Bitcoin’s network activity has plunged to its lowest level since October 2023, despite the cryptocurrency trading near its all-time high. The latest data reveals that the seven-day moving average for Bitcoin transactions has dropped to 317,000, marking a 19-month low.
The slowdown is raising questions among analysts. On June 1, only 256,000 transactions were mined into blocks, a sharp decline from previous months. This drop comes at a time when Bitcoin’s price remains strong, making the reduced transaction volume even more puzzling.
Miners are adjusting to the shift. Some are now accepting low-fee transactions, including one processed at 0.1 sat/vB, which sat in the mempool for a month before being confirmed. The transaction, submitted by Mempool founder Mononaut, cost just 11 sats, roughly one cent.
Bitcoin Core developers have weighed in. A group of 31 developers released an open letter on June 6, urging nodes to continue relaying non-standard transactions. They argue that filtering out low-fee transactions could undermine Bitcoin’s censorship-resistant design.
The debate over transaction filtering is heating up. Some in the community warn that allowing low-fee transactions could lead to spam, while others insist that Bitcoin’s strength lies in its open and decentralized nature.
Sources:
https://blocknews.com/bitcoin-network-sees-slowdown-as-low-fee-transactions-slip-through/