Bitcoin [BTC] blockchain stops producing blocks for 1 hour, price rises by 4%

The Bitcoin [BTC] blockchain stopped the production of blocks earlier today, with a 64-minute gap between blocks number 532146 and 532147. This comprises of about 6 blocks failing to be created within the time frame.

Blocks not created for over an hour | Source: Blockchain.com

Blocks not created for over an hour | Source: Blockchain.com

At the same time, the mempools of the blockchain were blocked up with around 18,000 transactions registering as unconfirmed at around 12 PM GMT. The total pending transaction fee on the blockchain spiked up to 1.9 Bitcoin, which translates to about $12500. The size of the mempool went up to 10 gigabytes from the usually low size of 0.6 MB.

Source: Johoe's Bitcoin Mempool Size Statistics

Source: Johoe’s Bitcoin Mempool Size Statistics

Source: Johoe's Bitcoin Mempool Size Statistics

Source: Johoe’s Bitcoin Mempool Size Statistics

The spike in the price of the transaction fees is worrying for many, as this leads to the transactions with lower mining fees not being confirmed. This, in turn, leads to the transactions being unconfirmed and backed up in the mempool of the blockchain.

Delayed production of blocks | Source: Blockchain.com

Delayed production of blocks | Source: Blockchain.com

This would lead to the average price for transactions to go up, as transactions would simply not go through if the miner fees are too low. This is due to the reduced incentive for miners to include the transaction within the next block.

Notably, this coincides with a sharp spike in the price of the coin, with a rise from $6387 to $6594 in just 3 hours. This comes after a period of lowered volatility in the coin, which is the lowest seen since its all-time high.

1-day price graph for Bitcoin | Source: CoinMarketCap

1-day price graph for Bitcoin | Source: CoinMarketCap

The sideways movement of the price is worrying to many after the steady decline from the all-time high of $20000. The bullish run comes after positive news for Bitcoin earlier today.

The news in question was that BlackRock, one of the world’s biggest asset management firms has considered entering into the blockchain space. Sources close to the matter reported that the company was forming a team to look at how Bitcoin is performing.

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