The network is currently experiencing temporary congestion due to over 300,000 unconfirmed transactions waiting to be processed on Friday morning.
The Bitcoin network is currently experiencing a sharp increase in network fees driven by 332,000 unconfirmed transactions as of 12:05 pm, Eastern Time on June 7.
Network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In U.S. dollar terms, this represents $50 to $52 in fees per transaction. Priority fees have since dropped to around $46 per transaction.
According to blockchain reporter Colin Wu, the 332,000 unconfirmed transactions are suspected to be the result of centralized exchange OKX collecting and sorting through wallets, though this wasn’t confirmed by the time of publication.