![]() The important thing to know is that when the network is congested for whatever reason, those who paid the highest fees are prioritized. Other factors such as power cuts, natural disasters, and hardware availability can also affect hashrate. ![]() For example, a recent crackdown on mining in China has dropped the hashrate by up to 54%, creating a situation where the time to complete a block has risen to 14-19 minutes. Congestion usually occurs because there has been a sudden spike in transactions or because the hashrate has suddenly dropped.įor the uninitiated, the hashrate refers to the global amount of computing power dedicated to mining. This is unfortunately a regular and expected occurrence. Usually, this is a side effect of the congestion on the Bitcoin network. At times, however, your transaction may not be included in the next block – or even the one after that, and so on. In an ideal scenario, transactions are confirmed every ten minutes or so. There, it sits until it can be bundled into a block and cryptographically confirmed by miners. When you perform a transaction with Bitcoin, it enters something called the memory pool, or mempool for short. Today, we'll discuss why transactions get stuck, how you can unstick them, and how you can stop it from happening in the future. An understanding of how Bitcoin transactions – and particularly their fees – work will reduce the chance of it happening to you again. However, you should also know that this type of situation is preventable. The important thing is not to worry – your Bitcoin is not lost forever. Transactions can hang unconfirmed for hours, leaving less experienced users biting their nails. Occasionally, however you'll find that your Bitcoin transactions aren't completing as quickly as you expected. We do everything we can at BitLaunch to ensure this remains the case, including launching an in-house payment system. For the most part, Bitcoin transactions are fast and hassle free.
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