Noification when Bitcoin TX fees reduce

[Husires]

Is there any site that tracks Bitcoin transaction fees (real-time and not estimated values) giving me notice when fees are low or at least when mempool is empty?
I need a site work as https://coinb.in/#fees I set the input/output address type and it gives me noification when fees goes down or XX Sat/Byte.

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[Bitcoin_Arena]

The reason I think this is not possible is because;

1. One can only know of a transaction with the least fee rate after the block has been confirmed. No one will be able to guess the exact range of Bitcoin fee rates for the transactions to be confirmed in the next block especially for the low rates.

2. The randomness of interval between Bitcoin blocks. The longer the next block takes to be confirmed, the higher the fees increase, for example


Look how random the last 7 blocks have been and see how the fee rate ranges have been changing with the different confirmed blocks. Just because the previous block had the least fee rate at 9 sats/vbyte does not guarantee that the next block will also have the same or even less.

They only way is to probably observe through different mempool tools

[bitmover]

The reason I think this is not possible is because;

1. One can only know of a transaction with the least fee rate after the block has been confirmed. No one will be able to guess the exact range of Bitcoin fee rates for the transactions to be confirmed in the next block especially for the low rates.

2. The randomness of interval between Bitcoin blocks. The longer the next block takes to be confirmed, the higher the fees increase, for example

I think it is possible to make what he asked.
I have a similar website which shows mempool data, and I liked the idea. I will think in a way to implement it.

As I have mempool data, I know what is the mempool size. The mempool size now is about 67mb, which are about 60 blocks.

I can send him an email when the mempool is about 10mb, which is about 10 blocks. Or 1 mb, what he asked (nearly empty). When the mempool is similar to the blocksize you can get confirmations with 1 sat/byte.


It not 100%, as you pointed out. Nobody know if a 1 sat/byte will get confirmed in the next block (because it may take longer than 10minutes). But it is very likely to get a confirmation with 1, or 10 sat/byte if you want to be conservative. It is an amazing estimation, and if he just wants a warning when fees are low, I can make that.

I just want to think what is the best way to alert the user: email, desktop notification...

Once it is done I will share here

[NeuroticFish]

I can send him an email when the mempool is about 10mb

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block). Or if a certain fee was met/touched for 3 blocks in a row.
Of course, it's not a guarantee for what's going to be next, still... there are some ideas. Since you already have the software there and the mempool, there are plenty of ways the implementation can be done.
Also, I guess that the recipient should choose if he wants this kind of mail only once or multiple times.

I'm glad that a reputed member does this instead of seeing the feature on a website nobody knows about and may only collect e-mails for further spam.

[stompix]

As I have mempool data, I know what is the mempool size. The mempool size now is about 67mb, which are about 60 blocks.
I can send him an email when the mempool is about 10mb, which is about 10 blocks. Or 1 mb, what he asked (nearly empty). When the mempool is similar to the blocksize you can get confirmations with 1 sat/byte.

Mempool.space has already some tools for this

You can simply grab the data from then and set an alert when the block fees are in x range for the second or third block to make it a little more precise as next block fees are usually overinflated and at the same time might be misleading depending on how long ago the previous block has been mined.
If the 2nd to 4th block have a median with 1 sat difference and below an x value then you can almost safely assume that anything just above that x will be confirmed, unless no block is mined for 1 hour and 20 minutes like I've experienced not so long ago.

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block).

ViaBTC will manage to make a mess of those things with their free inclusions as they might confirm 11sat/b transactions when there are 100M of 30+ sat/b of waiting transactions in the mempool, same for other pools when they send their payout as some have a habit of including their own in the blocks they mine with minimal fees.

 

[NeuroticFish]

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block).

ViaBTC will manage to make a mess of those things with their free inclusions as they might confirm 11sat/b transactions when there are 100M of 30+ sat/b of waiting transactions in the mempool, same for other pools when they send their payout as some have a habit of including their own in the blocks they mine with minimal fees.

You are right. I forgot about accelerators. But I am confident that a good analysis can be done with the mempool at hand (ignore the smallest 150-300 tx fees from a block?), without calling a 3rd party API.
And I said accelerators since if it would be only ViaBTC then this would not be a problem (do you expect ViaBTC mine multiple blocks in a row?)

[stompix]

And I said accelerators since if it would be only ViaBTC then this would not be a problem (do you expect ViaBTC mine multiple blocks in a row?)

Too damn early to even try and think of the possibilities and no amount of coffee will make this possible at the moment, I know I've seen VIAbtc mining two in a row , at 7%(?) that chance would be indeed pretty slim but there are some more like it, plus there are CPFP transactions, too me sincerely it looks like a bit too much trouble to start from the last block info.
Of course, you could do a median, you could exclude x amount from the bottom, but the laziness in me has the upper hand right now, just thinking that you would also have to add the possibility of an empty block getting mined and in that case, more and work, no  

But I am confident that a good analysis can be done with the mempool at hand (ignore the smallest 150-300 tx fees from a block?), without calling a 3rd party API.

Why not? You would need to run our service 24/7 and for it to be completely reliable which is not something a home run node can excel at, same for taking care of your own server, the fewer things are needed the less might go wrong.
With APIs you can always have multiple sources to get data from, quite improbable they could go all offline.

[NeuroticFish]

With APIs you can always have multiple sources to get data from, quite improbable they could go all offline.

APIs are usually not too happy to get accessed (too much) for free.
I had my own share of experience with API cutting me off for no particular reason, and I've accessed it under 1000 times spread over 3-4 months.
Multiple APIs may fix this. But I've learned to use my resources when that's possible.

[dkbit98]

Is there any site that tracks Bitcoin transaction fees (real-time and not estimated values) giving me notice when fees are low or at least when mempool is empty?
I need a site work as https://coinb.in/#fees I set the input/output address type and it gives me noification when fees goes down or XX Sat/Byte.

I wanted to have something similar so I found a developer who made something like this for my personal use.
We have an idea to add this notification feature in our open source BTC Mempool Fees Extension/add-on for Firefox/Chrome browser but it will not be ready any time soon.
For now you can monitor mempool fees 24/7 in your browser ticker with our extension, using mainly mempool.space website or two other alternatives, so you will see very easy when fees go down and mempool clears up.

This is still work in progress done in free time, so any feedback, testing and donations are appreciated.
Check out some screenshots:

[bitmover]

I'm glad that a reputed member does this instead of seeing the feature on a website nobody knows about and may only collect e-mails for further spam.

Thanks.

I don't want to collect e-mails, create a mailing list, etc... I don't like this ancient internet practice of collecting email from users.

I will try to make Push Notifications, which I believe is a more modern and less invasive practice on user privacy in my opinion. I am busy recently, but I will make it soon.

something like this:

https://www.eyeswift.com/make-your-wp-blog-push-notifications-ready-for-desktop-and-mobile/

What do you guys think? Would it fit your needs @Husires?

[PrimeNumber7]

And I said accelerators since if it would be only ViaBTC then this would not be a problem (do you expect ViaBTC mine multiple blocks in a row?)

Too damn early to even try and think of the possibilities and no amount of coffee will make this possible at the moment, I know I've seen VIAbtc mining two in a row , at 7%(?) that chance would be indeed pretty slim but there are some more like it, plus there are CPFP transactions, too me sincerely it looks like a bit too much trouble to start from the last block info.
Of course, you could do a median, you could exclude x amount from the bottom, but the laziness in me has the upper hand right now, just thinking that you would also have to add the possibility of an empty block getting mined and in that case, more and work, no 

It would be advantageous to monitor the your node's mempool for outstanding transactions as of when blocks are found. If there are zero or close to zero transactions paying above a certain fee rate, you should be able to reasonably conclude that paying that feerate should get your transaction included in the next block if it were broadcast in the next second.

Is there any site that tracks Bitcoin transaction fees (real-time and not estimated values) giving me notice when fees are low or at least when mempool is empty?
I need a site work as https://coinb.in/#fees I set the input/output address type and it gives me noification when fees goes down or XX Sat/Byte.

You should not wait until the mempool is empty/less full to broadcast a low-fee transaction. There will be times in which many blocks are found in short periods of time, and the last block found in that sequence will confirm transactions with low fee-rates while the next block might require a fee rate much higher than the previous block.

If you want to get a transaction confirmed with low transaction fees, you should broadcast the transaction, and wait for it to be confirmed. You  are already waiting, so you might as well have your transaction outstanding in the mempool.

[Husires]

I just want to think what is the best way to alert the user: email, desktop notification...

I will be follow-up if you want any lack, I am ready, I do not have technical experience< I will try to devote an hour or two hours a day to trying to create this thing.
It won't be complicated, just notifications on desktop or color {red and green} and number of sat/byte Extension/add-on on chrome and Firefox.
email notification will be annoying.

this will be good https://www.eyeswift.com/wp-content/uploads/2016/08/pushondesk.png

This is still work in progress done in free time, so any feedback, testing and donations are appreciated.
Check out some screenshots:

This would be great, if add-on is open source and does not contain a lot of codes which is easy to verify. there is no objection to installing and supporting it.

i will try it on Firefox.

[magneto]

Is there any site that tracks Bitcoin transaction fees (real-time and not estimated values) giving me notice when fees are low or at least when mempool is empty?
I need a site work as https://coinb.in/#fees I set the input/output address type and it gives me noification when fees goes down or XX Sat/Byte.

This is a fantastic idea.

The only fear that I have with push notifications is that I would miss it as it is temporary. If I happen to be on another device at the time of the fee drop, then I might miss it altogether.

But I agree, this would still be better than collecting emails and having a mailing list from a privacy perspective.

Also, I feel like if this initiative was to become widely adopted, then it could actually aid the fee hikes big time - people are able to consolidate their inputs during relatively calm periods, pushing fees up during these times, whilst also reducing the amount of transactions and coin inputs when the network is busy, which obviously helps keep fees down. Would be interested to see this become more than just a community experiment.

[Husires]

up and [HELP] Alerts from coinb.in/#fees https://mempool.space/api

[WhyFhy]

If somones makes a json scraper/webhook for this and ports it to TG & DC announcement channel so when fee is low it notifies when mempool is cheap and etherscan gas prices are low id gladly tip them

[PrimeNumber7]

If somones makes a json scraper/webhook for this and ports it to TG & DC announcement channel so when fee is low it notifies when mempool is cheap and etherscan gas prices are low id gladly tip them

If you want to pay 10 sat/vbyte you should just pay that amount and wait for the transaction to confirm. You won’t get any benefit from waiting for many transactions confirming that pay this rate.

[WhyFhy]

I have my reasons. Usually when fees are high I return to it later.
Anywho offer still stands if anyone else is interested. PM me.

[Timelord2067]

Not withstanding the above, are there any sites that have corresponding Twitter feeds?  If you had an alert for whenever a tweet has corresponding information, that might be a work around to being unable to get the information directly off of websites.

(would API's work?)

[WhyFhy]

(would API's work?)

Yep , I imagine it works the same way the sneaker/gpu bots work , a little py/macros beanloop json scraping magic.
I dabble enough to know its possible but don't know enough to execute. Not in a timely fashion for a webhook ill never make anything off of.

[LoyceV]

If you want to pay 10 sat/vbyte you should just pay that amount and wait for the transaction to confirm. You won’t get any benefit from waiting for many transactions confirming that pay this rate.

Many services require a transaction to be confirmed within a certain amount of time. This doesn't matter for an online casino, but for an instant exchange or virtually any site that uses a payment processor your unconfirmed deposit shouldn't take weeks.

If somones makes a json scraper/webhook for this and ports it to TG & DC announcement channel so when fee is low it notifies when mempool is cheap and etherscan gas prices are low id gladly tip them

Let's see if @TryNinja is up for this

This reminds me of Gilfoyle's Bitcoin Warning - Silicon Valley.