Everyone is celebrating about the fourth halving but what is this?

[Oshosondy]

The fee has gone up too much. Is this how blocks mined immediately after halving would be?




Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

[Aanuoluwatofunmi]

What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.

[DaveF]

Bunch of NFT people trying to get their NFTs in the block.
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.

You can see the incoming TX spike here:


Not a big deal, it's already dropped off.
Should be normal in an hour or 2.

-Dave

[btc78]

Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

Well it seems temporary to me and I hope it is

Bitcoin has changed drastically over the past few years and we are expecting bitcoin to only go up from here I don’t think we should be overthinking some things and instead let it play out for a bit

This is what will cost us if we do not have the patience to trust bitcoin

[nullama]

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:



In this case, the "golden" block was mined by ViaBTC, congrats to them!.

[usekevin]

The fee has gone up too much. Is this how blocks mined immediately after halving would be?




Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

It was the expected one in the market,when the price of bitcoin or cryptocurrencies was in bull run.It will impact the fee of the cryptocurrency and mainly the bitcoin.This happened by two factor,one is the demand of the bitcoin was multiplied to 10x as compared to the normal time.Every one try to get some profit by investing in the bitcoin.Second factor is mostly not expected one,because the exchanges try to hold the bitcoin in their exchange.If the fee goes high,most of the traders will try to hold their money in the exchange mostly to withdraw later or at the end of the bull run.

What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.

The demand for the bitcoin will be stable at the halves period,but the transaction will be reduced because of the fee in the exchange.The O.P may exchange their bitcoin to other coin and easy withdraw to the other wallet.The fee mentioned here was extremely huge like 120$ for the transaction,it’s better to hold the bitcoin now till the transaction fee for the transaction become normal one.Because the way of spending huge money for the fee will affect you in huge way.

[hd49728]

Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

Is it good example that Bitcoin blockchain will continue its long life even every four years, Bitcoin block subsidy will halve?

The increasing demand in short term and in long term, will feed Bitcoin miners and it is good for Bitcoin network. If Bitcoin miners have good income, profit from mining, they will continue to mine Bitcoin blocks, to receive rewards from block subsidy and transaction fee.

Things are going on a good direction for Bitcoin network and miners.

Hype on Bitcoin blockchain last two years comes from Ordinals as you can see some information from Glassnode Insights' report months ago.
Inscriptions, Mempools and Miners

[pooya87]

It is either what @nullama said (people trying to get into the halving block) or this is "fee market manipulation" considering the timing and how the attack took place. There was an "artificial" injection of a rather large number of transactions (the first suspect is the Ordinals Attackers) into the mempool which has only manipulated the fee market and significantly increased the fee rate by creating this fake competition.

Luckily the attack is becoming very expensive so it can not continue for long but the attack itself will not stop as long as the exploit in the protocol exists and the fake market where they sell fake tokens under the codename Ordinals exists. That is creating an incentive to spam attack bitcoin.

[Don Pedro Dinero]

Wtf? I see fees have gone down a bit but still 1.122 sat/vB for medium priority and 1.214 sat/vB for high priority according to mempool.space. $100 fees? LMAO. Here we were all celebrating halving and we won't be able to make a transaction. This nonsense will eventually have to wear off.

The miners will be very happy for the time being, as these fees more than compensate for the fall in the block reward.

[adaseb]

This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.

So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.

[3kpk3]

This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.

So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.

Ordinals messed up the network for a while and runes are messing it up too now. Miners would be really happy while the average crypto investor would be pissed and direct their anger at the halving event.

Personally, I am super pissed that the runes team chose the halving event to launch this crap. Miss the good old days when BTC fees were consistently dust.

[Learn Bitcoin]

Bunch of NFT people trying to get their NFTs in the block.
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.

Bitcoin Runes supposed to start at the halving block and it is the same developer who developed BRC-20 thing. The fees have been skyrocketing since the halving block and even before the halving. People use https://magiceden.io/ and OKX exchange to buy runes which increase the number of transactions. But, If I am not wrong, We had half a million pending transactions a few months ago and yet the transaction fees were around 200 sat/vB. But look at the mempool now, we have less than 300K pending transactions and look at the fees.

[Helena Yu]

This is crazy someone send 0.00020330 BTC to three addresses but he spent 0.99 BTC just for the fees.

Despite the fees jump up crazy, but the price is relatively stable, not give any impact.

Oh wait, where are people who keep saying "bItCoIn mUsT Be uSeD As A cUrReNcY, bItCoIn lOsT It's dEfInItIoN"? they need to use Bitcoin on-chain to buy something right now, don't need to wait.


https://mempool.space/tx/7923e59abd8f8ab40dcc7915ae864d8b7ad6776811ba4d478f42248a7827a7f3

[2Pizza410000BTC]

The fee has gone up too much. Is this how blocks mined immediately after halving would be?




Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

The increase in mempool looks Disappointing but I think it won't last long and may return to normal soon. OP when you posted mempool was 1345sat/vB in low mode 1760 Sat/vB in medium mode and 2202 Sat/vB in high mode. Currently I see much less than the situation you mentioned. Such increase may be due to increased transactions in the market. There is nothing to worry or despair and wait for things to return to normal soon.

[Z390]

Be calm, you guys can't tell me that this is the first time such a thing is happening.

Some runes owners are up for extra free NFTs on Bitcoin aka inscriptions, maybe thats the reason why the fee is this high?

Let's sit back for now and let the miners make some insane amount of money for a few hours as a gift, it won't last very long I believe.
It is obvious that Bitcoin can never be used as a means of payment, this type of increase in transaction fee will always cause problems for any business that decides to accept Bitcoin as money, good luck to all people that believe that this should work, it is clearly not working as a means of payment.
Runes and Ordinals will bring more problems than solutions for Bitcoin, yes miners will always have good days like this but the problems will be as annoying as what we are seeing right now.

[pinggoki]

What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.

This is the best thing to do, wait it out because that's the only thing that you can do and it's not like this is going to be the thing that will happen forever, I'm sure that we're going to see something done about this and also, it's not like the market's going up like crazy right now that we can't afford to sell our bitcoin because of the transaction fees, I'm sure that we'll be paying less than what's the current fee right now, just be patient. Let's give this days to the miners because they're the ones that would be affected the most by the bitcoin halving.

[The Sceptical Chymist]

LMAO. Here we were all celebrating halving and we won't be able to make a transaction. This nonsense will eventually have to wear off.

I'm not celebrating the halving since I don't understand what there is to celebrate, but all of this crap and more just shows you why bitcoin just isn't really a practical form of money.  Don't burn me at the stake for heresy; I've always thought that it's a much better investment vehicle than a currency, and I'd bet a lot of people (if they're being honest with themselves) would agree.

It is obvious that Bitcoin can never be used as a means of payment, this type of increase in transaction fee will always cause problems for any business that decides to accept Bitcoin as money, good luck to all people that believe that this should work, it is clearly not working as a means of payment.

Confirmation time is another bitch of a problem if you're in a store that accepts bitcoin (unless you pay whatever the going rate is for a fast transaction).  If you want to buy something from a merchant that uses Bitpay, for example, any of the altcoins Bitpay accepts are better alternatives than bitcoin.  I wouldn't call LTC a shitcoin, but it's a coin for spending.  Bitcoin is a store of value, an investment, a speculative instrument.  It just isn't a great currency.  I still love it, though!

This is crazy someone send 0.00020330 BTC to three addresses but he spent 0.99 BTC just for the fees.

Jesus.  I know there are some whales who've got more bitcoin than they know what to do with, but that almost brings a tear to my eye.

[Ambatman]

Bitcoin heading more towards been more of a store of value than medium of exchange.
The rune protocol hype can't be maintained for long.
Like has been said the fee is already falling.
The price of Bitcoin is relatively which is to be expected
Is like the fee is holding many back
Lol to buy or to sell.

[stompix]

Should be normal in an hour or 2.
-Dave

Add a zero to those, or to the fees 
But how funny that tx with 100 sat/vb made it to block 840 000 while guys are paying even now 400sat/vb for block 840065, you won't be making history there!

I'm not celebrating the halving since I don't understand what there is to celebrate, but all of this crap and more just shows you why bitcoin just isn't really a practical form of money.  Don't burn me at the stake for heresy; I've always thought that it's a much better investment vehicle than a currency, and I'd bet a lot of people (if they're being honest with themselves) would agree.

Bitcoin has limitations as a currency, acceptance, fees and capacity, for an investment neither of those matter, and then on top of that you add ridiculous gains like the ones we had that need to skill just holding the coin and refrain from spending what would be obvious choice?

[Maus0728]

This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.

So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.

Wow, they're so addicted with inscriptions that they don't mind paying these exorbitant amounts of fees? The craze about inscriptions seems to not fade away just yet. I guess the miners need to make their money and so far, this is their best way to make some after the halving. It will eventually improve, developers are probably doing what they can about that situation, if we're really mad about this, why not use Lightning Network?