Is anyone saw mempool right now? Mempool spam

[ajiz138]

182 sats? You've got to be kidding me. It's big. A couple of days ago, I made a transaction and the fee was around 40 sats. I was getting bigger, and now it's like that right away.

The fact that it is congested is getting worse now. Well, as usual, let's cool down the situation now, because if we insist on what will happen, the miners will be happy because of the fee they will charge for each bitcoin transaction. Something that is not good on our part as bitcoin holders

Last time I saw 176 sat/vB it was no joke that the mempool was indeed congested, I did not make a transaction during the current conditions.

Now it's a bit better below 100 sat/vB but it's still high, the possibility of traffic jams is high again. There are two factors that many people say about mempool which is now getting higher, [1] because the price is rising a lot of people are crowding the transki. [2] because ordinal shitcoin is making a comeback after listing on Binance.

Now just shut up or use the lightning network some exchanges have accepted this network.

[TravelMug]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB 

What further steps will look like if this spam continues?
I don't remember this happening before in history

This happened several months ago as well, and we didn't do anything, we just wait till everything settles down. Of course bitcoin enthusiast is very mad that BRC-20 ordinals are spamming the network and it seems that they are going it to cause some newbies to stay away from the market, it short it's a deliberate attack on their end. However, after a couple of months, or shall we say, weeks, it suddenly goes down without reasons.

Miners are having a blast right now he he  

Well it's business I guess, someone will have to be paid, regardless it is 1 sat/vB or 200 sat/vB to secure the network.

And that's why this is the big difference of BTC to the rest of the altcoins as there are miners who really do this because it's their job to secure everything for us for a transaction fee, 6 confirmations to be exact.

[Fundamentals Of]

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

[Eternad]

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

I’m not really sure if Ordinals is really need to blame here since the stuck transaction volume is much lower when Ordinals spam network which around 500K Tx compared to current one that is just a 200K+ yet the transaction fee is much higher compared when the pending Tx is around 500K. Ordinals use dust transactions to flood the network while the current abnormality is just many transactions is purposely use insane transaction fee that makes other transaction with lower fee become pending.

I believe this a pure manipulation which I don’t know who to blame because mempool will be clear if everybody will calm down on using higher transaction fee and just wait for the mempool to clear this transaction with higher fee.

[dansus021]

I also creating a similar thread in Techincal Support you guys should check it out

Question about Bitcoin network spammer - https://bitcointalk.org/index.php?topic=5473421.0

Some member said it is because the ordinal + I do believe bitcoin turn into bull that make some user might want to take profit if they buy the bitcoin at 19K level and send it to exchange

[hd49728]

Some member said it is because the ordinal + I do believe bitcoin turn into bull that make some user might want to take profit if they buy the bitcoin at 19K level and send it to exchange

It is doubling effect from a Bitcoin bull run with many good news for Bitcoin Spot ETFs and Ordinals Inscription attack. Since February 2023, there are some waves of Ordinals attacks on Bitcoin mempools.

Inscriptions, Mempools and Miners

Some charts taken from the report of Glassnode Insights about Ordinals, Inscriptions. Those useless inscriptions account too much for Bitcoin transaction count, fee, block size in last 9 months.

[Fundamentals Of]

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

I’m not really sure if Ordinals is really need to blame here since the stuck transaction volume is much lower when Ordinals spam network which around 500K Tx compared to current one that is just a 200K+ yet the transaction fee is much higher compared when the pending Tx is around 500K. Ordinals use dust transactions to flood the network while the current abnormality is just many transactions is purposely use insane transaction fee that makes other transaction with lower fee become pending.

I believe this a pure manipulation which I don’t know who to blame because mempool will be clear if everybody will calm down on using higher transaction fee and just wait for the mempool to clear this transaction with higher fee.

Partly the Ordinal inscriptions probably, but not mainly. There might also be certain manipulations intentionally done to earn more fees. Philipma1957, on another thread similarly discussing about the sudden spike in transaction fees, suspected this could be done by large mining pools. He suspects that Binance mining pool is most probably behind this manipulation.

We don't know for sure. But I think many factors are contributing to this. We also don't discount the growing transaction volume especially during these moments when the price is fast rising.

[$crypto$]

Wait!!! it will return to normal, some time ago it experienced the same thing even twice as high as now, this is really hard and indeed the miners feel the pleasure of high mempool, so we have to wait when we want to send btc better wait for normal again.

When the mempool is rising, the ordinal token is hype again, it's like there is a problem with the ordinal crowding the transaction network, so I will wait, for other purposes use crypto options with cheaper networks, the mempool fee is now unfriendly.

[Poker Player]

The transaction fees are getting crazy and the network is getting highly congested. Fee for low priority transactions is at 146 sat/VB which's crazy and there are more than 210,579 unconfirmed transactions as of time of writing this post. I think the useless ordinals are causing harm to Bitcoin network once again and the dam ordinals problem isn't solved yet.

Wait!!! it will return to normal...

Well, in fact, at the moment the fees are already down to a quarter of the mentioned, according to mempool.space they are between 38-40 sats/vByte depending on the priority you want. I would expect that during the weekend there will be calm too, so people can make transactions without paying crazy fees. Personally when I see fees going through the roof I prefer to wait.

[OgNasty]

This isn’t really a problem because very few people actually transact using BTC anymore. The store of value narrative has to be what carries Bitcoin into the future because it is not as useful as a p2p currency as most other options. Maybe this is a feature and the cost of transacting in Bitcoin is worth it, but the shit will have to hit the fan first so we can see.

[adaseb]

Seems to be coming down fast now, you might get a 50sat byte transactions confirmed if this trend holds. However tomorrow morning during NY time I am guessing these transactions will keep heading upwards. Today was very nasty if you wanted to get anything confirmed quick.

Looks like the high fees caused some people to rethink their transaction fees and either not do any ordinal transactions or just postpone their transaction until the weekend.

[FinneysTrueVision]

The fees have come down to more reasonable levels. It's late in the day and also a holiday weekend in the United States so this might cause fewer on-chain activity for a brief period. Most of the spam is related to minting BRC-20 tokens. There is not much actual usage of these tokens once they are minted so eventually the shitcoin spam will subside.

[Kakmakr]

Well, someone thought it was a good idea to develop Ordinals and for that to spam the Blockchain.  The "enemies" or competition of Bitcoin might have seen this as an opportunity to "spam" the network with more useless transactions to create congestion.

We will just have to ride this out and hopefully the developers will find a way to counter this.  Why can there not be some way to shift these Ordinals to a side-chain, like they did with the Lightning Network?

[joniboini]

Why can there not be some way to shift these Ordinals to a side-chain, like they did with the Lightning Network?

I think someone will definitely develop that if the network is continuously unsuitable for them. I'm pretty sure past discussions also discuss this. At the end of the day, it is an open-source project and anyone can develop a side-chain to fit their needs. Altcoins already do this with their layer 2 or whatever they want to call it.

[btc_angela]

Seems to be coming down fast now, you might get a 50sat byte transactions confirmed if this trend holds. However tomorrow morning during NY time I am guessing these transactions will keep heading upwards. Today was very nasty if you wanted to get anything confirmed quick.

Looks like the high fees caused some people to rethink their transaction fees and either not do any ordinal transactions or just postpone their transaction until the weekend.

Yes, it's no longer at the 100++ digit sat/vB, its down to 20 sat/vB-30 sat/vB so that is a good improvement already. So I do believed that this ordinals thingy will have to lie down a bit just like in the previous months and then we go back to the normal.

I don't think though that bitcoin enthusiast will re-think everything, I mean just like I said, this ordinal transactions will have to slow down.

And this is a good sign right now, maybe in the next 24-48 hours, the fees will slide around <20 sat/vB.

[Faisal2202]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB 

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he 

You are right transactions are really shooting up and in my opinion, that's due to the listing of BRC-20 tokens on big centralized exchanges like the listing of ORDI on Binance. As we know when the transaction of these tokens is taken out the load on the BTC blockchain will increase and the network will be more congested than before.

Resulting in a high fee, but overall I would say what we can do for know, as those who have no other options might have to pay $14 in fee (maximum as the current fee is) and if you have the option to delay the transactions then you can go for no priority TX which will cost around 0.5$ Overall, I would say the increment in BTC TX was written before in our luck but it will come that fast was not in my expectations.

Overall, we should find ways to reduce it like using the LN or making payments in different time zones when the TX fee is lower than before. Talking about spams, this is not something new, as BTC blockchain is trained for it as it has limit of it and when the spam transaction limit will meet then network will not take anymore spam TX in it.

[ZAINmalik75]

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

Besides Ordinals involvement spam transactions are also being made in the BTC blockchain which is creating congestion no doubt this will fade away with time but at the current moment, we should or have only other options like not using BTC, or converting BTC in some other token to make transactions fast, or use Lightning network for better fees.

We will see spikes in the transaction fee frequently now because BTC is going up and the halving is near after which the block reward will be reduced to half.

The only way for the miners is to earn from the transaction fees maybe that's why they are doing it on purpose so that people become used to paying huge transaction fees but in my opinion, it will not happen at the current price of BTC. Because paying $10+ for the fee for one transaction meant a lot now.

[Baofeng]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB 

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he 

You are right transactions are really shooting up and in my opinion, that's due to the listing of BRC-20 tokens on big centralized exchanges like the listing of ORDI on Binance. As we know when the transaction of these tokens is taken out the load on the BTC blockchain will increase and the network will be more congested than before.

Oh ok, so that is one reason why the price suddenly shoots up because it is being listed on top tier exchanges, make sense.

Resulting in a high fee, but overall I would say what we can do for know, as those who have no other options might have to pay $14 in fee (maximum as the current fee is) and if you have the option to delay the transactions then you can go for no priority TX which will cost around 0.5$ Overall, I would say the increment in BTC TX was written before in our luck but it will come that fast was not in my expectations.

Yes, that's the only thing we can do now, sit and just relax and let this whole craze go down a bit and for sure the fees are going to go back to the normal fees again. And it's true that before they also congested the network and then after a few weeks the fees is back to like 1-3 sat/vB.

Overall, we should find ways to reduce it like using the LN or making payments in different time zones when the TX fee is lower than before. Talking about spams, this is not something new, as BTC blockchain is trained for it as it has limit of it and when the spam transaction limit will meet then network will not take anymore spam TX in it.

I think it's a good for others who don't have experience with LN to try it out for the first time. And if you are going to transact with others, it should be in LN until the network congestion is gone.

[hd49728]

Besides Ordinals involvement spam transactions are also being made in the BTC blockchain which is creating congestion no doubt this will fade away with time but at the current moment, we should or have only other options like not using BTC, or converting BTC in some other token to make transactions fast, or use Lightning network for better fees.

We will see spikes in the transaction fee frequently now because BTC is going up and the halving is near after which the block reward will be reduced to half.

Time flies so fast and soon people will realize real values of Ordinals tokens that are useless like many altcoins, abundant NFTs from altcoin blockchains. Soon, they will realize fact but when time comes to that point, they already lost money to Ordinals, Inscriptions.

Hypes in altcoins including Ordinals, Inscriptions can not last forever, they will die with time.

The only way for the miners is to earn from the transaction fees maybe that's why they are doing it on purpose so that people become used to paying huge transaction fees but in my opinion, it will not happen at the current price of BTC. Because paying $10+ for the fee for one transaction meant a lot now.

Miners always can earn money from block subsidy and transaction fee but with hypes of Ordinals, Inscriptions, they are receving more money from transaction fees than months ago especially before February 2023.

If you understand mempools and the market as well as have plans and patience, you can enjoy cheaper fee rates. Like today, you can have a quick confirmation with fee rate like 30-40 sat/byte that is 3 times lower than yesterday.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

[adaseb]

I managed to get a transaction in with 40 sats byte. If I waited I could of gotten perhaps 25-30 sats byte. Seems it’s starting to level off and most likely by Sunday we can get 10-25 sat transactions going.

You need to make sure you get your transaction in by then because during the London open and especially New York open it will get more and more congested and you will be stuck paying 100 sat byte fees.