Mempool Observer Topic

[FeeBuddy]

     

• fastestFee: 4 sat/vB
• halfHourFee: 4 sat/vB
• hourFee: 3 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[bitmover]

@bitmover: FeeBuddy needs an update: more and more Bitcoin mining pools are accepting 0.1 sat/vbyte transactions:

Unfortunately, I use mempool.space API which wasn't updated yet to this new sub 1 sat/vB transactions. This one:
https://mempool.space/api/v1/fees/recommended

As soon as they update, it will be automatically updated here.

The chart now will show those transactions correctly.

[Wind_FURY]

@bitmover: FeeBuddy needs an update: more and more Bitcoin mining pools are accepting 0.1 sat/vbyte transactions:

0.1 sat/vb is the new 1 sat/vb!

Luxor has configured to mine them

MARA pool has also joined the party

Spiderpool and F2Pool also joined.

This is amazing: 0.57 sat/vbyte could be enough to get your transaction confirmed in the next block!

 👀

Those discussions/debates about sub 1 sat fees in the Development and Technical subforum is starting to happen. It's also starting to be more obvious that miners who ignore these sub 1 sat fee transactions would be cutting off extra fee revenue.

BUT if more and more miners join, doesn't that also mean that more and more users will also use sub 1 sat fee transactions which would make the miners' revenue from fees also go down?

 ¯\_(ツ)_/¯

[bitmover]

BUT if more and more miners join, doesn't that also mean that more and more users will also use sub 1 sat fee transactions which would make the miners' revenue from fees also go down?

 ¯\_(ツ)_/¯

The point is that bitcoin price is already way too high.

1 sat /vB is already a lot of money. 10x more than it was 5 years ago.

Allowing 0.5 sat/vB for example is just a basic adjustment.

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[Wind_FURY]

BUT if more and more miners join, doesn't that also mean that more and more users will also use sub 1 sat fee transactions which would make the miners' revenue from fees also go down?

 ¯\_(ツ)_/¯

The point is that bitcoin price is already way too high.

1 sat /vB is already a lot of money. 10x more than it was 5 years ago.

Allowing 0.5 sat/vB for example is just a basic adjustment.

Logical, although currently it's also like game theory. The miner that doesn't lower their min sats requirement will be giving the opportunity to include the sub 1 sat fee transactions to their competitors.

Plus it's probably also why we saw only one or two unmined blocks in Mempool.Space because those below 1 sat were not accounted for. But they fixed it now.

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 1 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[Wind_FURY]

  👀

Majority of transactions were paying sub 1 sat fees about three hours ago and those transactions are included in the next blocks. Although there are probably three mining pools that are NOT configured to include sub 1 sat fees yet. They are Foundry U.S.A., ViaBTC, and F2Pool. They're blocks are only half full or less. Does that mean majority of users have started paying sub 1 sat fees?

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 2 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[Cricktor]

~~~

My very crude observations so far is, that a lot of those sub 1 sat/vB fee rate transactions are data spam, where it might not be important when it is confirmed. As mempools eventually dry out during a day or weekend but multiple times during a week these days, it makes a lot of sense to me to use sub 1 sat/vB fee rate.

I would do the same for transactions that aren't urgent. Why waste precious sats?

[FeeBuddy]

     

• fastestFee: 6 sat/vB
• halfHourFee: 5 sat/vB
• hourFee: 5 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[Wind_FURY]

~~~

My very crude observations so far is, that a lot of those sub 1 sat/vB fee rate transactions are data spam, where it might not be important when it is confirmed. As mempools eventually dry out during a day or weekend but multiple times during a week these days, it makes a lot of sense to me to use sub 1 sat/vB fee rate.

I would do the same for transactions that aren't urgent. Why waste precious sats?

I believe not. If the mempool is congested by 0.10 sats/vB, then you're probably right. But current transactions with sub 1 sat/vB fees are actually using Bitcoin, although they're not in a hurry to have their transactions in the next block. They merely made their transactions and they're willing to wait for more than an hour to have them comfirmed.

Here's a block with some sub 1 sat/vB transactions, https://mempool.space/block/00000000000000000000a74e77bb35e8691d7740249bba181c4bbdc96d9b2d74?page=41

[FeeBuddy]

     

• fastestFee: 1 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 2 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 3 sat/vB
• halfHourFee: 3 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 1 sat/vB
• halfHourFee: 1 sat/vB
• hourFee: 1 sat/vB
• economyFee: 1 sat/vB
• minimumFee: 1 sat/vB