Hash rate has also tumbled on the Bitcoin network.
According to mempool transaction count on Blockchain.com, the number of unconfirmed Bitcoin transactions surpassed 100,000 on Oct. 27. This is the highest number of unconfirmed Bitcoin transactions recorded since late 2017 when Bitcoin hit $20,000.
The all-time high of unconfirmed transactions in the Bitcoin mempool was recorded in early December 2017, accounting for about 180,000 transactions, according to data from Blockchain.com.
The high number of unconfirmed transactions comes amid Bitcoin hitting new multi-month highs. On Oct. 27, Bitcoin surpassed a $13,745 threshold, almost touching its previous peak of $13,970 recorded on June 26, 2019.
Amid the bullish trend, the Bitcoin network faced some issues in its key indicators recently. On Oct. 25, Bitcoin’s hash rate — a key indicator of the health of the Bitcoin network — tumbled from 151.1 EH/s on Oct. 24 to 116.3 EH/s.
As reported, some mining data aggregators link the drop in Bitcoin’s hash rate with the end of the wet season in Sichuan. Heavy rains in the region result in low hydroelectric prices for miners. However, as rivers and tributaries dry up, miners are moving to Inner Mongolia and Xinjian.