Title: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on May 23, 2020, 02:45:08 PM I made an update and additional analysis here, please check it along with OP.
Changes of median fees and best hour-frame to move bitcoins, potential institutional effects (https://bitcointalk.org/index.php?topic=5250569.msg54496769#msg54496769) Data source:
Notes:
Quote from: https://blockchair.com/api/docs All timestamps are in the UTC timezone, and have the following format: YYYY-MM-DD hh:ii:ss From 03/01/2009 to 21/05/2020, there are some interesting things on bitcoin transaction fees (satoshis/ kB), over days of week. Code: Summary for variables: feeperkb Ranks in median fees: Code: +---------------------------------------------------------------------------------------------------+ Which days of week are the best for you to move your bitcoins? Look at the following results The two best days are in the weekend:
Code: +---------------------------------------------------------------------------------------------------------------+ Stratification by years As requested by @fillippone, I stratified data by specific years (2009 - 2020). Details: Monday: Code: Summary for variables: feeperkb Tuesday Code: Summary for variables: feeperkb Wednesday Code: Summary for variables: feeperkb Thursday Code: Summary for variables: feeperkb Friday Code: Summary for variables: feeperkb Saturday Code: Summary for variables: feeperkb Sunday Code: Summary for variables: feeperkb Overview:
Code: +---------------------------------------------------------------------------------------------------------+ Time-series plots: Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fillippone on May 23, 2020, 04:45:28 PM Nice work Tranthidung,
So apparently , as Many would expect, off peak days are the best to transact. However I think that aggregate statistics over 9 years period are considering a too different market environment to bee meaningful. I guess for example that the average "weekend effect" has increased in recent years, when "institutional money" has become a more reliable driving force in the markets, rather than 8 years ago when bitcoin was an "underground" experiment. I think you can progress your analysis in this direction, for example detailing how relevant is the "Saturday discount" over the years, maybe in percentage so to average different fees levels. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on May 23, 2020, 04:49:51 PM Ok fil. I will take a look at it. The OP is in-progress. I make it because I saw people talk about weekend effects on fees. But there is no stats on this. Just a vague clue over the forum. I know people look at the mempool stats and jump to such conclusion.
Now, here you go with detailed stats. I will stratify it over specific years, tomorrow. I am off my computer now. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: LoyceV on May 23, 2020, 05:40:35 PM This confirms what I knew already: Sunday's are the best days to consolidate small inputs (https://bitcointalk.org/index.php?topic=2848987.0).
Johoe's Bitcoin Mempool Size Statistics (https://jochen-hoenicke.de/queue/#0,1w) gives a very good (graphical) overview of recent (or all-time) fees. I've been waiting for a low-fee transaction to confirm for 10 days now, it even skipped last Sunday. I'm in no rush :) Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: stompix on May 23, 2020, 06:05:11 PM I guess for example that the average "weekend effect" has increased in recent years, when "institutional money" has become a more reliable driving force in the markets, rather than 8 years ago when bitcoin was an "underground" experiment. Or it's just that people are still getting drunk at weekends and stop depositing and withdrawing as well as other purchases. ;D Actually I'm hoping it is like that although when finally coinbase started batching transaction this drop happened (https://bitcointalk.org/index.php?topic=5232386.msg54107577#msg54107577). Before the halving messing up everything with the blocks time I observed a pattern, during weekdays before 11-13 GMT+1 there was still a way to send low fees, then the mempool was starting to grow and it will finally reached its peak somewhere at around midnight then decreasing during the night till becoming nearly empty. Again, I've observed this from a CET timezone. I've been waiting for a low-fee transaction to confirm for 10 days now, it even skipped last Sunday. I'm in no rush :) Next retarget might happen in 17 days (for real (https://diff.cryptothis.com/)) so....you might have to wait a bit, Thranduil. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on May 24, 2020, 02:53:48 AM This confirms what I knew already: Sunday's are the best days to consolidate small inputs (https://bitcointalk.org/index.php?topic=2848987.0). I know the page of Johoe but as I said there is only chart and no details on fees over days of week. I can look at the chart and guess but I don't like that. :DJohoe's Bitcoin Mempool Size Statistics (https://jochen-hoenicke.de/queue/#0,1w) gives a very good (graphical) overview of recent (or all-time) fees. I've been waiting for a low-fee transaction to confirm for 10 days now, it even skipped last Sunday. I'm in no rush :) By the way, could you confirm the time zone from blockchair.com is in GMT time zone or another one, please. Or it's just that people are still getting drunk at weekends and stop depositing and withdrawing as well as other purchases. ;D I don't know. Despite of the fact that Sundays and Saturdays are best days to move bitcoin, the Monday has the best declining percentages (-38.3%) in median fees (between 2018 and 2020). The next two ones are Sunday (-36.3%) and Saturday (-33.3%).Actually I'm hoping it is like that although when finally coinbase started batching transaction this drop happened (https://bitcointalk.org/index.php?topic=5232386.msg54107577#msg54107577). OP is updated with more details! Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: joniboini on May 24, 2020, 05:33:29 AM By the way, could you confirm the time zone from blockchair.com is in GMT time zone or another one, please. They use the UTC timezone according to their API docs[1]. The website use the same thing. If you visit https://blockchair.com/bitcoin for example, you'll see "Time (UTC)". [1] https://blockchair.com/api/docs Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: o_e_l_e_o on May 24, 2020, 09:29:04 AM Before the halving messing up everything with the blocks time I observed a pattern, during weekdays before 11-13 GMT+1 there was still a way to send low fees, then the mempool was starting to grow and it will finally reached its peak somewhere at around midnight then decreasing during the night till becoming nearly empty. Yes. The time of day plays a much larger role in determining fees than the day of the week.Go to https://jochen-hoenicke.de/queue/#1,30d to look at the last thirty days of data. Mouse over every local dip in fees, and you will notice that the vast majority fall in the range of 0700-1200 UTC. Mouse over every local peak, and you will notice that the vast majority fall in the range of 1700-0000 UTC. This was true before the halving and the most recent difficulty adjustment, and it is still true after both of these events (just with higher peaks and higher lows). If you want to make a cheap transaction, then you can save a lot more on fees by timing it appropriately than just by waiting for the weekend (not to mention not having to wait so long either). In Asia and Australia, transact in the evening. In Europe and Africa, in the morning. In the Americas, it's late night/early morning, so probably queue it up before you go to bed. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on May 25, 2020, 10:41:12 AM Interesting updates for you guys. Let's rock!
Note:
Stratified by hours Full data 2009 - 2020 Code: Summary for variables: feeperkb Code: +---------------------------------------------------------------------------------+ 2009, 2010 dropped. Code: Summary for variables: feeperkb Code: +---------------------------------------------------------------------------------+ Since 2018 only Code: Summary for variables: feeperkb Code: +-------------------------------------------------------------------------------+ Weekend-effects since 2018 Only for data since 2018 till now Generally, Sundays are better than Saturdays. And it seems the hour frame from 19 - 0 UTC time is best to move bitcoin. Saturdays: Code: +----------------------------------------------------------------------------------+ Sundays: Code: +-------------------------------------------------------------------------------+ Now, let's get a better overview by stratifying hours into 4 categories of hour-frame. 26 May 2020, I expanded it with a previous period, 2011 - 2013. Saturday Code: +---------------------------------------------------------------------------------------------------------------+ Sunday Code: +--------------------------------------------------------------------------------------------------------------+ Once again, in the same hour-frame, Sundays are better than Saturdays to move bitcoin. Below are percent of differences between Sundays and Saturdays, in the period 2018 - 2020. Code: * 19 - 0 UTC Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: MrFreeDragon on June 30, 2020, 11:40:20 AM Very nice analysis and presentation. I felt that Sundays/Saturdays were the best weekdays in the context of transaction fees, but you proved it!
Thank you! Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on June 30, 2020, 11:57:48 AM Very nice analysis and presentation. I felt that Sundays/Saturdays were the best weekdays in the context of transaction fees, but you proved it! You can get visual proofs from the Jochen-hoenicke.de site. To observe the weekend effects, you have to choose the last 30 days graph (choose 30d for Period tab) or simply click the link https://jochen-hoenicke.de/queue/#1,30dThank you! This confirms what I knew already: Sunday's are the best days to consolidate small inputs (https://bitcointalk.org/index.php?topic=2848987.0). Johoe's Bitcoin Mempool Size Statistics (https://jochen-hoenicke.de/queue/#0,1w) gives a very good (graphical) overview of recent (or all-time) fees. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 03, 2020, 02:05:51 PM The article is interesting: https://cointelegraph.com/news/set-your-alarms-most-bitcoin-is-now-traded-during-these-hours
It, once again, confirms that weekends are good periods to move bitcoin, with often cheaper fees than in other days of week. You can always look at mempool and choose time to move your bitcoin at cheapest fees but generally you should do this in weekends. Regarding to time frames of day, my previous analysis for the whole period since 2018 so I will do another one for this year (2020) only and compare my results with what are given by the article. Quality of the image is not good. Quote Further data from on-chain analyst Skew confirms the trend. At present, around 4 pm UTC marks the most intense time of day for Bitcoin trading. Again using Coinbase, in addition to Binance, Skew finds that midweek is also more intense than the start or end of the working week. Weekends, as is often noted, are quieter still. As an example, over the past 30 days, Coinbase saw an average of $6.5 million in volume between 3 pm and 4 pm UTC. The quietest hour, 9 am, saw just $2 million. Those times correspond to around 12 pm EST, or 2.5 hours after NY markets officially open. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 03, 2020, 03:47:28 PM Updates for weekend and institutional effects
Transaction counts Days of week Code: +--------------------------------------------------------------------+ 4 hour frames Code: +--------------------------------------------------------------------------+ Specific hours Code: +---------------------------------------------------------------------+ Fees per kb Days of week Code: +---------------------------------------------------------------------------------+ 4 hour frames Code: +--------------------------------------------------------------------------------------+ Specific hours Code: +-----------------------------------------------------------------------------------+ Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 03, 2020, 04:00:09 PM For specific days of week
Transaction count Sunday Code: +---------------------------------------------------------------------+ Code: +------------------------------------------------------------------+ Monday Code: +--------------------------------------------------------------------------+ Code: +---------------------------------------------------------------------+ Tuesday Code: +--------------------------------------------------------------------------+ Code: +--------------------------------------------------------------------+ Wednesday Code: +--------------------------------------------------------------------+ Code: +--------------------------------------------------------------------------+ Thursday Code: +----------------------------------------------------------------------+ Code: +--------------------------------------------------------------------+ Friday Code: +----------------------------------------------------------------------+ Code: +---------------------------------------------------------------------+ Saturday Code: +--------------------------------------------------------------------------+ Code: +-------------------------------------------------------------------+ Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 17, 2020, 03:13:25 PM Weekend to come so please consolidate your coins and / or move your funds to save fees. If you don't have need to move your coins, consolidate them instead (at 1 satoshi/byte).
Look at below statistics for latest update and compare median transaction fees (in satoshis/ kB) on Sunday and Saturday to Friday:
Check best hour frames there (https://bitcointalk.org/index.php?topic=5250569.msg54726892#msg54726892) (1 - 6 UTC) Details Fees per kb Days of week Code: +---------------------------------------------------------------------------------+ Code: . di (18471-14258)/18471*100 Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 18, 2020, 05:21:44 AM The current high fees on the network makes me curious on the whole picture in the year 2020. So I made it.
Distributions of transaction counts over days of week (all months) Code: +-------------------------------+ An overview on fees (in median) for each specific months Code: +----------------------------------------------------------------------------------+ Days of week all months Code: +------------------------------------------------------------------------------------+ Days of week each month Monday Code: +----------------------------------------------------------------------------------------------+ Tuesday Code: +-------------------------------------------------------------------------------------------+ Wednesday Code: +--------------------------------------------------------------------------------------------------+ Thursday Code: +-------------------------------------------------------------------------------------------------+ Friday Code: +-------------------------------------------------------------------------------------------+ Saturday Code: +-----------------------------------------------------------------------------------------------+ Sunday Code: +-----------------------------------------------------------------------------------------------+ Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 19, 2020, 09:27:13 AM Yeap. Once again we have witnessed another weekend with weekend effects and fees are cheaper on Sunday than Saturday. There is no clear data interpretation on that but I thought it is because of delayed institutional effects before the weekend - it lasts till Saturday and almost disappears on Sunday.
If you observer the unconfirmed transactions (as of image screenshotting), the total unconfirmed transactions is about 13k. The peak within last week is at 77726 on 17 July 2020. The mempool size even was clearer a few hours ago and you can also look further at the pending transaction fees in BTC. Keep it in your mind and try to take advantage of the weekend effect on bitcoin transaction fees! FOMO (in invest, trading, or moving your bitcoin) always have the same endings. Loses: Loses in capital, loses in fees! Source: https://jochen-hoenicke.de/queue/#1,1w Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 25, 2020, 04:33:55 AM Update
In short:
Transaction counts over years There is a spike (all time high) in 2010, I don't know what happened in that year. ::) Code: year | Freq. Percent Cum. This week:
https://jochen-hoenicke.de/queue/#1,1w Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on August 09, 2020, 04:21:55 AM Now, this weekend, on Sunday, as of writing, you can move your bitcoin at 2 satoshis/ byte, within next one block or two blocks (if you are very unlucky). There is only 0.24 MB in mempool for unconfirmed transactions with fee rates at 2+ satoshis/ byte.
I give you the link to 2-weeks chart to help who don't understand can see an overview in last 2 weeks and how mempool has been cleared recent days. It is amazing guys. FOMO or panic always bring loses to you, even in transaction fee. https://jochen-hoenicke.de/queue/#1,2w Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: joniboini on August 09, 2020, 07:05:55 AM You can also try your luck with 1 sats/vbyte right now. There's only around 4k unconfirmed transactions for now and if there's not a sudden spike in mempool the rest of that block should include your transactions.
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on August 09, 2020, 07:20:39 AM You can also try your luck with 1 sats/vbyte right now. There's only around 4k unconfirmed transactions for now and if there's not a sudden spike in mempool the rest of that block should include your transactions. I know. My previous advice is for people who still need kinda fast transaction but still want to make it with cheap fees. There is difference in real fees with fee rate at 1 or 2 sat/ (v)byte but if in a hurry, pay a little more is acceptable.Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Pmalek on August 09, 2020, 06:56:50 PM ...you can move your bitcoin at 2 satoshis/ byte, within next one block or two blocks (if you are very unlucky). There is only 0.24 MB in mempool for unconfirmed transactions with fee rates at 2+ satoshis/ byte. In that example where the mempool is only 0.24 MB, even a 1 sat/vbyte suffices. But I got your point that you want to make sure that the transaction gets confirmed in the next 1-2 blocks just in case there is a sudden spike. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: o_e_l_e_o on August 09, 2020, 07:11:56 PM In that example where the mempool is only 0.24 MB, even a 1 sat/vbyte suffices. You misunderstand. 12 hours ago when tranthidung made that post, there was around 10 MB of unconfirmed transactions with a fee rate of 1 sat/vbyte, but very little in the way of unconfirmed transactions which paid more than 1 sat/vbyte. A fee of 1 sat/vbyte would put you over 10 MB from the tip, whereas a fee of 2 sat/vbyte would have put you within 0.24 MB of the tip.Now, however, the mempool has completely emptied for the first time in almost a month. 1 sat/vbyte is currently getting you confirmed within a couple of blocks at most. The automatic fee algorithms on wallets are still going haywire though, and forcing some people to pay in excess of 200 or even 300 sats/vbyte. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on August 10, 2020, 02:09:29 PM ...you can move your bitcoin at 2 satoshis/ byte, within next one block or two blocks (if you are very unlucky). There is only 0.24 MB in mempool for unconfirmed transactions with fee rates at 2+ satoshis/ byte. In that example where the mempool is only 0.24 MB, even a 1 sat/vbyte suffices. But I got your point that you want to make sure that the transaction gets confirmed in the next 1-2 blocks just in case there is a sudden spike. o_e_l_e_o is right, I recommended 2 sat/ vbyte for people were in hurry and need their transaction get confirmation next one block. For the rest, they can use 1 sat/ vbyte fee and wait a little bit, see their luck, and so on. In reality, a few hours later, mempool was clear and 1 sat/vbyte transactions were all done, fastly than my expectation. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Stedsm on August 11, 2020, 10:08:23 PM What will happen when the network rate congests too badly though? I mean, I even sent a transaction with a fee of over 120 sats/vbyte but it got confirmed after 14 hours of long wait. Isn't that something weird? I mean, how can miners just relay high-fee blocks only and leave the lower ones and clog the network intentionally? Is it because the price spike of BTC? But that should rather trigger the fee to go down, no?
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: HCP on August 11, 2020, 10:34:44 PM What will happen when the network rate congests too badly though? I mean, I even sent a transaction with a fee of over 120 sats/vbyte but it got confirmed after 14 hours of long wait. Isn't that something weird? I mean, how can miners just relay high-fee blocks only and leave the lower ones and clog the network intentionally? Is it because the price spike of BTC? But that should rather trigger the fee to go down, no? Simple reason is because miners are not a charity and want to make money... and blocks have a finite amount of space... and miners have no real control over the time taken to find a valid block, due to the "luck" factor.It's basic "supply and demand". If the total size of "waiting" transactions >= max block size, then transactions with highest fee rates get priority... if new transactions are created at a rate higher than that at which transactions are being added into blocks, then the size of waiting transactions will easily outgrow the block size... and waits become longer. Then people start increasing the fee rates being paid and then those transactions with the lower fee rates get left behind as miners prioritise the higher fee rate transactions to maximise the returns from their mining. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on September 06, 2020, 09:56:49 AM It is the weekend, guys.
Check on https://jochen-hoenicke.de/queue/#1,24h, you can see that the total size of waiting transactions with fees at 2+ is at 2.85 MB, very close to 1 MB. You can get fast confirmation in next few (one or two) blocks with fees at 2 satoshis/ (v)byte. If you are not in hurry, I expect mempool will be cleared next few hours and transactions with fee at 1 satoshi/ (v)byte can be confirmed. Remember if you use fee at 1 satoshi/ (v)byte, you will have to see your luck, even when fee dips to this rate, it does not mean all transactions at this rate will be filled. You will have to wait for other chances, next days, or next weekend. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: ryap12 on September 06, 2020, 10:05:14 AM You can also try your luck with 1 sats/vbyte right now. There's only around 4k unconfirmed transactions for now and if there's not a sudden spike in mempool the rest of that block should include your transactions. What? Really 1 sat? Deym never tried that before.To OP and everyone who contributed, thanks for posting the analysis here. This is really helpful and always makes me "back-off" whenever I see the recommended transaction fees on weekdays. Maybe the reason behind why weekends have lower transaction fees are whales and most people are taking an off or away from their work. I should keep this in mind. The difference may be not that much but that will still save some sats. I really do not understand the entire details of the charts but I get the whole picture. How I wish Centralized Exchanges would decrease their Withdrawal fee too when the network is not busy. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: o_e_l_e_o on September 06, 2020, 04:53:40 PM How I wish Centralized Exchanges would decrease their Withdrawal fee too when the network is not busy. If only they bother upgrade their software to determine withdrawal fee based on current mempool or specific time :PHas anyone looked in to the fees big exchanges like Coinbase and Binance pay on their consolidation and withdrawal transactions? How much do they alter with the size of mempool? Obviously they charge the same flat fee all the time to their customers, but do they pay 1 sat/vbyte when they can and just pocket the rest as profit? Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Pffrt on September 06, 2020, 05:27:17 PM Has anyone looked in to the fees big exchanges like Coinbase and Binance pay on their consolidation and withdrawal transactions? How much do they alter with the size of mempool? Obviously they charge the same flat fee all the time to their customers, but do they pay 1 sat/vbyte when they can and just pocket the rest as profit? Binance and most other exchanges I have used charge 0.0005 BTC per BTC withdrawal regardless of the Bitcoin transaction fee. They never lower the amount when fee is cheap but I'm sure they will charge higher once tx fee get increased significantly.Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: logfiles on September 06, 2020, 06:57:56 PM If you are not in hurry, I expect mempool will be cleared next few hours and transactions with fee at 1 satoshi/ (v)byte can be confirmed. Remember if you use fee at 1 satoshi/ (v)byte, you will have to see your luck, even when fee dips to this rate, it does not mean all transactions at this rate will be filled. You will have to wait for other chances, next days, or next weekend. I did manage to make a bitcoin transfer at 1 sat/byte about some 4 hours back. I didn't even wait for more than 30 minutes. All i did was first check out how the mempool looked like.How I wish Centralized Exchanges would decrease their Withdrawal fee too when the network is not busy. Because Centralized exchanges also profit from your withdrawal fees indirectly. They charge you excess so that they can take 80% of what you paid to their wallets.Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on September 07, 2020, 01:34:39 AM Binance and most other exchanges I have used charge 0.0005 BTC per BTC withdrawal regardless of the Bitcoin transaction fee. They never lower the amount when fee is cheap but I'm sure they will charge higher once tx fee get increased significantly. As a service provider, it is reasonable for them to give their customers fast withdrawal with high fee, at least to make sure withdrawal transactions will be confirmed within next 1 to 6 blocks (ideally 1 to 3 blocks). As said repeatedly, mempool size changes fast and they have to take the most safely option for them -- but mempool does not change exponentially within minutes, it is so rare to see such situations.Platforms mostly use batch payments for their customers. I don't know you have noticed it before but the kind of batch payment results (partially) in Pending status for your withdrawal. They need to collect bunches of withdrawals and make them into a batch. When the batch (with list of withdrawals) is finished, the Pending status will be changed to Paid/ Finished. Of course, Pending contains other things (KYCs, strange IP detections, suspicious withdrawals, etc.) In Electrum wallet, they call it as bulk payment [1]. The documentation is for old version of the wallet. It is a shame why Electrum team have not yet updated their documentations for too long. :-\ [1] https://electrum.readthedocs.io/en/latest/faq.html#can-i-do-bulk-payments-with-electrum Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: o_e_l_e_o on September 07, 2020, 07:54:46 AM Binance and most other exchanges I have used charge 0.0005 BTC per BTC withdrawal regardless of the Bitcoin transaction fee. They never lower the amount when fee is cheap but I'm sure they will charge higher once tx fee get increased significantly. Yes, I'm aware of that. What I was asking was whether the fee they actually pay on their transactions in terms of sats/vbyte varies greatly depending on the mempool? Do they keep as profit a greater proportion of what their users during times of low blockchain activity?It is a shame why Electrum team have not yet updated their documentations for too long. :-\ Probably because they are busy building new versions of Electrum and implementing Lightning support. The docs are on GitHub, so anyone can contribute if they want to update them - https://github.com/spesmilo/electrum-docsTitle: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: logfiles on September 07, 2020, 12:22:58 PM As a service provider, it is reasonable for them to give their customers fast withdrawal with high fee, at least to make sure withdrawal transactions will be confirmed within next 1 to 6 blocks (ideally 1 to 3 blocks). As said repeatedly, mempool size changes fast and they have to take the most safely option for them -- but mempool does not change exponentially within minutes, it is so rare to see such situations. This is no excuse, I do withdraw from Bustadice and their withdrawal fee is dynamic. It literally changes every minute mimicking the changes in the mempool. The highest I have ever paid in Bitcoin fees for instant withdrawal is about 250 Bits (0.00025 BTC) and this was last month during weekdays when bitcoin fees are high. As for the other option of slow withdrawals (withdrawals are not instant but are processed in 24 hours) the fees are in the range of 40 bits (0.00004 BTC), sometimes even 10 bits. This is also dynamic.Most of the so-called big exchanges are just hiding behind the withdrawal fee thing to profit more. They will charge you 0.0005 BTC but you will see only 0.0002 BTC paid as fee in your transaction through a bitcoin block explorer. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Pffrt on September 07, 2020, 01:57:26 PM Do they keep as profit a greater proportion of what their users during times of low blockchain activity? They pay higher fees all the time as mentioned above by tranthidung to ensure that customers are getting faster confirmation. I never faced any late confirmation with Binance. Well, never checked how much they pay in term of current fee, I think they pay as per the recommendation for getting confirmation in the next block.Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: BrewMaster on September 07, 2020, 03:04:30 PM Do they keep as profit a greater proportion of what their users during times of low blockchain activity? They pay higher fees all the time as mentioned above by tranthidung to ensure that customers are getting faster confirmation. I never faced any late confirmation with Binance. Well, never checked how much they pay in term of current fee, I think they pay as per the recommendation for getting confirmation in the next block.i haven't checked Binance but most of the exchanges are already deducting a lot of fee from the users accounts (which is usually a fixed amount too) when they want to withdraw so they have to pay a higher fee to justify that unfair withdrawal fee while taking most of it as their own profit. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: jademaxsuy on September 09, 2020, 11:30:31 AM Mempool began to be cleared about 8 hours ago and now if you check on https://jochen-hoenicke.de/queue/#1,24h, you can see that the total size of all waiting transactions is at 0.75 MB, even less than 1 MB. You can get fast confirmation in next few (one or two) blocks with fees at 1 satoshis/ (v)byte. So, transaction fee is all about low traffic in bitcoin transfer or transactions. I never thought of this since I am really fan of altcoins but now I am starting to look forward on the best coin which is bitcoin. I downloaded already my bitcoin wallet through phone(mobile wallet). It is a chance to move your bitcoin at 1 satoshi/ (v)byte. The dump and very narrow price movements of bitcoin (last 2 days) give you such cheap fee, this time. Hurry up guys! It could be wiser to read details here about bitcoin and as I about to move some though it was only small amount then I think I need to be conscious on days or time when it will be a good time to transfer. As seen in the data made by OP shows that sunday is really a nice day to transfer bitcoins. However, if I am right to my conclusions base on the graph that OP's presentation that the Bars for every days of the week shows small gaps even in sunday. Meaning that it could still be possible to get high fees when doing transaction for sundays. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Bttzed03 on September 09, 2020, 04:01:36 PM ~ What mobile wallet did you download? Keep in mind that not all of them will allow you customize the fees. The informations provided in the OP will be more useful if you are not going to use custodial wallets. They calculate the fees for you and categorize them into "slow, normal, fast" but they are usually set at a higher rate. I downloaded already my bitcoin wallet through phone(mobile wallet). Non-custodial mobile wallets like Electrum and Mycelium allows you to set a fee. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: hulla on September 10, 2020, 11:32:02 AM So, transaction fee is all about low traffic in bitcoin transfer or transactions. I never thought of this since I am really fan of altcoins but now I am starting to look forward on the best coin which is bitcoin. I downloaded already my bitcoin wallet through phone(mobile wallet). Even if you are altcoins enthusiast, you can easily understand that when crypto market experience huge traffic after halving or not theres always increase in transaction fee.~ What mobile wallet did you download? Keep in mind that not all of them will allow you customize the fees. The informations provided in the OP will be more useful if you are not going to use custodial wallets. They calculate the fees for you and categorize them into "slow, normal, fast" but they are usually set at a higher rate. I downloaded already my bitcoin wallet through phone(mobile wallet). Non-custodial mobile wallets like Electrum and Mycelium allows you to set a fee. Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Watch this Grounded Download PC Game (https://hdpcgames.com/grounded-build-download-pc-game/) Your reply is off-topic. Please read the forum rules and regulations (https://bitcointalk.org/index.php?topic=1689727.0) or else your maybe ban.Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: bob123 on September 10, 2020, 11:44:18 AM ~snip~ Of course. It always depends on the amount of transactions waiting to get confirmed. It is just that usually there are less transactions on sunday, and therefore the mempool gets empty which means the transaction fees to get a fast confirmation decreases. You don't have to wait for sunday to transact. You can always broadcast your transaction with a fee of 1 sat/vB. It might even get confirmed faster. And if it doesn't, it usually will on sunday. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: logfiles on September 12, 2020, 04:02:58 PM Mempool has cleared right now members(Very few unconfirmed transactions in it). Time to move your bitcoins at 1 sat/byte if you can ;)
https://talkimg.com/images/2023/07/19/ZxNzC.png https://mempool.space/ https://talkimg.com/images/2023/07/19/ZxEcb.png https://jochen-hoenicke.de/queue/#1,2h Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on September 26, 2020, 05:19:38 AM It's the weekend and today is Saturday!
Mempool was cleared about 5 hours ago and now if you check on https://jochen-hoenicke.de/queue/#1,24h, you can see that the total size of waiting transactions with 2 satoshis+ in fee rate is at 0.29 MB, even less than 1 MB. You can get fast confirmation in next one or two blocks with fees at 2 satoshis/ (v)byte. Tomorrow, Sunday, I expect to see the mempool will be clearer and you will have chances to move your bitcoin at 1 satoshi/ (v)byte. Hurry up guys! For transaction counts over different hourframes, today I run with data again and once again, statistics show there are some hour-frames have less transactions than the other hour-frames. It means even in the weekends, there are some hour-frames you usually have cheaper fees.
See details below Code: +--------------------------------------------------------------------------+ Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: MrFreeDragon on October 11, 2020, 12:46:06 PM -snip- Hurry up guys! For not urgent transaction (like collecting several inputs into one) you can easily post your transaction with 1sat/byte and wait... usually within a week the transaction is confirmed. Is this possible way for dealing with not urgent transactions? Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 11, 2020, 12:55:55 PM For not urgent transaction (like collecting several inputs into one) you can easily post your transaction with 1sat/byte and wait... usually within a week the transaction is confirmed. Is this possible way for dealing with not urgent transactions? Hours ago:If you are in emergency and need urgent transaction, you need to choose a fee rate with total size of waiting transactions are less than 1 MB. In my previous post (hours ago), you can make urgent transaction even at 1 satoshi/ (v)byte. It will be confirmed in next one block or if you are not lucky enough (because mempool suddenly rises a little), you will have to wait for 2 or 3 blocks later. To make sure you will get first confirmation next 1 block, you can choose 2 satoshi/ (v)byte. Now: Look at mempool, in order to get confirmations next 1 block, you should choose fee rate at 3 or 5 satoshi/ (v)byte. It is only to make sure you can be able to avoid sudden increases in mempool size. For me, I will set up my fee rate at 1 and wait for next few hours. I bet it will be confirmed. :P Check it at https://jochen-hoenicke.de/queue/#1,2h (for 2-hour window). You can choose narrow or wide window at top right corner of that site. https://i.imgur.com/JCDdjev.png Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: joniboini on October 11, 2020, 01:09:11 PM Is this possible way for dealing with not urgent transactions? Obviously. 1 sat/vbyte is the "cheapest fee" you can choose. Whether you want to consolidate your inputs, or sweep your funds into another wallet, or other kind of transactions that you believe are not urgent and you can wait for weeks, 1 sat/vbyte regardless of the mempool condition is a good choice. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: MrFreeDragon on October 11, 2020, 08:17:20 PM Is this possible way for dealing with not urgent transactions? Obviously. 1 sat/vbyte is the "cheapest fee" you can choose. Whether you want to consolidate your inputs, or sweep your funds into another wallet, or other kind of transactions that you believe are not urgent and you can wait for weeks, 1 sat/vbyte regardless of the mempool condition is a good choice. Yes, for legacy addresses the smallest possible fee is 1 sat/vbyte, for segwit addresses it is appox. 0.7 sat/vbyte, for bech32 addresses even less Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 12, 2020, 05:13:21 AM Yes, for legacy addresses the smallest possible fee is 1 sat/vbyte, for segwit addresses it is appox. 0.7 sat/vbyte, for bech32 addresses even less bench32 addresses are Segwit addresses. I guess you misunderstood bench32 addresses.With Segwit address, your transaction fee will be calculated from total virtual size virtual size = total weight units/ 4 Total weight unit = bytes (of witness data) * 1 + bytes (of non-witness data)*4
The fee rate is in satoshis/ virtual byte. If you are able to reduce your transaction size, your transaction fee will be reduced. It is why Segwit address can help you. If you use fee estimations in wallets, you need to choose mempool rather than ETA. ETA usually gives you over-high fee rate because it uses the estimated blocks to have confirmation for your transactions. Mempool option is better because wallet will use mempool size to estimate fee rate for you. 1 Block has size ~ 1MB. Mempool size changes quickly and look at mempool size can help you to avoid over-use of high fee than needed. See Techniques to reduce transaction fees (https://en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees) Quote Patient spending You can compare their figures for difference between fees in Sunday and Friday and compares with mine. I gonna give you update on this soon.Very useful for non-urgent transactions. Not useful for urgent transactions Spenders who can patiently wait for their transactions to confirm can take advantage of variations in the feerate necessary to achive confirmation. For example, sometimes several Bitcoin blocks are produced in quick succession, raising the effective supply of block space by several multiples; other times, demand drops off, such as fees on Sunday being on average 20% lower than fees on Friday in Q4 2017. Looking at data from the widely-used fee estimator included in Bitcoin Core, we can see fee savings of 90% or more possible, with around 50% being easily obtainable by many patient spenders. The chart and corresponding table shows that if you are patient enough to wait for up to 6 hours, you can get up to 55% saving in fee.[/list] Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: nc50lc on October 12, 2020, 05:59:51 AM Is this possible way for dealing with not urgent transactions? Obviously. 1 sat/vbyte is the "cheapest fee" you can choose. Whether you want to consolidate your inputs, or sweep your funds into another wallet, or other kind of transactions that you believe are not urgent and you can wait for weeks, 1 sat/vbyte regardless of the mempool condition is a good choice. Yes, for legacy addresses the smallest possible fee is 1 sat/vbyte, for segwit addresses it is appox. 0.7 sat/vByte, for bech32 addresses even less It will only show as ±0.7sat/Byte if it's based from the raw bytes like what blockchain.com's explorer or wallet/clients that don't support SegWit are displaying. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: o_e_l_e_o on October 12, 2020, 10:46:27 AM 1 Block has size ~ 1MB. Again, we need to make a distinction here between megabytes and virtual megabytes. A block will be 1 megabyte in virtual size, but can be up to 4 megabytes in physical size.If you use Jochen Hoenicke's graph, for example, then each block will take a maximum of 1 megabyte of transactions off the graph since the transaction sizes are displayed in virtual bytes. On the other hand, if you use a site like https://mempool.space, blocks are displayed with their physical size, which is almost always greater than 1 megabyte unless the mempool is empty. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 25, 2020, 03:09:12 AM It's the weekend and today is Sunday!
Mempool was cleared since yesterday after stacked up recent days. As of writing at 3:04 AM UTC, you can instantly move BTC at 3 satoshi/(v)byte. If you check on https://jochen-hoenicke.de/queue/#1,24h, you can see that the total size of waiting transactions for fee rates from 3+ satoshi/(v)byte is at 0.257 MB (< 1 MB). Therefore, you can get first confirmation within next 1 block with fees at 3 satoshis/ (v)byte. I am expecting lower fee rate -- from 1 to 2 satoshi/ (v)byte -- because on Sunday institutional effects usually become smaller and fee can be cheaper. I believe that you can have chances to move your bitcoin at 2 satoshi/ (v)byte later today! For the rate at 1 satoshi/ (v)byte, you need to have luck. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Pmalek on October 25, 2020, 10:01:52 AM For the rate at 1 satoshi/ (v)byte, you need to have luck. We are now somewhere in between 2-3 Sat/vByte. Looks like in the last 8 hours, it wasn't the perfect time for 1 Sat/vByte transactions. There are constantly 15-20MB of unconfirmed 1 Sat/vByte transactions in the mempool. It looks like 2 Sats is the goal for today. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 25, 2020, 11:08:44 AM We are now somewhere in between 2-3 Sat/vByte. Looks like in the last 8 hours, it wasn't the perfect time for 1 Sat/vByte transactions. There are constantly 15-20MB of unconfirmed 1 Sat/vByte transactions in the mempool. It looks like 2 Sats is the goal for today. Currently, it is a matter of 2 fee rates: 1 and 2 satoshi(s)/ (v)byte. If Bitcoin price won't have big changes and won't cause panic, I expect to see mempool will be dipped to 1 satoshi/ (v)byte today, in next few hours. The matter is will mempool be completely cleared? Maybe or maybe not, I don't know (it is a game of luck).https://jochen-hoenicke.de/queue/#1,8h Update for 26 Oct 2020, 3:47 AM UTC. Mempool is clearer and you can get instant transaction within next 1 block at 2 satoshis/ (v)byte. I am expecting to see mempool will completely cleared for all current waiting transactions at 1 satoshi/(v)byte around next 2 hours. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 30, 2020, 12:34:13 PM It is a bump! (for the coming weekend)
I hope that newbies who don't understand how bitcoin transactions are confirmed and how mempool changes will take this bull run of bitcoin price and transaction fee to learn. It is a valuable live course and it does not happen too regularly. Read OP and a few posts in this thread as well as the quoted post, then observe mempool to see how it goes next few days or even up to 2 weeks. In the last 30 days, there are 3 periods in which mempool size exceeds 50 MB (first in early days of October, second around 21 October at 53 MB -- the purple arrow, and the third is now with 62 MB in mempool. In percent, there is an increase of 17% in mempool size compares to what it was on 21 October 2020. After that day, mempool was dipped and almost clear. I am not over pessimistic but nothing is too bad like a catastrophe here and now. :D
https://jochen-hoenicke.de/queue/#1,30d Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on October 31, 2020, 08:53:47 AM Another reason why fee is cheaper in weekends is block size is smaller in weekend days. Data and box plots for all time (2009 - 29 Oct 2020) or since 2017 so far show that fact.
So to sum up, on the weekends, bitcoin network usually has:
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on November 01, 2020, 06:18:05 AM Today is Sunday and here you go with cheaper fee rates! Mempool is clearer and I expect to see it will be clear to the fee rate at 10 satoshi/(v)byte in next 12 hours.
I give you the mixed plot with different statistics for block size (daily with median, p25, p75), transaction count (median), difficulty, and fee per kB (median). You can see the transaction count (figrue on plot *1000 as a multiplier) gradually falls back and remember that the next round of difficulty adjustment to come very soon (within next 2 days). 228 more blocks and difficulty will be adjusted. Latest difficulty adjustment is on block #653183 and the latest found block is #654971. If you check the mempool condition last 6 month (https://jochen-hoenicke.de/queue/#1,6m), current mempool is not the worst. The worse thing is more people set up or accept higher fees for their transactions. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on November 03, 2020, 03:03:28 PM You can see the transaction count (figrue on plot *1000 as a multiplier) gradually falls back and remember that the next round of difficulty adjustment to come very soon (within next 2 days). 228 more blocks and difficulty will be adjusted. Latest difficulty adjustment is on block #653183 and the latest found block is #654971. Difficulty
The network difficulty was adjusted ~ 7 hours ago with the fall of -16.04992% in difficulty between block 655199 and 655200. It is a big adjustment. The second biggest decreasing adjustment in history of bitcoin network. The biggest one is 9 years ago (in 2011) between 2 following blocks and percent of decreasing adjustment is -18.03. Impressive for today adjustment.
What to expect next few days?
I will update this plot with date for today and its big adjustment later. If you are interested in with the sneak peak here, please check The history of Bitcoin difficulty adjustment (in percent) (https://bitcointalk.org/index.php?topic=5286453.0) Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: bob123 on November 03, 2020, 03:21:20 PM What to expect next few days?
Can you lend me your crystal ball? ;D I don't really get how you can make conclusions about the $-value of BTC by looking at the difficulty. There might be some correlation, but you can't really derive the future price action by looking at a (relatively normal) difficulty correction. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on November 03, 2020, 03:29:05 PM What to expect next few days?
Can you lend me your crystal ball? ;D I don't really get how you can make conclusions about the $-value of BTC by looking at the difficulty. There might be some correlation, but you can't really derive the future price action by looking at a (relatively normal) difficulty correction. I probably chose a bad word (expect). It should be wish or hope (maybe). Just my incompetence in English. :) Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: darkv0rt3x on November 15, 2020, 12:06:26 PM I have a suggestion for your (OP's) plots.
Maybe for people already familiarized with the stats and values and terminology, it is not a problem, but for me, it would be extremely handy to have a brief description of each axis values meaning. I mean, on those plots where that can be applied. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on November 20, 2020, 09:21:28 AM Maybe for people already familiarized with the stats and values and terminology, it is not a problem, but for me, it would be extremely handy to have a brief description of each axis values meaning. I mean, on those plots where that can be applied. I will include variable notes and might (or might not) include label variables for yaxis. With some plots, the plot titles are enough and there is no need to mess up plots with y labels.Weekend to come soon and I have very good news for you! Mempool was cleared 3 hours ago now its total size is 5.1 MB. The climb of bitcoin recent hours put some hurry people use high fee but I won't think it will last long (based on the weekend effects) and very low transaction counts in the last 2 weeks. Check it there: https://jochen-hoenicke.de/queue/#1,2w Mempool even was cleared on some non-weekend days, almost clear at least once for every day. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fentanyl08 on December 12, 2020, 02:18:07 AM My transaction is stuck since last 12 hours even though I sent at 17 sat/byte fee. https://www.blockchain.com/btc/tx/4fbf4240b65fe6c371a0eaf615aa0caaae95245c1c4e5b35d83d4a66da47c984
Edit: It just got through. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 13, 2020, 04:46:57 AM It's weekend and today is Sunday that usually gives you opportunities to move your bitcoin at lower fee rate.
There is less than 2.6 MB in mempool (https://jochen-hoenicke.de/queue/#1,24h) and you have probability to get confirmation for your transaction within next 3 to 6 block with fee rate at 1 sat/vbyte. To make sure if you are in hurry, you can choose the fee rate at 2 - 3 sat/vbyte. If you are not in a hurry, there is chances for 1 sat/vbyte. In the next days till the end of December, you will probably see wild movements of bitcoin so make sure to take advantage of low fee rates today. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Findingnemo on December 13, 2020, 06:51:52 PM It's weekend and today is Sunday that usually gives you opportunities to move your bitcoin at lower fee rate. For anyone who wants to know the real time recommended fee can use this site : https://mempool.space/which gets updated in real time and also I am personally using this in the recent times to find exact recommended fee which is mostly inaccurate on lot of reputed fee calculating websites. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 14, 2020, 12:32:24 PM For anyone who wants to know the real time recommended fee can use this site : https://mempool.space/ I would like to recommend jochen-hoenicke.de (https://jochen-hoenicke.de/queue/#1,24h) that I mentioned here many times. With that site, you can have three different chats for Mempool: Unconfirmed transaction counts, Pending transaction fee in BTC, Mempool size in MB.which gets updated in real time and also I am personally using this in the recent times to find exact recommended fee which is mostly inaccurate on lot of reputed fee calculating websites. Honestly, I usually check the third chart at bottom (Mempool size in MB) but there is more convenience if you want to get more details with 2 other charts. Another plus point of that site compares to mempool.space is the color scheme used for fee rate bands are very well-designed. It ranges from cold colors (represent low fee rates) to hot colors (represent high fee rates). The color schemed for rate bands on mempool.space is weird and I am not like it. It is mixed from hot (at low fee rate), to cold (average fee rate) and back to hot (high fee rate). Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Findingnemo on December 17, 2020, 06:04:18 PM For anyone who wants to know the real time recommended fee can use this site : https://mempool.space/ I would like to recommend jochen-hoenicke.de (https://jochen-hoenicke.de/queue/#1,24h) that I mentioned here many times. With that site, you can have three different chats for Mempool: Unconfirmed transaction counts, Pending transaction fee in BTC, Mempool size in MB.which gets updated in real time and also I am personally using this in the recent times to find exact recommended fee which is mostly inaccurate on lot of reputed fee calculating websites. Honestly, I usually check the third chart at bottom (Mempool size in MB) but there is more convenience if you want to get more details with 2 other charts. Another plus point of that site compares to mempool.space is the color scheme used for fee rate bands are very well-designed. It ranges from cold colors (represent low fee rates) to hot colors (represent high fee rates). The color schemed for rate bands on mempool.space is weird and I am not like it. It is mixed from hot (at low fee rate), to cold (average fee rate) and back to hot (high fee rate). Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 17, 2020, 06:36:57 PM Of course from the site you mentioned we can get clear insight of Mempool however for a normal joe it maybe hard for to understand when they visit from smaller screen devices that is why I mentioned some good alternative which atleast shows up high, medium, low priority required fee with block sizes and fees so it maybe allow us to choose the right fee even when we are not in front of our PC. As a crypto investor, a computer is a must equipment with which you will have a better screen than mobile.If you only use mobile (Android), an alternative is Electrum wallet. You can get the fee rate from mempool with fee estimation (click on Send, tap on the Star icon). There are 3 options for the fee estimation: ETA, Mempool and Static. You have to choose Mempool. Then, scroll the bar to change target from 0.1 MB from tip to 10 MB from tip and which each level, you will see a different fee rate (sat/byte). From a few times I observe it, it gives correct fee rate (you can double check with jochen-hoenick.de site. If you are cautious of loss if you store your bitcoin on mobile, simply create a test wallet and don't store any bitcoin inside. Use the test wallet to get fee rates. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Findingnemo on December 17, 2020, 07:38:03 PM As a crypto investor, a computer is a must equipment with which you will have a better screen than mobile. A pc or laptop is must required equipment for sure when they want to become a crypto investor but we can't expect everyone to hold on such device where every they go. There are people who always in travel so they keep in touch with their smartphone for most of their crypto related works.If you only use mobile (Android), an alternative is Electrum wallet. You can get the fee rate from mempool with fee estimation (click on Send, tap on the Star icon). There are 3 options for the fee estimation: ETA, Mempool and Static. You have to choose Mempool. Then, scroll the bar to change target from 0.1 MB from tip to 10 MB from tip and which each level, you will see a different fee rate (sat/byte). From a few times I observe it, it gives correct fee rate (you can double check with jochen-hoenick.de site. If you are cautious of loss if you store your bitcoin on mobile, simply create a test wallet and don't store any bitcoin inside. Use the test wallet to get fee rates. Electrum is good wallet to find and set the required fee with many features as you stated but they are not accurate all the times which I experienced it personally. Many times I end up paying more fee than what is actually needed for my transaction to get included in the next block that is why I moved to mempool analyzer even when making transactions from my smartphone as well. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 18, 2020, 03:20:16 AM A pc or laptop is must required equipment for sure when they want to become a crypto investor but we can't expect everyone to hold on such device where every they go. There are people who always in travel so they keep in touch with their smartphone for most of their crypto related works. True.Quote Electrum is good wallet to find and set the required fee with many features as you stated but they are not accurate all the times which I experienced it personally. Many times I end up paying more fee than what is actually needed for my transaction to get included in the next block that is why I moved to mempool analyzer even when making transactions from my smartphone as well. I don't know what caused your problem with inaccuracy from fee rate estimate in Electrum (wallet for Android). As I emphasized, make sure you choose the Mempool option for your mobile wallet. Default, the wallet is use ETA for fee estimation that often gives you over killing fee. Is it the option you have on your mobile wallet?Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fentanyl08 on December 18, 2020, 03:23:00 AM My transaction https://www.blockchain.com/btc/tx/d19e3452d7695d49eaf4aeae3bb65c7412770ee6b1ffdf583d21fb8d541b7da7 is stuck since 2 days even though I sent with 17 sat/byte fee ::) ::)
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 18, 2020, 03:30:40 AM My transaction ...... is stuck since 2 days even though I sent with 17 sat/byte fee ::) ::) It will be stucked for a while. As of writing, from the tip of mempool to the fee rate you used, total size is about 51 MB (https://jochen-hoenicke.de/queue/#1,24h). If you are lucky, that transaction will be confirmed in the coming weekend. If you are unlucky, you will have to wait till the next weekend. The second scenario is what I guess you will have.
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Findingnemo on December 18, 2020, 06:59:41 AM I don't know what caused your problem with inaccuracy from fee rate estimate in Electrum (wallet for Android). As I emphasized, make sure you choose the Mempool option for your mobile wallet. Default, the wallet is use ETA for fee estimation that often gives you over killing fee. Is it the option you have on your mobile wallet? Yes I had been using the default one which is ETA, is the only thing giving inaccurate calculation? But I am not sure about it.Since when I found they are giving over killing fee, I moved to the website which I mentioned and it is easier for me to set the required fee using static feature which is the second one after ETA guess. Mostly I won't make any transaction when the network is congested so static works fine for me. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 18, 2020, 07:08:41 AM Yes I had been using the default one which is ETA, is the only thing giving inaccurate calculation? But I am not sure about it. It is your problem, as said.Since when I found they are giving over killing fee, I moved to the website which I mentioned and it is easier for me to set the required fee using static feature which is the second one after ETA guess. Mostly I won't make any transaction when the network is congested so static works fine for me. ETA method gives you the estimate fee that your transaction will probably be confirmed within X blocks. Default, X is 5 blocks. You can change the X parameter by slip the bar through 5 values: 25, 10, 5, 2, and 1 block(s). If you look at the mempool with https://jochen-hoenicke.de/queue/#1,24h or see screenshot above. When mempool is flat between fee rates, ETA will give you over killing fee. It gives you acceptable fee rate if mempool is stucked. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Findingnemo on December 18, 2020, 09:09:04 PM ^Yup, using ETA was the problem I guess so fellas can use Mempool option and move the bar to your desired state. Maybe we can see Mempool size getting decrease a bit so this weekend maybe the best time for anyone to move funds because again the coming monday we can see huge traffic in the mempool again either if there is surge or dump in bitcoin's price
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fentanyl08 on December 19, 2020, 04:08:10 AM My transaction ...... is stuck since 2 days even though I sent with 17 sat/byte fee ::) ::) It will be stucked for a while. As of writing, from the tip of mempool to the fee rate you used, total size is about 51 MB (https://jochen-hoenicke.de/queue/#1,24h). If you are lucky, that transaction will be confirmed in the coming weekend. If you are unlucky, you will have to wait till the next weekend. The second scenario is what I guess you will have.
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: ranochigo on December 19, 2020, 06:12:22 AM Thanks for detailed response. Now the size for my fee rate is 24 MB. Is there a chance it would be confirmed this weekend? It has decreased to about 15MB right now. If the mempool continues to clear at this rate [1], your transaction has a fairly decent chance of confirming within a few days. That is, unless the price of Bitcoin changes drastically and more people starts to sell again. [1] https://jochen-hoenicke.de/queue/#0,24h Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fentanyl08 on December 20, 2020, 03:13:16 AM Thanks for detailed response. Now the size for my fee rate is 24 MB. Is there a chance it would be confirmed this weekend? It has decreased to about 15MB right now. If the mempool continues to clear at this rate [1], your transaction has a fairly decent chance of confirming within a few days. That is, unless the price of Bitcoin changes drastically and more people starts to sell again. [1] https://jochen-hoenicke.de/queue/#0,24h Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 20, 2020, 03:20:43 AM It was finally confirmed. For future reference, how much size is safe to get transaction confirmed within a few hours? No one can give you an exact answers for all situations. it depends on mempool conditions that changes very fastly.Check mempool condition there: jochen-hoenicke.de (https://jochen-hoenicke.de/queue/#1,8h) One hour means about 6 blocks and with that third chart, one block takes 1 MB (maximum from tip of the mempool). So one waiting hour will be roughtly 6 MB from tip of the mempool. It is applied for constant condition of the mempool. In reality, it is changing and what you can get is an estimation only. As said, because of uncertainty of mempool, you always have to prepare for bad situations by turn on the RBF -- Replace-by-Fee for your transactions. As of writing, 10:20 PM UTC time, 6 MB from tip of the mempool will be for the rate of 5 sat/ byte but not all waiting transactions at 5 sat/ vbyte will be confirmed all after next 6 blocks (even if mempool stays flat next one hour). Total size of waiting transactions with 5+ sat / vbyte is 8.615 MB. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on December 26, 2020, 05:09:09 AM Weekend and also holidays. You have chances to enjoy lower fees.
As of writing, you can get a confirmation in next 1 block if you use a fee rate at 3 satoshi/ (v)byte for your transaction. Total size of mempool from the tip to 3 sat/ (v)byte is less than 1 MB. If you are not in a hurry, wait for a few hours till around next 24 hours (or a bit longer), I think your transactions will get confirmations even at the fee rate of 1 sat/(v)byte. Check the mempool at https://jochen-hoenicke.de/queue/#1,24h Happy holidays, everyone! Edit for this small analysis. I played with the data set today and I can confirm it.
Raw data Code: +-----------------------+ This part is for hourly fee, but for all days in this year. Code: Summary for variables: feeperkb Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on January 15, 2021, 12:20:12 PM Today, I give you the update for difference between weekly median of transaction fee and the daily median of intraday transactions. For the daily median, I run it for days of week: Monday - Sunday. Then, I calculate the difference (in percent). All results below are for difference (%) This new analytical method excludes the short- or mid-term effects of bitcoin rises / falls that in turn potentially increase bitcoin transaction fees within a few days, few weeks. Box plot
Bar chart
I did not (but I might) censor data set to recent years as I believe results will be almost the same. You can combine this update with the hourly analysis above and make weekly, hourly plans for your bitcoin transactions. Raw results Code: Summary for variables: diff_pc Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: fentanyl08 on February 11, 2021, 05:26:55 PM Network is so congested right now 80 sat/byte + fees. How long till it gets back to normal???
Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: jnano on June 09, 2021, 02:55:01 PM When choosing the non-default BTC mempool on Johoe's site, the hover table strangely shows a wrong "total".
Though not a big deal. Just need to mind instead the "1+" line above it. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: ranochigo on June 09, 2021, 03:25:58 PM When choosing the non-default BTC mempool on Johoe's site, the hover table strangely shows a wrong "total". Non-default mempool doesn't strictly enforce standardness in terms of the minimum mempool fees, the disparity arises with the fact that the graph doesn't show transactions that pays a fee of 0 - 1 satoshi. Since default implementation enforces 1+sat/vbyte, there is no disparity in the total. It doesn't matter because the default puts it at 1 sat/vbyte and is also what most miners enforce as well.Though not a big deal. Just need to mind instead the "1+" line above it. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: jnano on June 09, 2021, 11:07:09 PM If that's the case it should show also the 0+ stats line. As it is, the numbers just look wrong.
A few months back, before the redesign, it looked correct. How do you know, by the way? Did check the source code? Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: nc50lc on June 11, 2021, 03:26:52 AM If that's the case it should show also the 0+ stats line. As it is, the numbers just look wrong. I noticed that too.A few months back, before the redesign, it looked correct. -snip- With the updated version, when you try to force the minimum to 0, you'll see that there are a lot of accumulating <1sat/B transaction in his mempool: jochen-hoenicke.de/queue/#BTC,3m,weight,0 (https://jochen-hoenicke.de/queue/#BTC,3m,weight,0) But based from this: /jhoenicke/mempool/blob/master/web/queue/mempool.js (https://github.com/jhoenicke/mempool/blob/master/web/queue/mempool.js#L46-L48) He's using the default mempool setting so there shouldn't be any <1sat/B txn in his mempool, it must be a bug in the site or server. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: jnano on June 11, 2021, 11:05:49 AM Cool, didn't know about the minimum parameter.
Though, even with that enabled the total is wrong. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: nc50lc on June 12, 2021, 03:20:30 AM -snip- I think I get where your confusion with the total is.Though, even with that enabled the total is wrong. In "Johoe's Bitcoin Mempool Statistics", the numbers you see in each fee rate range is already the total of the ones on top of each range. So for example, the value in "1+" is the total size of all transactions from 1~2000+ in the graph. What's been weird in the site since the update is the seemingly stuck <1sat/vB transactions when you enable to 0+ minimum flag. But we're getting out of topic, you can start a new thread if you want to continue the discussion about that specific mempool statistic site. Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: tranthidung on July 04, 2021, 03:11:26 PM It's Sunday, around 15 UTC and you have chances to enjoy very low fees.
As of writing, you can get a confirmation in next 1 block if you use a fee rate at 2 to 3 satoshi/ (v)byte for your transaction. Total size of mempool from the tip to 2 sat/ (v)byte is less than 0.77 vMB. Check the mempool at https://jochen-hoenicke.de/queue/#1,24h Title: Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC Post by: Pmalek on July 05, 2021, 08:44:25 AM The situation looks even better this morning. At the moment I am writing this post, there are less than 500 unconfirmed transactions according to what https://mempool.space/ is showing. A 1 sat/vByte is all that is needed today. I hope this lasts.
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