Bitcoin Forum
August 22, 2024, 04:11:11 PM *
News: Latest Bitcoin Core release: 27.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: I am trying to understand mempool, blocks, and fees. Tell me if I'm correct.  (Read 116 times)
markcolls (OP)
Member
**
Offline Offline

Activity: 60
Merit: 21


View Profile
December 03, 2020, 06:50:34 AM
 #1

Figure 1 below shows the current mempool with all transactions with fees of 90 sat/vB or less removed. Even with all of those transactions removed the mempool is around 2MvB. So, if I made a transaction with fee of 90 sat/vB it wouldn't likely be enough to be included in the next block since the blocks have been around 1.4 to 1.8 MvB. Figure 2 below shows the current mempool with all transactions with fees of 100 sat/vB or less removed. Since the mempool with all those transactions removed is 300 kvB, less than the 1.4 to 1.8 MvB, a transaction with fee of 100 sat/vB would very likely be included in the next block. Is this logic correct?

FIGURE 1


FIGURE 2
tranthidung
Legendary
*
Offline Offline

Activity: 2380
Merit: 4182


Farewell o_e_l_e_o


View Profile WWW
December 03, 2020, 07:06:34 AM
 #2

Where did you get those mempool charts?

I use the https://jochen-hoenicke.de/queue/#1,8h to observe mempool and choose fee rate for my transactions. It is reliable and correct (you can do your double check with fee is suggested by Electrum -- choose mempool for fee estimator).

With the temporary condition of the mempool (at the time I took the screenshot), you need to use fee rate at 120 sat/(v) byte to get confirmation in next 1 block. I don't suggest you to use such over-killing fee. Weekends will give you better fee, especially on Sunday. See Weekend effects


1 block will take only 1 MB from the tip of mempool. You can see the explanation from jochen-hoenicke.de site.

Quote
This page displays the number and size of the unconfirmed bitcoin transactions, also known as the transactions in the mempool. It gives a real-time view and shows how the mempool evolves over the time. The transactions are colored by the amount of fee they pay per (virtual) byte. The data is generated from my full node and is updated every minute. Note that in bitcoin there is no global mempool; every node keeps its own set of unconfirmed transactions that it has seen. The mempool is also cleared when I reboot my node. The idea is based on the retired service bitcoinqueue.com.

The data is separated into different fee levels given in satoshi per bytes. The lowest colored stripe is for transactions that pay the lowest fee. Higher fee transactions are stacked on top of it. Since miners prefer high fee transactions, a new block usually only removes the top 1 MB from the queue. If a colored stripe persists over several hours without getting smaller, this means that transactions paying this amount of fee are not confirmed during this time, because there are higher paying transactions that take precedence. If a stripe on the bottom chart is much bigger than on the top chart, the transactions are larger than the average.

You can click on some fee level in the legend to hide all fee levels below that level. This way you can better see how many transactions are competing with that fee level.

Note that sizes include the segwit discount, i.e., the graphs show virtual byte (weight divided by four). For segwit transactions, the real size of the transaction is a bit larger than the virtual size. So for the BTC and LTC chains, a block will always take at most 1 MB from the mempool, even if it is bigger than 1 MB, because the lower diagram already shows the size in vbyte (with the segwit discount included). The segwit discount is also included when computing the fee level for a transaction. In case a transaction pays exactly the fee that defines the boundary between stripes, it is included in the higher stripe. Free transactions are not included, even if they make it into the mempool.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
joniboini
Legendary
*
Offline Offline

Activity: 2296
Merit: 1802



View Profile WWW
December 03, 2020, 09:42:38 AM
 #3

More or less yes (if I get you correctly).

If you need something easier to see at which block your transaction is going to end up, you can use something like https://mempool.space/. For example, using https://mempool.space/mempool-block/0 you can see which transaction fees are likely going to be included in the next block.

███████████████████████████
███████▄████████████▄██████
████████▄████████▄████████
███▀█████▀▄███▄▀█████▀███
█████▀█▀▄██▀▀▀██▄▀█▀█████
███████▄███████████▄███████
███████████████████████████
███████▀███████████▀███████
████▄██▄▀██▄▄▄██▀▄██▄████
████▄████▄▀███▀▄████▄████
██▄███▀▀█▀██████▀█▀███▄███
██▀█▀████████████████▀█▀███
███████████████████████████
.
.Duelbits.
..........UNLEASH..........
THE ULTIMATE
GAMING EXPERIENCE
DUELBITS
FANTASY
SPORTS
████▄▄█████▄▄
░▄████
███████████▄
▐███
███████████████▄
███
████████████████
███
████████████████▌
███
██████████████████
████████████████▀▀▀
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
.
▬▬
VS
▬▬
████▄▄▄█████▄▄▄
░▄████████████████▄
▐██████████████████▄
████████████████████
████████████████████▌
█████████████████████
███████████████████
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
/// PLAY FOR  FREE  ///
WIN FOR REAL
..PLAY NOW..
o_e_l_e_o
In memoriam
Legendary
*
Offline Offline

Activity: 2268
Merit: 18697


View Profile
December 03, 2020, 12:21:51 PM
Merited by tranthidung (1)
 #4

Since the mempool with all those transactions removed is 300 kvB, less than the 1.4 to 1.8 MvB, a transaction with fee of 100 sat/vB would very likely be included in the next block. Is this logic correct?
The logic is correct, but the numbers are slightly wrong. A block will only ever remove a maximum of 1 MB of virtual size. It can remove more than 1 MB of actual size.

Where did you get those mempool charts?
They are from https://mempool.space/graphs

1 block will take only 1 MB from the tip of mempool. You can see the explanation from jochen-hoenicke.de site.
1 block will take 1 vMB from the mempool at most. This works for Jochen's site since he displays his graph in virtual bytes, but a block can take much more than 1 MB in real size. The largest block to date - 625,861 - was 2.4 MB.
tranthidung
Legendary
*
Offline Offline

Activity: 2380
Merit: 4182


Farewell o_e_l_e_o


View Profile WWW
December 04, 2020, 06:34:11 AM
Last edit: December 04, 2020, 07:03:14 AM by tranthidung
 #5

1 block will take 1 vMB from the mempool at most. This works for Jochen's site since he displays his graph in virtual bytes, but a block can take much more than 1 MB in real size. The largest block to date - 625,861 - was 2.4 MB.
I thank you for your enlightened post as you always do. I learn from you a lot.

Regarding to block size, I have a thread for it (restricted time window in 2020 only). I will update it when this year ends.

In reality, block size changes simultaneously with bitcoin price. If fluctuates every day but it seems there are positive correlations between higher block size and bitcoin rise.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!