On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system.However, the good news is that the congestion has been clearing, resulting in a significant reduction in onchain fees, which have now dropped below $5.As of now, there are only slightly over 300,000 unconfirmed transactions awaiting confirmation, and 185 blocks need to be mined to clear the backlog.
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