Miners Should Consider the Lower Transaction Fees

[Agbe]

The hike of the mining Fee in the blockchain is not a new thing in the forum, in fact, it is the trending news in the forum and offline. My simple question is that why the Miners increase the Mining fee and generalize it to everyone both who what to transfer small unit of bitcoin and those who want to transfer big unit are all the sharing the same transaction fees. Why?
The matter now is getting out of hand because people are getting starve because they can't collect their coins and sell it to feed. Miners should consider the category of transactions. Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit. Don't equalize everyone as one and charge them equal.

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[Coose365]

Tell that to the free market lol

[joniboini]

Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit. Don't equalize everyone as one and charge them equal.

Is that even possible though? You can probably suggest or make some commits if you have some idea on how to do that. At the end of the day miners are driven by profit most of the time, that's just how the market works. If anything I believe the recent spike is just because people find a new toy and would probably stop dumping a lot of money just to print token when they realize the demand is not that high. The market will balance itself, even at the time of writing the fee is coming down gradually.

[entebah]

My simple question is that why the Miners increase the Mining fee and generalize it to everyone both who what to transfer small unit of bitcoin and those who want to transfer big unit are all the sharing the same transaction fees. Why?
The matter now is getting out of hand because people are getting starve because they can't collect their coins and sell it to feed. Miners should consider the category of transactions. Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit. Don't equalize everyone as one and charge them equal.

I believe this is not because of the miners that increase the mining fee but the people that make the transaction fees increased because people just increase their transaction fees to get their transaction got confirmed faster than the transaction that use low fees.

[mocacinno]

There used to be rules that allowed you to send transactions for free:

https://en.bitcoin.it/wiki/Miner_fees#Historic_rules_for_free_transactions

A nice piece of history

The bottom line right now is that mining is a business... If a miner can collect 1Btc in fees from a block, why would he opt to only collect 0.1 Btc in fees by selecting fees with a lower fee (in sats/vbyte) instead of the ones with a higher fee? If would make no economic sense for them... They invested a lot, they have ASIC's, they have mining rooms, they sometimes need to pay wages, rent and taxes...

It's not that it's impossible for them to do this, it would just make little sense to do so (from their point of view)

[SamReomo]

The hike of the mining Fee in the blockchain is not a new thing in the forum, in fact, it is the trending news in the forum and offline. My simple question is that why the Miners increase the Mining fee and generalize it to everyone both who what to transfer small unit of bitcoin and those who want to transfer big unit are all the sharing the same transaction fees. Why?

Actually, the miners have limited powers and they can not increase the fee. The fee is basically set the by the one who executes the transaction. As you know that due to Ordinals the Bitcoin blockchain is currently congested and there are many transactions in queue. In order to execute the transactions the user has to select very high fees.

The block size of Bitcoin is limited to 1MB and because of that a miner can execute limited number of transactions in a block. The miners on other hand are dependent on the fee set by the one who executes the transaction and if the fee set is higher than others the miners would love to add that transaction into the next block. Miners are also adding the transactions in the blocks to earn money and the higher fee is a blessing for them.

The matter now is getting out of hand because people are getting starve because they can't collect their coins and sell it to feed. Miners should consider the category of transactions. Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit. Don't equalize everyone as one and charge them equal.

That is only possible is miners are willing to add the transactions with low fee into the next block which is unlikely to happen as miners prefer higher fees because their main goal is to generate as much revenue from mining operations as possible. That would be a great thing if miners give preference to the transactions with lower fees but unfortunately that's going to happen anytime.

[Aikidoka]

~snip~

My simple question is that why the Miners increase the Mining fee and generalize it to everyone both who what to transfer small unit of bitcoin and those who want to transfer big unit are all the sharing the same transaction fees. Why?
The matter now is getting out of hand because people are getting starve because they can't collect their coins and sell it to feed. Miners should consider the category of transactions. Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit. Don't equalize everyone as one and charge them equal.

This is how the mining mechanism works. It all depends on the network, If there is a lot of traffic on the network, then most likely the fees will increase until it cools down and decreases again.

Although I understand your point, I don't know if it's feasible to split transactions into categories to make it fair for all people but I feel like miners won't bother to mine transactions with low fees since they come with lower financial benefits for them. They'll just focus on higher fee transactions, and that's fair and more beneficials for them.

For people who want to send transactions when Bitcoin's fees are high, they can exchange it for an altcoin like LTC, which has lower fees, and then send the transaction temporarily until Bitcoin fees stabilize and become low again.

[philipma1957]

So miners had 10 good days of fees which is now dropping.

Last few blocks fees are much lower

1.36
0.45
0.66
1.05
1.49
1.92
0.73
1.60
1.67
1.67


and viabtc dropped from 160% of a block to  130%

[Kryptowerk]

So miners had 10 good days of fees which is now dropping.

Last few blocks fees are much lower

1.36
0.45
0.66
1.05
1.49
1.92
0.73
1.60
1.67
1.67


and viabtc dropped from 160% of a block to  130%

Glad to hear it.
It's a sign the BRC-20 spamming is already slowing down. The shit-token-boys must be slowly running out of sats, oh my.
Must be fun times as a miner when you suddenly get an almost 2x on your usual income.

Let's see how the next few days perform. My guess is: Slowly continuing to decrease to pre-BRC-20 levels with a few random spam-bumps in-between.

[philipma1957]

So miners had 10 good days of fees which is now dropping.

Last few blocks fees are much lower

1.36
0.45
0.66
1.05
1.49
1.92
0.73
1.60
1.67
1.67


and viabtc dropped from 160% of a block to  130%

Glad to hear it.
It's a sign the BRC-20 spamming is already slowing down. The shit-token-boys must be slowly running out of sats, oh my.
Must be fun times as a miner when you suddenly get an almost 2x on your usual income.

Let's see how the next few days perform. My guess is: Slowly continuing to decrease to pre-BRC-20 levels with a few random spam-bumps in-between.

Yeah the extra fees for the entire network were 4 to 8 million a day for a week or so. They failed to do what they wanted which was to drive btc down under 25k.

BTC hodlers stood strong.

We may see a good bounce back in btc price maybe 32k in under a week.

[KiaKia]

Bitcoin miners will take whatever is available, they aren't the ones in control of what fees to accept and mine, you need to learn a lot about mining OP, users are the one paying the fees and miners job is to make sure that the transaction goes through, but it looks like the transaction fee is dipping down since yesterday, I tried making a transaction yesterday and I was asked 25$ and today it's 15$, maybe it will go lower in coming days or weeks so let's be calm for now, don't make any transaction unless it's very important.

[DaCryptoRaccoon]

I tried making a transaction yesterday and I was asked 25$ and today it's 15$, maybe it will go lower in coming days or weeks so let's be calm for now, don't make any transaction unless it's very important.

Don't make transaction on a "Money" system?  hold on has everyone gone thru some kind of time warp here and forgotten what Bitcoin is?

If people lose faith that they can't send there money WHEN they need to but need to "wait" because of what is just spam all be it paid for spam on the network?

What if someone needed to make that urgent transaction for medical care but was priced out because of what has been added?

We have lost a use case that was our primary from day one. Money.

Money don't wait for JPEGS and Shit tokens.

[Kryptowerk]

I tried making a transaction yesterday and I was asked 25$ and today it's 15$, maybe it will go lower in coming days or weeks so let's be calm for now, don't make any transaction unless it's very important.

Don't make transaction on a "Money" system?  hold on has everyone gone thru some kind of time warp here and forgotten what Bitcoin is?

If people lose faith that they can't send there money WHEN they need to but need to "wait" because of what is just spam all be it paid for spam on the network?

What if someone needed to make that urgent transaction for medical care but was priced out because of what has been added?

We have lost a use case that was our primary from day one. Money.

Money don't wait for JPEGS and Shit tokens.

Actually I am suprised we haven't seen more Bitcoin-Cash-gurus or other shitconers coming out of their holes and problaiming they have the ultimate solution yet.

I do wonder though, do we need more scaling discussions again soon? LN in its current state is not helping as intended - and larger money sum transactions will continue to be only available on-chain. I feel there are some similarities with the 2017 situation.

[joniboini]

I do wonder though, do we need more scaling discussions again soon? LN in its current state is not helping as intended - and larger money sum transactions will continue to be only available on-chain. I feel there are some similarities with the 2017 situation.

I get a feeling that if centralized services like exchanges allow LN deposits or withdrawals we'll see more people use that. I believe the average joe doesn't have enough incentive to use LN as of now since they rely on centralized services most of the time. I pay for some services with BTC (like VPN for example) monthly and most of them also don't use LN to accept payments, so that's that. Maybe I can try to look for one but there will be other issues like trust, unreliable downtime, etc. CMIIW.

[Findingnemo]

I do wonder though, do we need more scaling discussions again soon? LN in its current state is not helping as intended - and larger money sum transactions will continue to be only available on-chain. I feel there are some similarities with the 2017 situation.

I get a feeling that if centralized services like exchanges allow LN deposits or withdrawals we'll see more people use that. I believe the average joe doesn't have enough incentive to use LN as of now since they rely on centralized services most of the time. I pay for some services with BTC (like VPN for example) monthly and most of them also don't use LN to accept payments, so that's that. Maybe I can try to look for one but there will be other issues like trust, unreliable downtime, etc. CMIIW.

Here you can find list of services that support LN : https://lightningnetworkstores.com/

Credits @LoyceV

Also some exchanges do accept LN deposits but as you said as an average joe will just go by the traditional on chain to make their transaction.

To OP miners don't set the fee, we are the one setting up the fee for the transaction we are broadcasting and miners are the happiest when the network gets clog cause more rewards for them.

[Kryptowerk]

I do wonder though, do we need more scaling discussions again soon? LN in its current state is not helping as intended - and larger money sum transactions will continue to be only available on-chain. I feel there are some similarities with the 2017 situation.

I get a feeling that if centralized services like exchanges allow LN deposits or withdrawals we'll see more people use that. I believe the average joe doesn't have enough incentive to use LN as of now since they rely on centralized services most of the time. I pay for some services with BTC (like VPN for example) monthly and most of them also don't use LN to accept payments, so that's that. Maybe I can try to look for one but there will be other issues like trust, unreliable downtime, etc. CMIIW.

You are making a good point here. Regular CEX are probably still by far the largest interface to most people holding crypto - if they are getting used to Lightning that way it could indeed lead to a much higher adoption.

[...]
Here you can find list of services that support LN : https://lightningnetworkstores.com/

Credits @LoyceV

[...]

Thanks for the link - does it scrape the LN network by itself or how are the services reported to the website?


On a sidenote I was recently wondering if miners do have an incentive to slow down LN adoption / to lobby against it because it will ultimately mean a reduction in on-chain fees for them?

[Mpamaegbu]

Let the lower transaction should be charged less and the very big whale transactions should be done according to the unit.

Even this which you advocate here is status discriminatory. It's like saying whales transacting should be punished for dealing heavily as if being rich shouldn't be what we all have to look up to. Anyway, on a serious note though, we know all transactions aren't charged the same. A few years ago I came to realize that it's pointless worrying over transaction confirmations as they will eventually scale through, though late.

[serveria.com]

I tried making a transaction yesterday and I was asked 25$ and today it's 15$, maybe it will go lower in coming days or weeks so let's be calm for now, don't make any transaction unless it's very important.

Don't make transaction on a "Money" system?  hold on has everyone gone thru some kind of time warp here and forgotten what Bitcoin is?

If people lose faith that they can't send there money WHEN they need to but need to "wait" because of what is just spam all be it paid for spam on the network?

What if someone needed to make that urgent transaction for medical care but was priced out because of what has been added?

We have lost a use case that was our primary from day one. Money.

Money don't wait for JPEGS and Shit tokens.

Actually I am suprised we haven't seen more Bitcoin-Cash-gurus or other shitconers coming out of their holes and problaiming they have the ultimate solution yet.

I do wonder though, do we need more scaling discussions again soon? LN in its current state is not helping as intended - and larger money sum transactions will continue to be only available on-chain. I feel there are some similarities with the 2017 situation.

Because there are none left haha!  Not only have I seen/heard from any big-blockers lately, I'm not even sure Bitcoin Trash still exists (well apparently it does). But who uses it? What is at least single real-world use case for it?

[Z-tight]

A few years ago I came to realize that it's pointless worrying over transaction confirmations as they will eventually scale through, though late.

It isn't a must that a transaction will get confirmed, a transaction can be purged out of most mempools because it pays a very low transaction fee, this depends on how congested the BTC mempool is at that time. E.g Ordinals have caused serious congestion in the mempool for some weeks now, and this period if you use a fee rate of 1 sat/vbyte for your transaction, miners won't confirm it until it is either dropped out or the mempool cools off.

[bettercrypto]

Literally speaking, we know the miners it is their way to make money from what they do once a user makes a transaction in cryptocurrency or bitcoin. That's why they made the mining fee universal. And honestly, there is nothing we can do regardless of the amount they demand in fees but to follow if we have no choice.

      I read something here on the forum, I'm not sure if it's true that it is said that on weekends, the fees deducted from Bitcoin transactions are lower. Then I also noticed that it looks like the hyped up in ordinals or brc20 is over, so I think everything will gradually return to normal, so let's see and wait for the result.