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Chinese crash

What’s happening to transactions? Why is it taking so long?

The CryptoTab team tries to transfer BTC to users’ wallets as quickly as possible. But in the last few days, a long enrollment is a given that does not depend on us. We’ve already discussed some of the reasons for such delays, but this time it came from where we didn’t expect — from China.

Long-term transaction confirmations are happening due to a major power outage in the Chinese regions of Xinjiang and Sichuan. A coal mine explosion led to a complete blackout. As a result of this incident, many BTC miners, which are located in China, stopped working, and the network's capacity dropped by almost 2 times.

Now we’re facing the consequences of these events: keep in mind that such a strong drop in the total Bitcoin network power has dramatically increased the waiting time for mass transactions. At the same time, the cryptocurrency market structure itself does not look largely concerning.

What to do? No need to panic, now we just need to be patient and wait until the power of the Bitcoin network is equalized in accordance with the load, and transactions will be confirmed quickly and please us with lightning-fast transfers!

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Published: 22.04.2021

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