Bitcoin memory pool is full again, only able to process 4 transactions per second, and support for SegWit is gradually increasing

As Bitcoin transactions and prices continue to hit new highs, Bitcoin transaction backlogs are warning us that the Bitcoin network transaction processing is already at full capacity.

According to data from Blockchain.info posted on Twitter by Chain engineer Tony Arcieriz, the Bitcoin memory pool continues to be clogged with unprocessed transactions awaiting confirmation.

Arcieri commented:

“The Bitcoin memory pool, which serves as a buffer for unconfirmed transactions, is now at full capacity, processing an average of only four transactions per second.”

It is worth noting that on February 23, the size of unconfirmed transactions in the memory pool reached 75 million bytes, and then dropped sharply to 8.5 million bytes on Monday this week.

Aggressive trading from platforms such as LocalBitcoins in China and elsewhere, as well as traders’ excitement that the first Bitcoin ETF could be approved next week, are likely the reasons for the recurring backlog.

Meanwhile, the debate over the ability to settle bitcoin transactions continues, with some prominent figures now stepping up to convince the community of the validity of the solutions they support.

Recently, according to Babbitt, Bitcoin Jesus Roger Ver, who supports large blocks and opposes the isolated witness technology, had a face-to-face debate with analyst Tone Vays on the Cryto Show radio program.

During the debate, these two well-known figures in the Bitcoin community expressed completely different views on Bitcoin transaction fees, hard forks, soft forks, and scaling solutions.

In addition, according to the latest data, the support rate of Segregated Witness (SegWit) has recently begun to rise and has now reached 27.2%, but it is still a long way from the 95% required for SegWit activation, while the support rate of Bitcoin Unlimited is 16.2%.