The mempool progressively decongested in the last five days. The increase in computing power coincides with the activation of new farms in North America
The congestion that occurred in the Bitcoin (BTC) network for two weeks seems to come to an end. Transactions flow at low cost, the list of transactions on hold (mempool) looks clear, and the hash rate just increased in the last 48 hours. A sign that the slowdown in mining that is happening since late October is in reversion.
After reaching high congestion with more than 129,492 pending transactions on October 27 and commissions that exceeded 1,000 sat / vb (about $ 50), the bitcoin mempool is now progressively decongesting. At the time of writing this article, the temporary memory registers just under 10,000 pending transactions with commissions of about 100 sat / vb (USD 2), according to data from the jochen-hoenicke site.
A set of elements may be combining in the recovery that the Bitcoin network is showing: such as the recent decrease in difficulty and the increase in the hash rate, which is an indication that a small army of miners just resumed its operation or new workers already joined.
Is the activation of a small Bitcoin mining army is happening?
After several analysts attributed the drop in the hash rate, that occurred in late October to the end of the rainy season in the mining center of Sichuan City in China. Now, with the rise in computing power, quantum economics analyst Jason Dean believes there are enough signs to think that many Chinese miners have already relocated to other cities. This is because of the cheaper energy sources, so they would have resumed operations.
However, there are also indications that not everything can be attributed to Bitcoin mining in China, as the increase in mining activity coincides with the announcement of the Vancouver-based Company Hive Blockchain, which it claims to have launched since about 1,240 new ASIC miners on Friday.
The communication adds to the activation of the Blockseer Mining Pool, of the company DMG Blockchain Solutions, which claims to be the first highly regulated bitcoin mining group in North America.
Nor should we ignore the information published about the Russian company En + Group, which in alliance with BitRiver, the largest mining hosting provider in that country, will establish a new mining farm, called Bit +. These are all signs that a new era of Bitcoin mining could be emerging that would also extend benefits to the entire network.
By: Jenson Nuñez.