Bitcoin Forum

i know this is good to miners reward
but not to users :'(
i want to know what cause this skyrocket in fee after halving 840000

https://i.postimg.cc/hGvTZyw8/image.png

https://www.blockchain.com/explorer/transactions/btc/6329d474890da8c2b93d2244bbe51bf6a4e504cc3c34539bb56e91011a578585

Mempool congestion is super high now. I have never seen such congestion before. Even with a 600+ vMB is not enough to get the next block LOL

Cause?
My wild guess is Bitcoin Ordinals.

/*edited*/

Read through this thread:

Everyone is celebrating about the fourth halving but what is this? (https://bitcointalk.org/index.php?topic=5493525.msg63968391#msg63968391)

Yes.

But the mempool is slightly lower than 600 sat/vbyte for now

It is halving 840000, Spam began as many people tried to have their transactions included in block number 840000, and since the size of the block was limited, there was competition over fees reaching more than 5k sat/vB.
The average block time is ~9.8 minutes, which means that we may need a longer time to return to normal fees.

With block #840.000 there was also another novelty to add to the Ordinals case - Runes[1].
Perhaps I misunderstood your comment but I wouldn't say that the average block time directly impacts the fees that are being broadcasted. Perhaps you were saying that there should be more discussing in increasing the mining time? I don't see how that would impact the fees in any meaningful way.

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[1]https://rodarmor.com/blog/runes/ (https://rodarmor.com/blog/runes/)

These fu*ker had nothing good to do. Without hitting the block to the dead end they could start buying BTC. A $100 from each could make huge pressure in buy orders and price could hit $100K easily 😂

Like the price, sometimes you have to anticipate this type of situation, Fee, it was known that there would be an increase, it was 100% feasible, what we had no idea was how much the sat/vB fee increase.

The difficulty will be adjusted in ~3 days, which always tries to be an average of 10 minutes. If the average is less than 10 minutes, this means that the difficulty will increase to maintain 10 minutes, and since the difficulty will increase, a longer time to find blocks and if the number of unconfirmed transactions continues to increase, it means that we will not see lower fees soon.