The Bitcoin confirmation time - the time it takes to mine a block of Bitcoin transactions - fluctuated by several minutes over the course of 2021. While not often used for purchases, investors have flocked towards Bitcoin and other virtual currencies for investment. Fluctuations in price could lead to changes in investor activity, which would have correlating changes in transaction times. Given Bitcoin’s security algorithm, which depends on a distributed ledger, an increase in the number of Bitcoins in circulation could also lead to longer transaction times.
Average time it takes to mine a Bitcoin from January 2017 to April 4, 2022
(in minutes)
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BitInfoCharts. (April 5, 2022). Average time it takes to mine a Bitcoin from January 2017 to April 4, 2022 (in minutes) [Graph]. In Statista. Retrieved June 25, 2022, from https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/
BitInfoCharts. "Average time it takes to mine a Bitcoin from January 2017 to April 4, 2022 (in minutes)." Chart. April 5, 2022. Statista. Accessed June 25, 2022. https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/
BitInfoCharts. (2022). Average time it takes to mine a Bitcoin from January 2017 to April 4, 2022 (in minutes). Statista. Statista Inc.. Accessed: June 25, 2022. https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/
BitInfoCharts. "Average Time It Takes to Mine a Bitcoin from January 2017 to April 4, 2022 (in Minutes)." Statista, Statista Inc., 5 Apr 2022, https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/
BitInfoCharts, Average time it takes to mine a Bitcoin from January 2017 to April 4, 2022 (in minutes) Statista, https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/ (last visited June 25, 2022)
