With Empty Bitcoin Mempools, It’s Time To Consolidate Your UTXOs Today

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Bitcoin mempools aren’t what they used to be, at least when measured by unconfirmed transaction levels. Network use is down from the market peak in 2021, and with emptier mempools come cheaper fees, both of which have a few notable effects on the network and its users.

Mempool Basics

“Mempool” is a portmanteau of “memory pool,” which is the label given to the holding depot for Bitcoin transactions that are waiting for confirmation and inclusion in new blocks by miners. Each node has its own transaction mempool, but conversationally, Bitcoin mempools are usually referred to as “the mempool.” Mempool levels — measured by weight in virtual megabytes (vMB), total transaction count or fee volume — fluctuate with the day-to-day use of Bitcoin’s network. And when a node receives a new block, the transactions included in that block are removed from the mempool.