‘Bitcoin is not under attack:’ BTC maxis allay fears of a DoS offensive

A sudden spike in Bitcoin (BTC) transaction charges and unconfirmed transactions sparked concern on Crypto Twitter over the weekend of a possible Denial of Service (DoS) “assault” on the community. 

Some Bitcoin analysts and commentators have been fast to allay these fears from their respective followers.

Bitcoin common transaction charges are at present $19.20, or 0.00068 BTC, according to BitInfoCharts. In the meantime, in line with Mempool House, the backlog of transactions at time of writing stood at 459,341.

The elevated demand on the community has even brought about whole charges per block to briefly exceed the block subsidy reward of 6.25 BTC on Could 7.

BITCOIN TRANSACTION FEES HAVE SURPASSED THE BLOCK SUBSIDY COINBASE REWARD

6.76 BTC vs 6.25 BTC

FIRST TIME SINCE 2017 pic.twitter.com/F0PKrlFYmQ

— trevor.btc @ NYC (@TO) May 7, 2023

The proof-of-work mining course of has a set block subsidy of 6.25 BTC, which halves each 4 years. Nevertheless, within the uncommon occasion that block house demand surges, this determine might be exceeded, inflicting greater transaction charges.

Business analysts reported that it’s the first time this has occurred since 2017. Charges of 6.76 BTC had been recorded for one block and block 788695 generated charges of 6.7 BTC.

The Mempool House explorer exhibits that exercise has since cooled down just a little and costs have fallen again under the block reward once more. The subsequent block is predicted to be processed producing 4.51 BTC in charges.

The surge in activity and block house demand has been attributed to the rise in Ordinals inscriptions. Based on analytics supplier Glassnode, a complete of 75% of Bitcoin on-chain transactions used Taproot on Could 7, leading to a document excessive.

Some on Crypto Twitter, nonetheless, speculated that the latest congestion has resulted from a DoS (denial of service) assault on the Bitcoin community.

Associated: Binance closes BTC withdrawals amid congestion on the Bitcoin network

Bitcoin analysts rapidly identified that it was on account of demand quite than a premeditated assault. “0xfoobar” told his 130,000 followers:

“Bitcoin mempool lastly will get some utilization and the maxis are framing it as a DoS assault on the community. They actually haven’t thought of even probably the most primary eventualities, like ‘Bitcoin turns into common and individuals are prepared to pay to make use of it’”

On Could 8, the world’s largest crypto alternate, Binance, suspended Bitcoin transactions once more, citing “the big quantity of pending transactions.” It’s the second time that Binance has suspended BTC transactions previously 12 hours.

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