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[Gibbar]

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[squatter]

Another transaction backlog.  Haven't seen this happen for some time now, I wonder what's causing this.

Transaction fees tend to rise together with price, probably because of increased exchange activity. The price rose about $1,200 over the past 3 days. I'm not surprised to see the increased network congestion started around then.

It looks like nothing extraordinary. 1 satoshi/byte transactions will probably be confirming again by tonight.

https://jochen-hoenicke.de/queue/#0,1w

[avikz]

Another transaction backlog.  Haven't seen this happen for some time now, I wonder what's causing this.

This thing is mainly linked with the network hashrate. The trend says, whenever we have seen increasing network hashrate, the number of unconfirmed transactions goes higher and the fees also goes higher than normal! Such event also calls for increase in bitcoin price, what exactly we have seen few days back!

You may read this article for a better understanding,

https://cryptobriefing.com/bitcoin-mining-power-record-highs/

Hope this helps!

[BrewMaster]

Another transaction backlog.  Haven't seen this happen for some time now, I wonder what's causing this.

This thing is mainly linked with the network hashrate. The trend says, whenever we have seen increasing network hashrate, the number of unconfirmed transactions goes higher and the fees also goes higher than normal!

that doesn't make any sense at all! specially if there were any effects there should have been the exact opposite of what you just explained. meaning an increase in hashrate should lead to a lower number of unconfirmed transactions. although it is a small thing but an increase in hashrate could lead to production of blocks at a higher rate which means more blocks per day and less transactions in mempool.

[BeManga]

Another transaction backlog.  Haven't seen this happen for some time now, I wonder what's causing this.

you will see some backlog if there will be a lot of transaction at the same time
there a chance that because of sudden price rise some of the bitcoin users move their bitcoin
maybe because of the price increase some user use bitcoin as payment online
some of them might move some coin to exchange to sell or some of them send it to withdraw some cash
there a lot of possibilities that may prompt backlog but no need to worry because it will also be confirmed later.

[buwaytress]

There's always a transaction "backlog". And seriously, 15k in the mempool? That's nowhere near what I'd call congestion. It'll clear up in a day if not hours, depending on how much else comes in.

Probably a bit due to the price rally these few days, but probably just a culmination of coincidences.

@aviks: going by your theory, since we're seeing an ATH hash rate, shouldn't we be seeing an ATH mempool size? Not sure that article you shared was very helpful at all.

[DeathAngel]

You have to be careful not to send a low fee to avoid waiting ages for a confirmation.

Use this tool which gives you a recommended best fee -

https://btc.com/stats/unconfirmed-tx

25 sats per byte is currently recommended.

[hugeblack]

The amount of fees is controlled by many factors, so you will not find it low at all times, but the highs do not mean that things are bad, but it is the nature of the network.
I think you need to use this site^[1] in addition to a wallet that supports RBF to be safe.

[1] https://jochen-hoenicke.de/queue/#0,1w

[joinfree]

That only happens when the meme pool is clogged as a result of mini BTC bull run. I quite remember we witnessed this somewhere last year when the pool was so clogged with unconfirmed transactions. I think the price of bitcoin was around $13K by then, i had to pay $3 to complete my $150 transaction lol. It's still cheaper than in fiat transaction so no hard feelings at all.

[Artemis3]

You have to be careful not to send a low fee to avoid waiting ages for a confirmation.

Use this tool which gives you a recommended best fee -

25 sats per byte is currently recommended.

Yeah, like 1 a day or so, oh the humanity. Whats wrong with you people? Its this thinking that feedback loops the issue. IGNORE the "recommended fee", stick to 1 sat/B.

The bunch of wallets (especially online ones) that are constantly monitoring the network to "guess" a recommended fee the main problem. So everytime some "event" triggers them all in a chain reaction and like a bunch of lemmings follow the pump.

That only happens when the meme pool is clogged as a result of mini BTC bull run. I quite remember we witnessed this somewhere last year when the pool was so clogged with unconfirmed transactions. I think the price of bitcoin was around $13K by then, i had to pay $3 to complete my $150 transaction lol. It's still cheaper than in fiat transaction so no hard feelings at all.

Are you in a hurry? No? Then use 1 sat/B and check back tomorrow. It doesn't matter if to you "3$ is nothing", its the principle of the thing, and the blind aid to a tx fee pump that would not exist if all wallets used 1 sat/B by default.

And yes, the biggest offenders are the exchanges.

Unless you are in a REAL hurry, and most people are not, you should never use anything than the absolute min of 1 sat/B. Yes, use a decent wallet with replace by fee just in case tomorrow you decide that for some reason you cannot wait anymore, but that should be the exception not the rule.

If your wallet doesn't let you manually use 1 sat/B, you should change that wallet.

PS: 3$ is already more than the monthly wage in my country. Unacceptable.

[squatter]

Yeah, like 1 a day or so, oh the humanity. Whats wrong with you people? Its this thinking that feedback loops the issue. IGNORE the "recommended fee", stick to 1 sat/B.

The bunch of wallets (especially online ones) that are constantly monitoring the network to "guess" a recommended fee the main problem. So everytime some "event" triggers them all in a chain reaction and like a bunch of lemmings follow the pump.

Wallets with bad fee estimation -- like the BitPay and Copay wallets -- are a big problem for average fee inflation. I agree with you there. LN developer Rusty Russell once described it thus:

It’s like a tollbridge charging vehicles 7c per ton, but half the drivers are just throwing a quarter as they drive past and hoping it’s enough.

However, expecting everyone to pay the same base line fees (1 sat/byte) is not free market behavior. If confirmation is urgent, people ought to be free to pay higher fees to outbid competitors. So, wallets that accurately estimate the fee rate required for quick confirmation are fundamentally good for the fee market.

The biggest problem we have is a cultural one. For many years, Bitcoin was touted as an "instant, cheap/free" method of transacting. Unfortunately, that created a culture where people now demand next-block confirmation without even considering the notion of urgency or priority. These people are drastically driving the fee market upwards on a constant basis. This is probably most obvious in the case of exchanges processing customer withdrawals. BitMEX alone is a huge source of network congestion due to their horrible lack of transaction/fee optimization.

[pooya87]

~

there is another huge problem with fee inflation and that is the way all wallets are increasing the fee. they aren't increasing the fee, they instead increase the fee/byte. that means if you have a simple transaction that is about 500 bytes then at first you pay 500 satoshi (1 s/b) but then if you wanted to increase its fee you don't pay 501 or 550 or similar amounts, instead you jump up to 1000 (2 s/b) then to 1500 then to 2000.
that is another main reason why fees suddenly jump to 30-40 satoshi/byte instead of having a smoother rise.