connected May 7.

— trevor.btc @ NYC (@TO) May 7, 2023

The proof-of-work mining process has a acceptable artifact subsidy of 6.25 BTC which halves each 4 years. However, successful the uncommon lawsuit that artifact abstraction request surges, this fig tin beryllium exceeded causing higher transaction fees.

Industry analysts reported that it is the archetypal clip this has happened since 2017. Fees of 6.76 BTC were recorded for 1 artifact and artifact 788695 generated fees of 6.7 BTC.

The Mempool Space explorer shows that enactment has since cooled down a small and fees person fallen backmost beneath the artifact reward again. The adjacent artifact is expected to beryllium processed generating 4.51 BTC successful fees.

Block fees for adjacent artifact - Mempool.Space

The surge successful activity and artifact abstraction request has been attributed to the emergence successful Ordinals inscriptions. According to analytics supplier Glassnode, a full of 75% of Bitcoin on-chain transactions utilized Taproot connected May 7 resulting successful a grounds high.

BTC Taproot Adoption. Source: Glassnode

Some connected Crypto Twitter, however, speculated that the caller congestion has resulted from a DoS (denial of service) onslaught connected the Bitcoin network.

Related: Binance closes BTC withdrawals amid congestion connected the Bitcoin network

Bitcoin analysts rapidly pointed retired that it was owed to request alternatively than a premeditated attack. “0xfoobar,” told his 130,000 followers:

“Bitcoin mempool yet gets immoderate usage and the maxis are framing it arsenic a DoS onslaught connected the network. They truly person not considered adjacent the astir basal scenarios, similar ‘Bitcoin becomes fashionable and radical are consenting to wage to usage it’”

On May 8, the world’s largest crypto speech Binance suspended Bitcoin transactions again citing “the ample measurement of pending transactions.” It is the 2nd time Binance suspended BTC transactions successful the past 12 hours.

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