Mempool is nearly empty, less than 0.2MB. People still paying more 200sat/byte

[bitmover]

I was taking a look at the mempool now and I noticed that.
Anyone could get a confirmation with 1 sat/byte. But there are a lot of transactions paying 20,30,200, even 400 sat/byte.

I don't know if those transactions are miners spamming the network, or just newbies using blockchain.info and similar wallets?

You can see the mempool


https://bitcoindata.science/plot-your-transaction-in-mempool.html

[Coin_trader]

Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

[OcTradism]

Anyone could get a confirmation with 1 sat/byte. But there are a lot of transactions paying 20,30,200, even 400 sat/byte.

They are from platforms that use bad fee estimations for their customers or they use bad fee estimators by themselves. If they use custodial wallets, they don't have control on how high or low fee they want to use for transactions. All parameters and setups are done by platforms with custodial wallets.

The inaccurate use of fee does not affect the network too much because the total size of overkilling fee transactions is not high. Total size in mempool is 0.189 MB and all waiting transactions will be confirmed in one coming block. https://jochen-hoenicke.de/queue/#1,2h

You are correct and I am surprising too by people are paying 500 satoshi per byte for their transactions.

[bitmover]

personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

Well, maybe you are rich and you don't mind paying 200 sat/vbyte, which is like 30 USD in a single transaction.

Even if I were rich I wouldn't waste 30USD in a transaction that could cost 0.03 usd just because you don't want to manually write "1" instead of just clicking ok. 

[CyberKuro]

I was taking a look at the mempool now and I noticed that.
Anyone could get a confirmation with 1 sat/byte. But there are a lot of transactions paying 20,30,200, even 400 sat/byte.

I don't know if those transactions are miners spamming the network, or just newbies using blockchain.info and similar wallets?

Wonderful, current total mempool transactions are 1516 with an average transaction fee only $0.33, even with fee 14 sat/byte will be confirmed wthin an hour and 3 sat/byte within 6 hours. Seems like the calm after the storm, since last week it was insane.
Strange to see many transactions still push it to a higher fees, I check auto fee on electrum is 62 sat/byte, so probably some people are spamming the networks.

[tranthidung]

Wonderful, current total mempool transactions are 1516 with an average transaction fee only $0.33, even with fee 14 sat/byte will be confirmed wthin an hour and 3 sat/byte within 6 hours. Seems like the calm after the storm, since last week it was insane.
Strange to see many transactions still push it to a higher fees, I check auto fee on electrum is 62 sat/byte, so probably some people are spamming the networks.

Inaccurate information. What you gave is inaccurate in the past 8 hours. The screenshot is for visual mempool size last 8 hours. At its highest, the total size is less than 12 MB. One block will take 1 MB from the tip of mempool size. Get visual plot last 8 hours there: https://jochen-hoenicke.de/queue/#1,8h

If you want to narrow the window you can choose 2 -hr, and you will see the temporary size of mempool is 1.6 MB. With fee rate at 1 satoshi / (v)byte, your transaction can get first confirmation next 2 - 3 blocks (half of an hour).

Sites such as buybitcoinworldwide.com, bitcoinfees.net and bitcoinfees.earn.com are still advising users to pay more than 300 Satoshi per Byte for their transactions. Unfortunately, a lot of the users use these websites to decide on the amount of fee they should pay.

Sometimes they don't have available options to control fees especially if they move bitcoin from exchanges, casinos, and marketplaces.

Just a few hours back, my transaction got confirmed, after I paid just 4 Satoshi per Byte as the transaction fee.

Your transaction would be confirmed even if fee used is at 1 satoshi / (v)byte. Hovering mouse on the chart for mempool size, you will see total size of mempool at the times it dived to bottom (less than < 1 MB). If mempool size is less than 1 MB, it means all temp unconfirmed transactions will be confirmed next 1 block.

[CyberKuro]

~

Inaccurate information. What you gave is inaccurate in the past 8 hours. The screenshot is for visual mempool size last 8 hours. At its highest, the total size is less than 12 MB. One block will take 1 MB from the tip of mempool size. Get visual plot last 8 hours there: https://jochen-hoenicke.de/queue/#1,8h

If you want to narrow the window you can choose 2 -hr, and you will see the temporary size of mempool is 1.6 MB. With fee rate at 1 satoshi / (v)byte, your transaction can get first confirmation next 2 - 3 blocks (half of an hour).

I've tried it myself half an hour ago but my transaction still not confirmed, I paid 14 sat/byte, the transaction will be confirmed in 7 blocks (1.78 vMB from tip)
You can check it here: https://bitcoinfees.net/ for total unconfirmed transactions on mempool (updated every few seconds)
Why don't you check it by yourself if 1 satoshi/byte will be confirmed within half an hour.

[tranthidung]

I've tried it myself half an hour ago but my transaction still not confirmed, I paid 14 sat/byte, the transaction will be confirmed in 7 blocks (1.78 vMB from tip)
You can check it here: https://bitcoinfees.net/ for total unconfirmed transactions on mempool (updated every few seconds)
Why don't you check it by yourself if 1 satoshi/byte will be confirmed within half an hour.

Sounds weird. I don't ask your for details (hash of that transaction because of your privacy and anonymity). Let me explain a bit

The same screenshot, now I cross the orange line (horizontal) to represent 1 MB size of mempool size. You can see there are several times -- at least 3 times (and each time it last 30 minutes to hours) mempool size dived to around or below 1 MB and even reached the bottom (means mempool totally cleared).

You use ETA for fee estimation and the lock time is block #656263.  Anyway ETA give you inaccurate fee estimation because it does not base on temporary fast changes of mempool size. If you check it now, the size is bigger.

Note that 2 transactions with same fee rate (14 satoshis/ (v)byte, ie.) will have order of priority as following: the one has bigger size will be confirmed first, then the second one will be confirmed later. Miners will prioritize the transaction has bigger size that brings bigger mining fee for them.

[Google+]

I use the Electrum wallet and there are options for the mempool network and it's really amazing because the transaction fees are very cheap, a few hours ago I made an asset withdrawal and implemented it, with low transaction fees and process is quite fast, almost the same as expensive cost.

I hope many people know, there are cheaper bitcoin transaction fees on the Mempool network.

[dothebeats]

Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

It has since gone down from 200 to 130 sat/byte for the next 5 blocks the last time I check. Most transactions can actually go through within the next 5 blocks for 100 sat/byte or lower, though I guess most of those paying over 200 don't bother to check the mempool or the cheapest suggested fee, as they can easily pay for it no problem. Also, there are times wherein the number of transactions within the mempool surges, thus miners will still prioritize those with higher fees at a given time even if your transaction came in first.

[Oasisman]

Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.

[Vishnu.Reang]

It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.

Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.

[concept2]

personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

Well, maybe you are rich and you don't mind paying 200 sat/vbyte, which is like 30 USD in a single transaction.

Even if I were rich I wouldn't waste 30USD in a transaction that could cost 0.03 usd just because you don't want to manually write "1" instead of just clicking ok.  

I agree. I dont want to waste my 30$ for such transaction like that, especially when we can pay even lower. I do not know what happen to the system right now. Maybe everything can be back to normal in tomorrow

What about manually writing down the sat/byte? Does anything block us from proceeding our transaction if we use this way?

[joniboini]

What about manually writing down the sat/byte? Does anything block us from proceeding our transaction if we use this way?

No that's fine. In fact, it might be better to manually check and write the fees that you wanted to since you don't really need to spend more than 5 minutes to do that.

Just take a look at mempool.space for example, you can see that in the past 3 hours or so 10 sats/vbyte or more should be enough. There's a spike in mempool because block 656288 is founded around 40 minutes or so after the previous block and people are getting impatient, which is why it spiked up to 200 sat/vbyte or more. Because of that, even if there are less than 10 candidate blocks the fees are not as cheap as it usually is. CMIIW.

[bitmover]

Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

I am impressed that Electrum is so bad at fee estimation.

Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.

[pixie85]

Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.

I am impressed that Electrum is so bad at fee estimation.

Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.

You're lazy - you pay more. It's a rule of life. If you're too lazy to read the TOS, you lose money, too lazy to do research on an investment - you lose money, too lazy to manually set fees - lose money.

Maybe they don't care, maybe they're too dumb to know they can change the fee, maybe they have so much money to send they don't care if it's $5 or $15 per transaction.

[tranthidung]

I am impressed that Electrum is so bad at fee estimation.

Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.

It depends on how users use Electrum wallet and its fee estimation. With three options:

• Static
• ETA
• Mempool

ETA is bad because it can give you over-killing fee.
Static is used if you know what you want to do all the time such as always stick with 1 satoshi per byte.
Mempool is used if you want to use as relevant and cheapest fee as possible depends on mempool conditions.

I choose mempool for my Electrum but I always check with https://jochen-hoenicke.de/queue/#1,8h to adjust transaction fee. Most of time, the estimation from Electrum is good (I don't recall when Electrum gives my over-killing fee).

I don't use static because I want to make sure my transaction won't stuck too long that can happen if I set 1 satoshi per byte with Static option.

[Oasisman]

It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.

Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.

Not just ignorant, some don't want to learn and stick to what they usually do as they're afraid their transactions get stucked for a few days or worse weeks.
ETA method has also come down today, but then again why would someone pay 111sat/byte for a single transaction when you can do it with 1sat/byte and get almost the same waiting time to get confirmations (base on the Mempool condition today).

[aesma]

More money for miners is fine by me. That way my cheap transactions are more accepted, I guess. I try to never pay more than 1$ even if sending more than 1 BTC.

[Twinkledoe]

It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.

Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.

Not just ignorant, some don't want to learn and stick to what they usually do as they're afraid their transactions get stucked for a few days or worse weeks.
ETA method has also come down today, but then again why would someone pay 111sat/byte for a single transaction when you can do it with 1sat/byte and get almost the same waiting time to get confirmations (base on the Mempool condition today).

I'm really happy these past few days as my transactions went thru even if I paid very low tx fee. Whenever, I need to send funds, I check the mempool to see what's going on. And yes, even if you pay 5-10sat/byte right now, it will go thru fast as the pending transactions is really small (like 2500+) as compared weeks ago with 100k+ pending txs. If I am the person who needs to transfer btc, I will take this opportunity as it is actually very cheap right now.