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Bitcoin Fails to Produce 1 Block for Over an Hour
An 85-minute block interval left more than 13,000 transactions stuck in a pending state on Monday.
Updated May 9, 2023, 3:59 a.m. Published Oct 17, 2022, 8:47 a.m.
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It took more than an hour to mine a block of bitcoin on Monday, leaving thousands of transactions stuck in an unconfirmed state.
According to on-chain data from several block explorers, the interval between the two latest blocks mined by Foundry USA and Luxor was 85 minutes.
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According to Mempool, over 13,000 transactions were pending before the latest block was mined.
Last week Bitcoin underwent a difficulty adjustment to ensure block confirmations kept taking place every 10 minutes. With mining difficulty surging to 35.6 trillion it becomes more expensive to mine bitcoin, which heaps pressure on a mining industry that is dealing with soaring energy prices and a crypto bear market.
Tadge Dryja, founder of the Lightning Network, tweeted that an 85-minute interval between blocks can be expected to happen once every 34 days, not taking into account difficulty changes.
UPDATE (Oct. 17, 2022, 13:53 UTC): Adds quote from Lightning Network founder Tadge Dryja.
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