I have 3 transactions that are unconfirmed after 2 days, actually, I’m not bothered because I know they will either get confirmed or be returned to me, I can see their status in the blockchain.
At home I have a small mining rig, on my boat, in the middle of nowhere. I’m expanding it a bit every month. But Bitcoin needs more miners to keep it happy. There is just not enough mining capacity to process all these transactions.
What happened?
Simply there has been a massive uptake in the use of Bitcoin across the net, whole nations like India even talking about making Bitcoin legal currency is enough to cause a surge like this, but there is not enough mining power to keep the network running fast enough.
What can we do about it?
Firstly if everyone who had Bitcoin just had one little ASIC card (USB) in the back of their machine doing mining, they wouldn’t make much from it but it would be a huge contribution to the network, these small cards are pretty cheap.
Mining Scammers need to pack up and go, making out you are mining when you are not simply takes finance away from proper mining sites where mining is actually taking place and keeping the blockchain alive.
The more unstable currencies and the world gets, the more people will look for a solution to financial stress, just yesterday my own bank lost about $1000 USD of my money for a few hours, it’s put the wind up me, centralised transaction processing is incredibly dangerous but we trust it so much.
So good news, Bitcoins hit an all time high in value.
Bad news – we still need to mine it.
As you can see by this chart from Blockchain the Mempool is just coming down from a high with 80,000 transactions in the queue and it will just get worse if everyone doesn’t stop for 5 minutes and invest in the currency that we all love.
If you’d like to see the MEMPOOL click here.
I don't agree that we need more miners. Its the blocksize not the number of miners that is making transactions slow.