Bitcoin Network Flooded with 1 Satoshi Spam Transactions, Clogging the Mempool
On November 15 the Bitcoin network was flooded with 1 Satoshi (the smallest denomination of Bitcoin) spam transactions which led to the clogging of mempool as its size limit reached 88mb.
Mempool collects the data on unconfirmed transactions on the network, and since the confirmation is based on the amount of BTC being transacted, miners usually select the higher ones as it assures higher incentives in transaction fees. Thus even though the spam transactions clogged the mempool, it did not have any effect on the overall Bitcoin network.
The flooding of the mempool was only a second incident of its nature after the January 2018 clogging. As we all know the value of Bitcoin rose from $6,000 near $20,000 in December 2017, which prompted several people to invest in Bitcoin and on January 11, 2018 mempool recorded its highest size of 300 MB.
Who was Behind the Spam Transactions?
WhalePanda, a notable crypto Twitter handle said that someone was trying to clear their 100mb of wallet transactions seeing an opportunity on the weekend when transactions were comparatively lower.
A large entity consolidating all their small UTXOs at 1 sat. Taking advantage of less txs during the weekend to clean it up.
Bitcoin working as intended with no impact for users.https://t.co/YQnUNQvahx
— WhalePanda (@WhalePanda) November 15, 2019
Generally, spamming the network with numerous invaluable transactions is done to carry out a dusting attack, where the attacker sends a minimal amount of BTC i.e 1 Satoshi to several wallets and then artificially connects those wallets using other connections that can be hidden.
Bitcoin at the moment is stuck in the $8,700 – $9,000 mark and has recorded a lesser transaction activity in the recent week. In the last 24 hours, the total amount of Bitcoin moved was valued at $1 billion which is quite low in terms of average Bitcoin transactions.