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Investing.com  |  Editor Hari G

Published Nov 07, 2023 11:01AM ET

The Bitcoin network experienced its fifth significant congestion event today, leading to a temporary halt in block production for an hour, according to reports from blockchain experts Colin Wu and BTC.com. The interruption, which occurred between 11:47 AM and 12:56 PM, is part of a recurring issue that has plagued the network this year and last.

This latest congestion mirrors previous instances that took place twice in May 2023 and twice in 2021. Such disruptions have serious implications for cryptocurrency exchanges, particularly Binance, one of the leading platforms in the market. In response to these network congestions, Binance was compelled to temporarily suspend Bitcoin (BTC) withdrawals.

The surge in popularity of Inscription and BRC-20 has been identified as a significant factor contributing to these network congestions. These platforms have seen increased usage over the past two years, putting additional strain on the Bitcoin network. The repeated disruptions emphasize the growing pains faced by Bitcoin as it continues to navigate the complexities of widespread adoption and increased transaction volumes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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