The post OKX Backlog Snarls Bitcoin Transactions, Fees Surge appeared on BitcoinEthereumNews.com.

OKX wallet consolidation transactions contribute to severe Bitcoin network congestion, causing fees to spike to $52. Over 330,000 Bitcoin transactions remain unconfirmed, with memory usage peaking at 1.35 GB amid ongoing network congestion. Network congestion worsened by recent Bitcoin halving and power outages in major mining hubs, affecting transaction times. A backlog of user wallet consolidation transactions on cryptocurrency exchange OKX is causing significant congestion on the Bitcoin network. Mempool founder @mononautical reports that OKX has nearly 1,000 unconfirmed transactions remaining, totaling over 42 million virtual bytes and incurring fees exceeding 57 bitcoin (BTC). This represents a recovered value of approximately 730 BTC. Consequently, OKX faces a delay of roughly 70 blocks before the mempool returns to normal processing speeds. The fee surge triggered by OKX’s activity is reflected in the uniform strata of the mempool chart. FINAL RESULTS including all confirmed & pending OKX consolidations starting from block 846867. – 2385 transactions– spending 357092 inputs– consuming 103 MvB– 246.65 s/vb avg fee rate– cost 254.28 BTC in total fees– (17.6 million USD in fees 🤯) – recouped 1738.26 BTC — mononaut (tx/acc) (@mononautical) June 7, 2024 Wu Blockchain also reported a surge in Bitcoin network fees to 520 sat/vbyte, indicating network congestion around $52 per transaction. This congestion stems from OKX’s sorting and collection of user wallets. The network currently holds over 330,000 unconfirmed transactions, with memory usage reaching 1.35 GB. According to Mempool, the current Bitcoin network fee has soared to 520 sat/vb (~$52), and it is in a congested state. It is suspected that OKX (bc1quh…0r8l2d) is sorting and collecting user wallets. There are more than 330,000 unconfirmed transactions on the Bitcoin network,… — Wu Blockchain (@WuBlockchain) June 7, 2024 OKX began processing wallet transactions starting from block 846,867. They have processed over 2,380 transactions with an…

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Filed under: News - @ June 8, 2024 2:28 pm