⭐ Merited by dothebeats (2)
The US presidential election has nothing to do with the Bitcoin blockchain congestion.The network got congested due to a large amount of transactions conducted in a short time frame.Unfortunately this might happen again and there's nothing we can do about it.
The network got congested because we had a drop in hashrate and slower blocks by 16%, instead of 6 blocks per hour we were doing only 5. That's why even with the jump in price we had after the election the mempool is no longer full.
And, the number of transactions actually increased from that date:
On the 3rd we had difficulty retarget, it's pretty obvious who was the culprit.
The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
it won't last long until the next bull run takes place and the price suddenly increases break the resistance level at $16K, which causes the mempool will be flooded again, consequently require higher fees and a longer time to get confirmed.
it won't last long until the next bull run takes place and the price suddenly increases break the resistance level at $16K, which causes the mempool will be flooded again, consequently require higher fees and a longer time to get confirmed.
Again, NOT true.
On November the 5th the price jumped 2000$, if you look at the history of the mempool you will see it was going down.
https://jochen-hoenicke.de/queue/#0,2w