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Author Topic: Bitfury confirming very low fee transactions?  (Read 615 times)
wetsuit
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May 18, 2017, 10:23:59 AM
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Something strange I noticed today. I had sent a transaction with a 10,000 satoshi/KB fee a while ago to consolidate many small inputs (https://www.blocktrail.com/BTC/tx/6c3dca0b37f69a154b7bd61a5c9b2613c3777e37c565d4801460f26d28158c3f). With the transaction fees being as high as they are currently, I wasn't expecting it to confirm anytime soon. However, to my surprise it was confirmed today by Bitfury even though the current transaction fees haven't been lower than 200,000/KB for a while now.

I am not complaining but I wonder if Bitfury (and maybe some other miners too) are confirming low fee transactions to fill up their blocks (so that nothing looks suspicious) while letting high fee transactions accumulate in the mempool and thus raising the fee estimates higher?

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May 26, 2017, 12:22:39 AM
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Something strange I noticed today. I had sent a transaction with a 10,000 satoshi/KB fee a while ago to consolidate many small inputs (https://www.blocktrail.com/BTC/tx/6c3dca0b37f69a154b7bd61a5c9b2613c3777e37c565d4801460f26d28158c3f). With the transaction fees being as high as they are currently, I wasn't expecting it to confirm anytime soon. However, to my surprise it was confirmed today by Bitfury even though the current transaction fees haven't been lower than 200,000/KB for a while now.

I am not complaining but I wonder if Bitfury (and maybe some other miners too) are confirming low fee transactions to fill up their blocks (so that nothing looks suspicious) while letting high fee transactions accumulate in the mempool and thus raising the fee estimates higher?

I suppose you could refuse all fees over 20,0001 satoshi /KB

but the bottom line is the network can do about 600,000 transactions on a 144 block day

so why not take higher fees rather then lower fees.

https://blockchain.info/charts/n-transactions

we are over 350,000 transactions per day

the reason we don't do  the 600,000 max is every transaction would need to be around 227bytes

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I mine alt coins with https://simplemining.net I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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May 27, 2017, 12:59:57 AM
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Interesting stat here.

https://blockchain.info/stats

 Percent of income from transaction fees = 19%

 Looks like the "when the block reward runs out" issue some folks worry about is ALREADY getting eliminated pretty quickly.



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