Bitcoin Mining

As of Wednesday, there was 14+ BTC worth of pending transaction fees sitting in the mempool waiting to be mined by miners.

Mempool chart [Larger image]

Because of this increase in network difficulty, breakeven prices have risen. Since the price has dropped as well, miners have inched closer to their higher breakeven prices and margins are being compressed for everyone.

We are potentially on the cusp of a small miner capitulation.