On the evening of May 7th at 21:13 Eastern Time, Binance, the world's largest cryptocurrency exchange, announced through its official social media account that due to the large volume of transactions waiting to be completed, the extraction of Bitcoin (abbreviated as BTC) on the platform has been suspended, and the team is studying a solution and will resume Bitcoin extraction as soon as possible.At 22:39, Coin An continued to post a tweet stating that due to the company's previously set fees not taking into account the recent surge in gas fees on the Bitcoin network, there are still a large number of Bitcoin extraction transactions that have not been completed, and the team is still working to accelerate the confirmation of all pending transactions
On the evening of May 7th at 21:13 Eastern Time, Binance, the world's largest cryptocurrency exchange, announced through its official social media account that due to the large volume of transactions waiting to be completed, the extraction of Bitcoin (abbreviated as BTC) on the platform has been suspended, and the team is studying a solution and will resume Bitcoin extraction as soon as possible.
At 22:39, Coin An continued to post a tweet stating that due to the company's previously set fees not taking into account the recent surge in gas fees on the Bitcoin network, there are still a large number of Bitcoin extraction transactions that have not been completed, and the team is still working to accelerate the confirmation of all pending transactions. Until 23:49, Coin An tweeted that the Bitcoin extraction service had resumed and pending transactions were being processed again by increasing transaction fees. To prevent similar situations from happening again in the future, we have made adjustments to the fees. We will continue to monitor on chain activities and make corresponding adjustments as needed
A virtual currency observer analyzed to surging news (www.thetaper. com) that every data exchange on the blockchain requires a gas fee, which is paid to miners or pledgers. When users withdraw coins, the platform will charge a fixed withdrawal fee in advance, such as 0.0005btc per transaction. As long as the actual withdrawal fee is similar to this, coins can be withdrawn normally. But if the blockchain is congested, the withdrawal fee will significantly increase. This involves the rules of blockchain operation. In order to ensure its security, the blockchain has restrictions on blocks. The data for each transaction is about a few hundred bytes, and the data for each transaction needs to be written into the blockchain. Bitcoin produces a block every ten minutes or so, with a capacity of over 1M. If calculated, each block only Can accommodate thousands of transactions
He said that when a large number of transactions occur, miners will choose to package their trades first. The selection criteria are that whoever issues a high gas fee will have their trades packaged first, and other trades can only continue to wait. This is like a bidding process. If you bid high, the transaction can be quickly confirmed, while if you bid low, you can only wait slowly. Recently, due to the congestion on the BTC network, the gas fee is very high, far exceeding the pre collection fee set by the exchange. Of course, the exchange can still pay the gas fee according to the original preset fee, but the consequence is that there may be no miners to package your transaction and you can only wait indefinitely Wait
He mentioned that the BRC20 concept has been quite popular recently, so the data on the Bitcoin chain is also quite active. According to Bitcoin. com, the BRC-20 token standard established on the Bitcoin network is gaining momentum. As of May 7th local time, the economic value of BRC20 tokens is 279 million US dollars, with approximately 13530 tokens in circulation.
Pengpai News noticed that this is not the first time that Coin An has suspended the extraction of Bitcoin on the same day. At 11:07 pm Eastern Time on May 7th, Coin On announced through its official social media account that due to congestion issues on the Bitcoin network, it had suspended the Bitcoin extraction service. The team is currently fixing the issue until the network stabilizes and will resume Bitcoin extraction as soon as possible. According to a tweet from Coin An, the Bitcoin extraction service briefly resumed that afternoon, but faced the same problem again in the evening.
As of the time of publication, Coin On has not provided further details on the aforementioned issues, and Coin On's founder Zhao Changpeng has not tweeted a response.
It is worth noting that Coin An has just suspended spot trading before.
On the morning of March 24th local time, Binance stated on social media that "we are aware of an issue affecting the spot trading of Binance, and all spot trading is currently suspended. We will resolve this issue as soon as possible." Zhao Changpeng, CEO of Binance, subsequently responded to multiple tweets on social media, stating that preliminary analysis shows that the matching engine encountered a malfunction while tracking stop loss orders, Approximately 30 to 120 minutes to recover. Let's talk about some trivialities while we wait. The term 'debugging' originated in the 1940s, when 'chip' circuits were still using large transistors, insects often entered and caused short circuits (due to warm weather). Engineers must regularly remove bugs to troubleshoot
Two hours later, King'an announced on its official website that it had completed temporary system maintenance and would resume all trading activities at 2:00 p.m. on March 24, universal time.
In addition, Binance and its founder Zhao Changpeng were also accused by the US Commodity Futures Trading Commission (CFTC) of illegally operating the Digital Asset Derivatives Exchange at the end of March. Zhao Changpeng subsequently responded through the official website blog of Coin An, stating that although Coin An had cooperated with CFTC for over two years, CFTC still filed an unexpected and disappointing civil lawsuit. After preliminary examination, it appears that the statement of the facts in the complaint is incomplete. We do not agree with the allegations made in the complaint regarding many issues
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