'Bitcoin is not under attack:' BTC maxis allay fears of a DoS offensive
Concerns circulated on Crypto Twitter of a denial of service (DoS) attack on the Bitcoin network. A sudden spike in Bitcoin (BTC) transaction fees and unconfirmed transactions sparked concern on Crypto Twitter over the weekend of a potential Denial of Service (DoS) "attack" on the network. Some Bitcoin analysts and commentators have been quick to allay these fears from their respective followers. Bitcoin average transaction fees are currently $19.20, or 0.00068 BTC, according to BitInfoCharts. Meanwhile, according to Mempool Space, the backlog of transactions currently stands at 459,341. The increased demand on the network has even caused total Fees per block to temporarily exceed the block subsidy reward of 6.25 BTC on May 7. BITCOIN TRANSACTION FEES HAVE SURPASSED THE BLOCK SUBSIDY COINBASE REWARD 6.76 BTC vs 6.25 BTC FIRST TIME SINCE 2017 pic.twitter.com/F0PKrlFYmQ — trevor.btc @ NYC (@TO) May 7, 2023 The proof-of-work mining process has a set block subsidy of 6.25 ...