The mempool (node’s holding area for unconfirmed pending transactions) of Bitcoin Satoshi Vision(BSV) hiked up to more than 400x in the morning of February 12, 2020, as the accumulation of unconfirmed transactions is continued. The miners are struggling to pick up the transactions as the mempool is close to half a gigabyte.
BSV mempool suddenly jumps to 400+ MB this morning. Interesting. 🙄 pic.twitter.com/0ksAx4y15A
— Arthur van Pelt – Dragon Industries (@MyLegacyKit) February 12, 2020
Unconfirmed Transactions Of BSV
Bitcoin SV (BSV) which is the hard fork of Bitcoin Cash has so far experienced an explosive rise in 2020, but the network is showing the sign of strain. Besides the large unconfirmed transactions, it has been reported that nodes of BSV struggled to differentiate BSV and BCH (Bitcoin Cash).
Traditional fans of Bitcoins pointed out the unstable nature of hard fork after the network congestion. Though the price of BSV is rising, still the congestion of mempool need to be solved as early as possible. The present situation can prove as make it or break it moment for Craig Wright’s (Co-founder of BSV) project.
Mempool Congestion Shakes The Confidence Of Traders
The mempool crowding is a result of the transactions which are not included in the block. This situation happens due to the lack of confirmation by miners. The transaction is confirmed only when at least one of the miners confirms it. The congestion takes place due to two primary reasons which can be either lower blockchain fees or due to overloaded network. But some theories state that bitcoin businesses are batching the transactions “off-chain” instead of sorting the previous one which could lead to a considerable number of unconfirmed transactions. As the mempool crowding increases, it puts the trademark value and functionality of the Bitcoin’s company at stake.
Thus, the crypto space must work to gain the confidence of investors instead of losing by working rigorously for the scalability of coins. If the scalability improves, the congestion will decrease, hence resulting in reduced waiting time for users.