Screenshot of Johoe\u2019s Bitcoin Mempool Statistics at 4:30 p.m. (ET) on Wednesday, April 26, 2023. <\/figcaption><\/figure>\nIn essence, the Bitcoin network\u2019s mempool acts as a repository of unconfirmed transactions that must be incorporated in the next block of the blockchain. Every transaction in the mempool comes with its own unique transaction ID, fee, and other pertinent information. Since miners prioritize transactions that offer higher fees, users tend to compete by offering increased fees to expedite the confirmation of their transactions.<\/p>\n
At 4:30 p.m. ET on Wednesday, data obtained from the web portal mempool.space reports 134,986 unconfirmed transactions. Meanwhile, transaction fees vary, with a no-priority transaction costing a 2 sat\/vB or $0.08 per transaction, a low-priority transaction setting users back 29 sat\/vB or $1.15 per transfer, and a high-priority transaction currently priced at 35 sat\/vB or $1.38 per transfer.<\/p>\n