Bitcoin Fails to Produce 1 Block for Over an Hour
It took more than an hour to mine a block of bitcoin (BTC) on Monday, leaving thousands of transactions stuck in an unconfirmed state.
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.
It is currently unclear why the latest block confirmation was delayed.