On Sunday, May 7, the total commission per block exceeded the set reward for miners of 6.25 bitcoins. This is the first time this has happened in six years.
Increased demand is the reason. The largest cryptocurrency exchange Binance had to suspend several times the withdrawal of BTC due to the large volume of unfinished transactions in the network.
According to Bits.media service, the number of such transactions is about 86,000 in the afternoon of May 8.
Binance team announced that they are working on Lightning Network integration to solve the problem.
Users withdrew more than 195,000 BTC worth approximately $5.6 billion from the exchange in the last day.
The growing popularity of the first cryptocurrency created back in 2008 is creating a stir.
Users are actively buying and selling cryptocurrency, but the system is unable to quickly confirm payments, which leads to queues.
The Bitcoin network is capable of processing about 7 transactions per second (Visa or Mastercard international payment systems have more than 24,000 transactions).