Cryptootics reviewed the status of the Bitcoin network, but according to recent data extracted from Mempool.space, a platform that monitors the status of transactions within the network, created by Nakamoto, there was an unusual inert moment.
At the time, memory reflecting transactions awaiting confirmation was essentially empty, and commissions from transactions fell to the lowest level. A very small number of users They were using Bitcoin to transfer value.
So, although less common, low-level activities have been reported by Cryptootics recently. On April 1st, miners in this network were handling some almost empty blocks that day.
Empty Members: The clearest signal of low activity
A more detailed analysis of Bitcoin’s Mempool revealed that only 154 transactions were waiting for confirmation. Accumulated value of only 0.003 BTC (Approximately USD 240). It indicates that users are transferring minimal value over the network. This can be seen in the following image extracted from mempool.space.
The image does not specifically break down the rate of these 154 transactions, but these pending operations were at very low rates. 0 SAT/VB Y 2 SAT/VBreflects the lack of transactional pressure on the network.
Second, at its latest block, 891784 height, mined by Antpool, provides more clues about this situation. This block No more than 46 transactions includedin the SAT/VB range of 0 to 10, and in a rank range of about 0 SAT/VB, equivalent to 0.00 USD.
The total commission collected by this block was approximately 0.00036 BTC, which was smaller than the Mempool interface.
Minimum Committee: There is no competition for space within the block
Another important indicator of low activity on the Bitcoin network is the level of transaction commission. In systems where miners prioritize transactions where they pay higher rates to include them in blocks, commissions usually directly reflect the demand for space within the network.
Currently, the rates are at the lowest possible level. According to Mempool. Equivalent to $0.11. The same thing is in 1 SAT/VB, which is the value representing the actual minimum value in the network, whether it is medium or low priority.
There is a brief technical explanation for this phenomenon. There is no competition for space within the block. When demand is high, users will usually increase the rate and make transactions processed Fasterwhich increases the average fee cost.
However, as happened while Cryptootics was reviewing Mempool, if rates are maintained at 1 SAT/VB even for high priority transactions, it is a clear indication There is ample space in the block And the miner has no incentive to prioritize some transactions over other transactions.
activity On-chain Bitcoin then resumed his normal course
Despite the low activity recorded during block 891784, with only 46 transactions, Cryptootics simultaneously reviewed Mempool’s status, while there were only 154 transactions pending, and Bitcoin replaced the normal rhythm.
In fact, the next block, 891785, is Over 3,000 transactionsthe average equivalent of the amount per block, and the total rate of 0.074 BTC, exceeding only 6,000 USD at that time.
In conclusion, Mempool’s data reflected a time when Bitcoin was rarely used to transfer value. It does not undermine the functioning of the network and may be an instantaneous phenomenon, but as this asset is adopted by individuals, large corporations, institutions and governments, the story of Bitcoin as a value reserve grows.
