The mining time for a Bitcoin (BTC) block on Monday exceeded an hour. This resulted in thousands of transactions remaining unconfirmed. Here are the details…
Bitcoin block has a delay
According to data from several block explorers, the interval between the two most recent blocks mined by Foundry USA and Luxor was 85 minutes. According to Mempool, more than 13,000 transactions were pending before the latest block was mined. As we reported on cryptokoin.com, last week Bitcoin underwent a difficulty adjustment to ensure that block confirmations occur every 10 minutes. Rising energy prices are hitting miners as the mining difficulty rises to 35.6 trillion.
There is also a lot of pressure on the mining industry dealing with the crypto bear market. Because mining Bitcoin is getting more expensive. Still, it’s unclear at this time why the latest block confirmation was delayed.
Latest situation in BTC price
Meanwhile, the problems in the network do not seem to have affected the largest cryptocurrency for now. BTC experienced a lot of volatility at the end of last week when the US CPI figures were released. Although they are almost as expected, Bitcoin usually goes straight down when something is announced by the US recently. Last weekend, $ 18,200 levels were seen. However, this time the price fluctuations continued in the opposite direction. In a matter of hours, the cryptocurrency rose to almost $20,000 and hit a weekly high.
Still, it failed to break through this level and returned to $19,000 on Friday. That came with the Wall Street bloodbath of Friday. The weekend, however, was mostly uneventful, similar to its predecessors. Therefore, BTC is still hovering around $19,000. Its market cap is close to $370 billion and its dominance over altcoins is still around 40 percent. Altcoins experienced similar volatility as BTC at the end of the week. Ethereum has gained less than 2% since yesterday. It stands above $1,300. Binance Coin, Solana, MATIC, TRON, and Avalanche are also making small gains.
In contrast, Cardano, Dogecoin, Polkadot and Shiba Inu exhibited insignificant losses. However, Ripple has dropped 3.5 percent since yesterday. It has also lost about 13 percent in the past seven days, when it displayed high volatility. QNT performed the best among mid-range altcoin groups after a 9 percent daily increase. Overall, however, the crypto market cap has remained stable. As we have reported as Kriptokoin.com, this amount is at the level of 925 billion dollars.
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