and then starts a steep climb back to 120m
https://blockchain.info/charts/mempool-size
Did we have a glitch, bug in the system or something so I decided to read up on just what the mempool is and it says
Quote
When a Bitcoin transaction is transmitted to the network it first gets verified by all of the https://99bitcoins.com/step-by-step-guide-firing-up-bitcoin-node/">Bitcoin nodes available. After it successfully passes verification it goes and sits inside the “Mempool” (short for Memory Pool) and patiently awaits until a miner picks it up to include it in the next block. So the Mempool is basically the node’s holding area for all the pending transactions.
Source https://99bitcoins.com/what-is-bitcoin-mempool/
Well doing the sums I did 120m divide by seven transactions per second that Bitcoin can process and that equals 17,142,000 seconds or 4,671 hours
but surly something is wrong so the statement above must be wrong or the chart must be wrong.
here https://blockchain.info/unconfirmed-transactions/ it reads that we have "168380 Unconfirmed Transactions"
So dived that number by 7 Transactions per second and you get about 24,000 seconds or 6.6 hours which sounds like a hell
of a long time for a transaction to complete so what is going on here ?