Bitcoin Forum

Every 10 minutes on average. Sometimes the block time is a few seconds, sometimes it is over an hour. You cannot assume a block comes every 10 minutes when considering a fee.

This is the wrong graph to use. This graph shows the number of transactions, but blocks don't include a maximum number of transactions; they include a maximum combined weight (or size) of transactions. A block could contain 1 transaction which is 4 vMB, or it could contain 10,000 transactions of 400 vMB each. If you choose a fee which puts you 50 transactions from the tip of the mempool, you have no idea if those 50 transactions represent 50,000 sats which means you will get confirmed in the next block, or if those 50 transactions represent 50 vMB which means it will be days until you get confirmed.

The graph you want is this one: https://jochen-hoenicke.de/queue/#BTC,2h,weight. It shows the mempool in terms of weight/size. Each block will take a maximum of 1 MB off the top of that graph.

You can also try this site, https://mempool.space, you can track the transactions that miners can include into the next block by also using the site. The site you posted above is also highly recommended on this forum for checking the mempool, it is even most preferable by experienced users.

Not necessarily every 10 minutes, it can be a minute, it can be 2 minutes, it can be less than 10 minutes, it can even be more than 10 minutes, but it is calculated to be 10 minutes on average.

There is still need for someone to study about mempool fluctuations very well before he or she will be able to make more use of low fee. Like on weekends and mostly on Sundays, the mempool are usually less congested than the weekdays, in which low fee will be required. Also, if someone can wait and not in haste during weekdays, there are certain low fee that can be paid, I did use 11 sat/vbyte while sending from segwit address to segwit address, and this usually get confirmed during weekdays but it can take hours, 1 or two days before getting confirmed.

You need to also comment on the use of segwit addresses which can result to 42% to 52% fee reduction and result to faster transaction time of the same fee if compared to legacy.

Imo, mempool.space, mentioned by Charles-Tim is far better and more user friendly. It shows the fee rate you need to pay for a low/medium/high priority transaction directly without having to analyse the chart. Also, and if my memory serves me right, there have been times when jochen-hoenicke.de showed wrong fee estimations (higher than what is actually needed). thank you o_e_l_e_o for correcting me :) -> read post below.

Finding a block doesn't necessary mean the network will become less congested. It also depends on the number of newly broadcast transactions.

But maybe I want to analyze the chart. :P

In all seriousness though, as much as mempool.space is great for newbies, casual users, or anyone looking for a quick and reasonable fee estimation, you cannot get as much information from its charts as you can from Jochen's. Any time I want to accurately place my transaction somewhere in the mempool, then Jochen's site is a must. However, mempool.space does have the most accurate and reasonable fee estimations of any site I've seen.

Jochen's site doesn't show fee estimations at all. It simply shows the data from his node in a graph. It's up to the user what they do with that info.

This has been the same feeling that I've been having for a while. mempool.space caters perfectly to people that just "arrived" at this world and are looking for ways to better understand their knowledge about mempool, transactions fees, current block mining, etc. The intuitive UI and the way they show you the information really makes it easy for someone that isn't that deep into this world understand what's going on - it's my go to website whenever a family member or a friend asks about where he can see/learn more about mempool and related themes.

But I also have the same feeling as does o_e_l_e_o - I find myself using more Jochen's site than mempool.space - but in the end it's nice to have two distinct websites that although show similar information, the way that they present it caters different niche users - and that's fine by me.

That's a good point but I'd argue that the newcomers should first choose a decent wallet and stick to that for fee estimation instead of using any third party webtool. Usually when we seek such tools we want more advanced options such as the visualization of the mempool's history that Johoe's site provides or the current state that mempool.space shows.

It's very likely going to be improved in the next update. A new chart library is supposed to be implemented (https://github.com/mempool/mempool/issues/94).

I think the problem with that is that almost every wallet and website suggests inappropriate fees, especially those which you see newbies talking about the most, such as blockchain.com or bitcoinfees.earn. The only two fee algorithms I put any faith in are coinb.in and mempool.space. Even great wallets such as Electrum often result in newbies overspending on fees since they don't understand the ETA/mempool/static options.

Oh cool. All they need to do now is add the search features for blocks, transactions, and outputs which blockchair ruined on their recent update, and they'll be the perfect explorer.

I also agree with that viewpoint - things is that the website is so clean and easy to read that I can't bring myself to let people that I know about it, if not to just entice them to ask me about particular data / information that it's shown in there.

Music to my eyes ! Really looking forward to it, as long as it's functional the interface can stay the same :)

And even mempool.space suffers sometimes...

https://talkimg.com/images/2023/11/14/zF8vd.png


There is less than 1 block of transactions available to be mined... and it's recommending 6 sats/vbyte for a high priority... :P I assume that is simply because the "high priority" value aims to be in within 0.x meg of the tip at all times etc

Still, it goes to show that any "fee estimation" is exactly that... an estimation. ;)

Can u send link of this please

Right there in his post - https://mempool.space/