• 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.

The post OKX Backlog Snarls Bitcoin Transactions, Fees Surge appeared first on Coin Edition.

• 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.

The post OKX Backlog Snarls Bitcoin Transactions, Fees Surge appeared first on Coin Edition.