US exchange Coinbase began grouping BTC withdrawal transactions to reduce Bitcoin blockchain load and decrease the size of fees, which significantly grew this week.
As the company claims, implementation of “packaging” will assist to reduce Bitcoin blockchain load due to large number of transactions, coming from the exchange. Besides, transactions grouping will reduce a commission for clients.
“We expect that this step will reduce our Bitcoin network load by more than 50%, and fees for transactions paid by our clients will also reduce twice”, — Coinbase product manager Eli Haims wrote at the blog of the exchange.
The packaging is already run, and the exchange warns that this function will cause a “slight delay” when sending transactions to the network, but it will not affect time required for confirmation.
Reducing the load on the network and the size of commissions occurs by reducing the number of transactions that must be processed by a limited number of computers that support Bitcoin. During the previous week traditional and cryptocurrency markets experienced a strong decline, caused by coronavirus pandemic, which hit the global economy.
Wherein, some BTC miners began ceasing mining, as cryptocurrency price sharply declined. This situation resulted growth of commissions` size, because investors and traders initiated larger number of transactions during asset sales.