The number of unprocessed transactions in the bitcoin mempool has not been so high since the cryptocurrency's rise to historical highs at the end of 2017, according to data from several observers. By data Blockchain.com, the figure is now around 119,000. At the same time, the number of daily transactions added to the blockchain has even decreased slightly since the beginning of the month.
At the same time, the hashrate fell below 100 EH/s for the first time since June of this year. On October 24, the service estimated it at 151 EH/s. The drop from the maximum was more than 40%.
These factors have resulted in an increase in the average amount of commissions, which, according to BitInfoCharts, is now $11.67, which also corresponds to the largest level since the beginning of 2018. The average block time today is 13 and a half minutes with a target value of 10 minutes.
Analysts suggest that the decrease in hashrate is due to the end of the rainy season in the regions of China that are popular with miners and the movement of equipment to other parts of the country.
"Monitoring the hashrate. For many mining farms in Sichuan, the water season ended on October 25. About 22 EH/s left the bitcoin network, judging by the 10 leading pools, " wrote Hashr8 Manager Thomas Heller on October 26.
In addition, the complexity of bitcoin mining is now at absolute highs of 20 T. This was the result of a record increase in the hashrate at the previous stage. The combination of these circumstances adversely affects cryptocurrency users. Correction of the situation can be expected in four and a half, when the next recalculation of complexity will take place. Estimated BTC.com, it will be reduced by 10% or more if the activity of miners remains low.