Update - While the Bitcoin blockchain backlog remains quite large and fees are high some customers may experience delays and increased transaction costs due to the high congestion on the Bitcoin network. We are closely monitoring the Bitcoin network conditions, but unfortunately, we cannot determine when the fees will drop. Please ensure that you include appropriate transaction fees when receiving Bitcoin to your Luno wallet to avoid any potential delays.
Dec 08, 2023 - 08:42 UTC
Update - Unconfirmed transactions, as well as fees, remain fairly high, and activity remains consistently high throughout the day. A mining difficulty change set to take place around 27 November 2023, may help alleviate unconfirmed transactions. We will provide further updates should there be any significant improvement to the network congestion as we continue to monitor over the coming weeks.
Nov 24, 2023 - 09:06 UTC
Update - Unconfirmed transactions as well as fees remain very high, not seeing much of a change regardless of the time of day. Our next update will be then or if something has significantly changed.
A mining difficulty change may help unconfirmed transcations, however this is only set to take place around 27 November 2023.
Nov 17, 2023 - 10:17 UTC
Update - While fees look to have come down slightly, we're still seeing a big backlog of unconfirmed transactions on the Bitcoin Blockchain. Sending from your Luno Wallet looks to clear quite quickly, however fees are still very expensive. Please ensure you're including a fee that has been recommended by the Blockchain in order to see BTC receives clear quickly.
Nov 15, 2023 - 17:40 UTC
Update - Congestion and high fees remain an issue, both sends and receives to and from Luno may take longer than usual. Please give it some time to clear, transactions are still being processed as normal.
Nov 11, 2023 - 17:38 UTC
Monitoring - We're observing slower than normal BTC sends and receives due to congestion on the Bitcoin blockchain. Transacting may also be more expensive than usual. Customers who are receiving BTC to Luno may have seen these delays since 3 November 2023.
Nov 09, 2023 - 12:25 UTC
As an enthusiast deeply immersed in the intricacies of blockchain technology and cryptocurrency networks, my expertise allows me to provide insights into the challenges faced by the Bitcoin network, as outlined in the provided updates. The evidence presented in these updates points to a recurring issue of congestion and high transaction fees on the Bitcoin blockchain, affecting users and transactions involving the Luno wallet.
Let's break down the key concepts mentioned in the updates:
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Bitcoin Blockchain Backlog:
- The term "backlog" refers to a queue or accumulation of unconfirmed transactions waiting to be added to the Bitcoin blockchain.
- A large backlog indicates that the network is struggling to process transactions promptly, leading to delays for users.
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Transaction Fees:
- Transaction fees are charges users pay to prioritize their transactions and incentivize miners to include them in the next block.
- High fees suggest increased competition among users for limited block space, possibly due to network congestion.
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Unconfirmed Transactions:
- Unconfirmed transactions are those that have been broadcasted to the network but have not yet been included in a block.
- The updates highlight persistently high numbers of unconfirmed transactions, indicating a bottleneck in the processing capacity of the Bitcoin network.
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Mining Difficulty Change:
- Mining difficulty is a measure of how hard it is to find a new block in the blockchain.
- The updates mention a planned mining difficulty change around November 27, 2023, as a potential solution to alleviate unconfirmed transactions. This adjustment aims to maintain a consistent block creation time despite changes in the total mining power of the network.
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Luno Wallet:
- Luno is a cryptocurrency exchange and wallet platform.
- Users are advised to include appropriate transaction fees when sending Bitcoin to their Luno wallets to avoid potential delays caused by the ongoing network issues.
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Network Monitoring:
- The updates emphasize the continuous monitoring of the Bitcoin network conditions to provide users with timely information on the status of congestion and transaction fees.
- The inability to determine when fees will drop suggests the complexity of predicting network behavior.
In summary, the recurrent updates illustrate the challenges posed by network congestion and high fees on the Bitcoin blockchain, impacting both the sending and receiving of Bitcoin through the Luno wallet. The mining difficulty change is presented as a potential solution, but the uncertainty surrounding fee reduction highlights the intricate and dynamic nature of blockchain networks. Users are advised to stay informed and adjust their transaction strategies accordingly to navigate these challenges.
