Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

[tranthidung]

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.

[Pmalek]

...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]

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.

[tranthidung]

...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.

To save bandwith of people who have bad connections and give them better experience, I did not add a screenshot but here you go:

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.

[Stedsm]

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?

[HCP]

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.

[tranthidung]

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.

[ryap12]

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.

[o_e_l_e_o]

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

If only they batched their withdrawal transactions. If only they implemented SegWit. Hell, some of them still don't even let you withdraw to your own SegWit address, let alone use SegWit addresses for their own internal transactions.

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?

[Pffrt]

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.

[logfiles]

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.

[tranthidung]

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

[o_e_l_e_o]

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-docs

[logfiles]

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.

[Pffrt]

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.

[BrewMaster]

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.

[jademaxsuy]

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.

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!

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 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.

[Bttzed03]

~
I downloaded already my bitcoin wallet through phone(mobile wallet).

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.

Non-custodial mobile wallets like Electrum and Mycelium allows you to set a fee.

[hulla]

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.

~
I downloaded already my bitcoin wallet through phone(mobile wallet).

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.

Non-custodial mobile wallets like Electrum and Mycelium allows you to set a fee.

Thats correct but people are advised not to keep huge fund in mobile and web wallet because they are vulnerable to attack.

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

Your reply is off-topic. Please read the forum rules and regulations or else your maybe ban.

[bob123]

~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.