[Sep 2024] Fees are low, think about Consolidating your small inputs @1.9 sat/vb

[un_rank]

...I just hope it stays in the range of 3-5 sats/vbyte.

You jinxed it, now we are over 1,000 sats/vbyte and it is a ridiculous jump, was under 4 sats just a few hours ago.

I read it is due to some staking going on in Babylonlabs, can anyone confirm this and how long it is expected to last for?

- Jay -

[LoyceV]

You jinxed it, now we are over 1,000 sats/vbyte and it is a ridiculous jump, was under 4 sats just a few hours ago.

Madness! Spam transactions like this one bump the fee every 3 minutes, from 330 to 529 to 837 to 1058 sat/vbyte.

I read it is due to some staking going on in Babylonlabs, can anyone confirm this and how long it is expected to last for?

I don't even know what this means But I do know it has nothing to do with Bitcoin itself.

What's up with Mempool Googles?

The question mark used to have data blocks too. Now it's "empty".

[BlackHatCoiner]

This is the definition of absurdness:

[un_rank]

I don't even know what this means But I do know it has nothing to do with Bitcoin itself.

Here^[1] is where I read it. There are also a bunch of tweets talking about it. I have no clue what exactly they are doing and how it concerns bitcoin, will give it a quick read later.
It is madness that things like this and rune can affect the price of bitcoin tx insanely.

[1] https://x.com/mononautical/status/1826604180251050388

- Jay -

[LoyceV]

This is the definition of absurdness:

Imagine using Bitcoin Core's default target of 20 minutes: 13.33052 mBTC/kvB! For 40 minutes, it recommends 0.03833 mBTC/kvB. Absurdness indeed!

Here^[1] is where I read it.

Thanks for the link, but you missed my sarcasm: I don't want to know what it means It's spam.

[philipma1957]

60 coins worth of fees in 6 blocks. Here is hoping that this is not a month long event like dec 2023 was.

[LoyceV]

60 coins worth of fees in 6 blocks.

Fees are low again. It blew over.
I'm curious how many people were involved in this, I wouldn't be surprised if it's one person doing this, hyping all the BS they made up, so he can sell it later.

Mempool.space calls this a consolidation. All I see is dust being created and consolidated in massive quantities. There are still far too many gullible people in crypto.

[ABCbits]

I don't even know what this means But I do know it has nothing to do with Bitcoin itself.

Here^[1] is where I read it. There are also a bunch of tweets talking about it. I have no clue what exactly they are doing and how it concerns bitcoin, will give it a quick read later.
It is madness that things like this and rune can affect the price of bitcoin tx insanely.

[1] https://x.com/mononautical/status/1826604180251050388

- Jay -

It's crazy some people willing to pour their money into TX fee. I visited Babylon website and read few recent news, but there's no mention of how much profit Bitcoin owner could make. But at least some miner receive unexpected extra income.

[stompix]

Here^[1] is where I read it. There are also a bunch of tweets talking about it. I have no clue what exactly they are doing and how it concerns bitcoin, will give it a quick read later.
It is madness that things like this and rune can affect the price of bitcoin tx insanely.

[1] https://x.com/mononautical/status/1826604180251050388

- Jay -

So you park your coins but you still have control over them and you can earn from that but not in the first stage of the project where you won't be rewarded for staking, but.....
Seriously, what the x am I reading? What is this?

And speaking about blocks, just found this one:
https://ordiscan.com/blocks
An explorer like mempoolspace but in which you can see the "art" that is inscribed in each block.

I visited Babylon website and read few recent news, but there's no mention of how much profit Bitcoin owner could make.

This much 

Do I get rewards for staking?
No. This is a locking-only phase without a PoS chain. There is no PoS staking reward nor incentives for participation

.

[un_rank]

It's crazy some people willing to pour their money into TX fee.

People will be willing to do a lot of things when you say your project is revolutionary and get enough hype around it. Bonus points for making it as complex as possible.

...But at least some miner receive unexpected extra income.

And it blew over quickly, so actual users where not much affected.

- Jay -

[Cricktor]

It's crazy some people willing to pour their money into TX fee.

Absolutely, I've no words when I see that there are 11 transactions yesterday on August 22^nd which paid more than 0.1BTC transaction fee, the highest paid a jaw-dropping 0.5243909BTC in fees. See this query for the transactions I'm speaking of:
https://blockchair.com/bitcoin/transactions?s=fee(desc)&q=fee(10000000..100000000),block_id(857000..)#f=hash,input_count,output_count,time,fee,block_id

I don't know what drives this frenzy. All I know, I don't want to be part of it, because very likely a lot of blinded greedy people will loose money and/or their coins. Much fewer profit from this madness, allowing even such crazy fees to throw out.

But at least some miner receive unexpected extra income.

<conspiracy>I wouldn't be surprised if some large mining pools fuel this madness somehow. It's a more or less a win-win situation.</conspiracy>

And it blew over quickly, so actual users where not much affected.

That's the only good thing I can take from the current situation.

[albert0bsd]

I don't know what drives this frenzy.

Ignorance, people who don't understand at all what they are doing.

[LoyceV]

the highest paid a jaw-dropping 0.5243909BTC in fees.

That's 14f6cc9d4d9ecd76a7009ea883af491a1c61f3889dbc13808c43433b68dbb688: it looks like a consolidation from an exchange, weirdly enough still using legacy inputs, and sending to a few withdrawal addresses with different formats.
The thing I don't get, is why they consolidated so many inputs. It includes many small inputs, like 2592 sats. At 1,337 sat/vbyte, that adds about 100 times it's own value to the total transaction fee.
It paid over $30k and could have saved at least 99.9% of it by being a bit smarter. I really don't get why exchanges care so little about money, while money is their business. I assume this is completely automated, but adding a tiny bit of smarter logic could save them a lot of money.

[ABCbits]

I visited Babylon website and read few recent news, but there's no mention of how much profit Bitcoin owner could make.

This much 

Do I get rewards for staking?
No. This is a locking-only phase without a PoS chain. There is no PoS staking reward nor incentives for participation

.

It makes the whole thing sound more crazy. Although i don't know whether,
1. Babylon Lobs used to promise high profit.
2. One or more of the altcoin developer promise high profit for Bitcoin owner who lock their Bitcoin through Babylon staking protocol, in order to participate on their altcoin.
3. Those people assume they'll receive high profit.

I haven't read how exactly non-custodial is possible, but let's see whether the profit from staking could cover TX fee they paid.

[stompix]

I don't know what drives this frenzy.

Ignorance, people who don't understand at all what they are doing.

And then some try to understand what those guys were thinking, I was curious about that 33k sat fee and realized it was actually a CPFP
https://mempool.space/tx/0eaec4b4f9970d5e93f3f08c887b44466ab8073b0f67e1cf70cabae3929591c4
So this guy gets or makes a payment with 171sat/vb , instantly decides it's not enough and bumps the fees to over 100sat/vb...
I would love to hear an explanation on this but at the same time, I'm afraid of this new reality.

Now looking back, imagine you're spider pool: your block, 857909, Total fees 0.138 BTC, next blocks, ‎9.515 BTC and 15.551 BTC
At least it was a pool, if it was one of those ck solo blocks it would have been an epic lucky not so lucky moment.

But since it's Sunday already and fees should go down, why not have someone dump this on the mempool:



I think we reached an equilibrium where there is no tx pressure to raise the fees back to 10-20sat/vb for more than a few hours but at the same time, it's so cheap to spam the network we might never see the mempool empty again.

I haven't read how exactly non-custodial is possible, but let's see whether the profit from staking could cover TX fee they paid.

I've read it twice and I still don't get it, I won't call it the S word yet but it sure looks fishy.

[LoyceV]

I would love to hear an explanation on this but at the same time, I'm afraid of this new reality.

It seems that for many people speculating on Bitcoin's price increase is no longer enough, they'd rather speculate on some new hype that no doubt will be replaced by the next hype very soon. It's really too bad Bitcoin's stable base layer is (ab)used for this.

[LoyceV]

Mempool.space's Mempool Googles currently show the expected next block: 90% of it is filled with small spam data transactions, each with 2.60 sat/vbyte. That means anything about that should get you in the next block now.

[JayJuanGee]

Mempool.space's Mempool Googles currently show the expected next block: 90% of it is filled with small spam data transactions, each with 2.60 sat/vbyte. That means anything about that should get you in the next block now.

Within the last few days, I have a friend who "accidentally" submitted a transaction with around 1.9 sats per vbyte fees, and surely it is possible to go through, yet it also might not go through for months, if ever.

In my attempt to try to figure out what the likelihood of a just shy of 2 sats per vbyte transaction to go through, I did a bit of investigating.

Yet, I am not really exactly sure how to find the lowest fees in the already mined blocks, but I did look at https://jochen-hoenicke.de/queue/#BTC,30d,weight and I saw that the lowest recent dip in fees seemed to have had taken place around August 5, and so then I went to search mempool.space and to scan through the blocks for which of the blocks might have had the lowest fees, and many times the fees did not get below 2.5 sats per vbyte, but I did notice on block 855512, there were a couple of transactions that had 2.01 sats per vbyte and they are located at the top left of the image of the "actual block" - as I attempted to highlight below in my screenshot.  


https://mempool.space/block/00000000000000000002ccb171b01922f592b9bbd575f815a2e06ecc4313e403

Are the lowest fee transactions mostly going to be at the top left of the image of the"actual block", or is there some better way of finding the lowest fee transactions within any already mined block, especially when the summaries of the blocks at the top are rounding to whole numbers rather than showing the sats per vbyte in terms of 100th of a sat per vbyte as seems to be allowed by a lot of wallets (or nodes to recognize 1/100 of a satoshi).

By the way, as I type this post, the latest block 858849 - does show quite a few transactions (maybe even half of the block) with fee rates that are 2.50 sat per vbyte and even a couple that are 2.47 sat per vbyte.


https://mempool.space/block/000000000000000000018291873923c735b7e2bcc98d6e1d3f7505e3969d8a22

[LoyceV]

In my attempt to try to figure out what the likelihood of a just shy of 2 sats per vbyte transaction to go through, I did a bit of investigating.

For those cases, I miss more details on Johoe's site: there are enough transactions between 1 and 3 sat/vbyte to add decimal lines. So now I resort to mempool.space, which shows the minimum is currently 2.40 sat/vbyte. I haven't seen anything lower than that for a while, and judging by Johoe's history it's unlikely to have been lower because the backlog hasn't been smaller.

I am not really exactly sure how to find the lowest fees in the already mined blocks

That's not really possible: accelerators or other miners can include transactions with lower fees, so you don't know the "natural" limit.

I did notice on block 855512, there were a couple of transactions that had 2.01 sats per vbyte and they are located at the top left of the image of the "actual block" - as I attempted to highlight below in my screenshot.

I'd look at the Expected Block for the lowest transaction fees, I expect that to exclude accelerators or the miner's own transactions.

I usually just look at the left side of the Mempool Googles, and check a bit more to the middle to see how much "margin" there is.

By the way, as I type this post, the latest block 858849 - does show quite a few transactions (maybe even half of the block) with fee rates that are 2.50 sat per vbyte and even a couple that are 2.47 sat per vbyte.

It's complete up to spammers nowadays. If the spam would stop, I'd expect mempool to clear within days.

[LoyceV]

Transactions under 3 sat/vbyte are still getting confirmed.