Bitcoin Transaction Fee

[Vishnu.Reang]

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

LOL.. do you really think that one single mining farm can have such a huge impact on Bitcoin hash rate? And right now Argentina has only <1% contribution to mining hash rate. IMO, it will take many years and billions of USD worth investment to get that to double digits. BTW, the recent power outage affecting the mining farms in China is a temporary phenomenon. I hope that it will be resolved in the coming days.

[1715169784]

1715169784

[1715169784]

1715169784

[1715169784]

1715169784

[buwaytress]

Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!

Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.

[velosepur]

Fact is fee for btc transactions is reall high. No real way to avoid high fee instead to sell btc for other crypto and thansfer it. And than buy btc again. Better and cheaper than actual fee. till better situation. Cheers.

[Maus0728]

Now bitcoin transaction fee is very high. I think, if you want to get fast transaction, you will need to high gass fee.

That is inaccurate.

Again, BTC does not utilize "gas fee" for transactions. It is only used for Ethereum based blockchain network and not on BTC. Be informed that it uses "sats/vbyte" wherein vbyte or virtual size refers to a measurement of how much your transaction will cost you in terms of paying transaction fees.

[Oceat]

Took a small withdrawal yesterday evening from a service, using the lowest possible fee, just out of curiosity. Ended up being a 21 sat/byte effective fee, and saw it was approximately 100k in queue of close to 200k. Blockchair estimation. Haven't been that far behind the queue since some time last year!

Will just wait it out, no rush at all. Nice experiment. Didn't think it'd happen again but next adjustment in about a week should start clearing things up.

Well, if you really wanted to save up some BTC you might want to get used to it and make sure you don't really need the money yet because it's a long waiting game. I've tried this before and it's stressing when you really needed the money but now, I'm making plans how to deal with this waiting game while making a low fees trades. It took me a week though to finally received the coins and converted it to fiat.

You see, this is the problem when Bitcoin is in the bull run more people are trading during the ATH that's why the transaction fees is quite high.

[ranochigo]

Is there any protocol where if; one mining farm goes down lets say for maintenance then wouldn't it drive the hash rate to another pool or miners and let them work behalf of them? This is just for the purpose of keeping the system alive.

It is a mining farm, not a mining pool. There is nothing you can do if the ASICs are offline due to a power cut or any unexpected events. It is simply not possible to transport so many miners within a short period of time.

This is just curiosity question: Isn't there any contingency plan or protocol for such conditions? What happens if one day half of the miners just go rogue due to some problem and only half of them running throughout world? What happens in that case.

Do we have safeguards for these conditions?  

No safeguards, other than the fact that miners are essentially burning cash this way. The time between blocks would be larger until at least the next difficulty adjustment.

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

Completely wrong. Any sudden increase in hashpower and consequently a shorter block interval would be offset by the next difficulty adjustment. Any effects would most likely be shortlived.

[ILuckyGuyI]

There has been a great deal of load on the network for a long time. It's seen not only for Bitcoin but also for Uniswap, Ethereum etc. also. The huge increase in the price and so many people's making transactions caused this to happen. It's really an annoying thing surely and I hope we won't have this kind of problems in the future.

[SaShiRaJaVu]

The optimal fee rate has been quite high lately especially for those looking to transfer small amounts of Bitcoins. I decided to stop making transactions involving small amounts until the fee rate goes down.

It was quite promising at the beginning of this month, but It looks like we might hit new highs in fee rate before it drops again

The transaction fees keeps on increasing and all you can do is to wait for things to be back to normal before making small transactions. Since there are more than 197558 transactions in the mempool it will take a long time to get back to normal unless the mining difficulty is adjusted according to the current hash rate. What surprises me is that if mining farms from one country is shut down due to even due to any reasons it could make a big cluster of pending transactions. 

[Sled]

It is already 3 days past that I withdraw some Bitcoin from Electrum wallet, I pay $3 for it but until now still at 0 confirmation.
And if we check on https://mempool.space/ you'll get surprised that the fees are so high and $3 are very far to be prioritized by the miners. That seems so hopeless to think.

That exactly how it gives a huge impact on the blockchain and many were waiting to receive their withdrawal. We never know how long it gets back to normal fees or has a need to wait for that mining company in China will get back to its operation.

[Alucard1]

I also notice this thing especially on the wallet coinspace, I have a small amount of bitcoin on that wallet and I wasn't able to withdraw it because of the transaction fee, as of now it has 0.001 transaction fee, like what the hell, this is too much and I really don't know why they have that amount of transaction fee before when I sent my bitcoin on that wallet, the transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin.

[Vishnu.Reang]

It is already 3 days past that I withdraw some Bitcoin from Electrum wallet, I pay $3 for it but until now still at 0 confirmation.
And if we check on https://mempool.space/ you'll get surprised that the fees are so high and $3 are very far to be prioritized by the miners. That seems so hopeless to think.

LOL... I guess $3 would be far down the queue.. Because even the low priority transaction is at $12.51 (according to the website that you have quoted). And from what I can see, the Mempool size for transactions >120 Sat/Byte is 8.1 MB. For >100 Sat/Byte, it is close to 20 MB. If your fee is lower than this, then the chances of getting a confirmation by today or tomorrow is close to zero. If it is that much urgent, then you can try accelerating your transaction. But be ready to dish out another $50 or so for this service.

[stompix]

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.

As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.

LE:
Actually, I realized where that 45% comes from,

Bitfarms Finds Break-Even Costs in Argentina Is 45% Cheaper Than Québec

That's the cost for the energy used by miners, it has nothing to do with transaction fee.

Will just wait it out, no rush at all. Nice experiment.

What if is an experiment of the Chinese government trying to assess what they need to cripple the network? 
Too bad there is so little information on what's for real happening there.

[haidil]

Fact is fee for btc transactions is reall high. No real way to avoid high fee instead to sell btc for other crypto and thansfer it. And than buy btc again. Better and cheaper than actual fee. till better situation. Cheers.

I hope there will be a way to make BTC gas fees low. So that the gas fee is not as big as it is now, this has resulted in people who are willing to try to buy BTC will think twice about getting started

[sarmrakib]

If you want your transaction to get confirmed on time I guess you are left with no choice than to opt for a higher transaction fee,  the situation is tough on both btc and eth network, untill this is resolved (in the eth aspect) people will continue to pay higher price to get transaction proceed immediately.

Yes that's exactly right that if we wanna make a smooth transaction we have to choose the higher fee. I think both blockchain of eth and btc got higher fees cause the transaction are increasing daily. So the dev need to work woth that to reduce such a high fees.

[btc-room101]

I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.

As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.

LE:
Actually, I realized where that 45% comes from,

Bitfarms Finds Break-Even Costs in Argentina Is 45% Cheaper Than Québec

That's the cost for the energy used by miners, it has nothing to do with transaction fee.

Will just wait it out, no rush at all. Nice experiment.

What if is an experiment of the Chinese government trying to assess what they need to cripple the network? 
Too bad there is so little information on what's for real happening there.

What's happening is that CHINA controls +66% of mining, and the CCP just took baba/ant/bitmain private, and given that +90% of all asic miners on earth are made in China, it means China owns btc, way more than +67%, because they own the worlds HW, they OWN all the Crypto on earth, and can redeploy it as they wish. If somebody in China decided not to cooperate they can be taken out and shot the same day, seen it with my owns eyes. Asian culture does things for the 'good' of the culture, its 100% homogenous, its not a selfish klusterfuck like the USA.

Now ppl talk about 51%, but China has been over 51% forever, but BTC ppl ignore, well they ignored until it was too late.

Argentina will do nothing to the +67% of mining in China, its just rumor, in the meantime China will continue to ramp-up across the board, as they now control all ALT gpu  miners as well as BTC ASIC clones

Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.

Ant, Alibaba, Bitmain, its all the same thing, Jack Ma's holding companys own Alipay as well, as China went cash-less years ago; IMHO China will use the bitmain infrastructure to implement their CBDC, two birds with one stone, take out BTC which leaks YUAN out of China, and use the Free Infrastructure to support the 100% China's new 'temporary' digital cash, with limited life.

[btc-room101]

If you want your transaction to get confirmed on time I guess you are left with no choice than to opt for a higher transaction fee,  the situation is tough on both btc and eth network, untill this is resolved (in the eth aspect) people will continue to pay higher price to get transaction proceed immediately.

Yes that's exactly right that if we wanna make a smooth transaction we have to choose the higher fee. I think both blockchain of eth and btc got higher fees cause the transaction are increasing daily. So the dev need to work woth that to reduce such a high fees.

So if I send $1, I have to pay $20, ok got it, why don't you tell that to the world?

BTC is not for transactions, right? Even at $100, that's 20% cut, visa only charges the merchant 1.5% and the customer nothing.

So BTC ain't for trade,

What about preservation of wealth, you know HODL; The problem here is that their are three classes of BTC, virgin-mined ( worth a lot ), pristine, and tainted, the majority of BTC is now tainted, that is its 0.05, and its been mixed/coin-joined and polluted, IRS-Coinbase will not accept it.

So you HODL your BTC, how do you know in the future the IRS-COINBASE hasn't black-listed your coin?? You don't ergo, BTC is not a safe long term store of value.

[jesselui]

Currently, the biggest obstacle in the crypto world seems to be these fees. High fees from coins such as Ethereum bitcoin are blocking these coins. It is necessary for me to find a solution as soon as possible.

[Alert31]

Even though we complained for the very high transaction fee, we still couldn’t do anything about it. If you are eager to make a bitcoin transaction you should accept high transaction fees but if you do not want the fee to be high, you should wait patiently until it returns to normal transaction fees. Bitcoin and Ethereum are both with regard to a higher transaction fee but despite this many people still make the transaction and pay a higher fee.

[btc-room101]

Fact is fee for btc transactions is reall high. No real way to avoid high fee instead to sell btc for other crypto and thansfer it. And than buy btc again. Better and cheaper than actual fee. till better situation. Cheers.

I hope there will be a way to make BTC gas fees low. So that the gas fee is not as big as it is now, this has resulted in people who are willing to try to buy BTC will think twice about getting started

99% of the time the suckers never know, until they buy their first BTC say at $100, and get 0.025, then go to send 0.001 to a friend, and find out that the fee is $20, I know I just did it the other day, and I cancelled the 'send', and I host my own electrs-server, and wallet, and bitcoin-core-server; but I never do anything with BTC, but I really think that this is all insane, even at $1,000 it wouldn't be worth a transfer.

Transferwise will transfer to/from a bank-account  $1,000 anywhere on earth for $3, so that $6,000 worth of BTC just for break-even compare.

I see it as all just the continual 'lies of bitcoin' it was never for transactions, that is a given. The blockchain given it can only do 7 transaction/sec, will never be anything other than holding and/or transfer for RICH, or large criminal org. Even then why would a criminal use BTC, its not private.

The worse is this fungibility problem, where BTC is not accepted by IRS-COINBASE if its ever been mixed ( now called coin-joined ), most coin floating around is/has been mixed, pristine coin is valuable and is kept in CHINA and traded for cash, way over the posted price of BTC. Virgin-Mined BTC is the GOLD of BTC. All else is silver, or lead.

[capcaypro]

it may match the currently offset price it may be greater or the price is automatically adjusted. but none of that excludes me from also engaging in fee transactions only if they are more expensive.
his anticipation was to try us to do the transaction on time so as not to incur greater costs
because instantly it's even louder