How Much Fee is Too Low for Bitcoin Now?

[Pmalek]

I'll be damned if this is true but, for the most part, it gets purged?

Transactions of around 3 sat/vByte wouldn't get purged right now. They wouldn't even get purged at 2 sats currently. I am not sure what is going on with Mempool.space. They used to show information about their purging rate. They seem to have removed that or replaced it with a line saying, "Minimum fee." As we speak, we have blocks being mined with some transactions paying between 3-4 sat/vByte. Take a look at the last block.

[ranochigo]

Transactions of around 3 sat/vByte wouldn't get purged right now. They wouldn't even get purged at 2 sats currently. I am not sure what is going on with Mempool.space. They used to show information about their purging rate. They seem to have removed that or replaced it with a line saying, "Minimum fee."

That is the minimum fee for the transactions to be relayed by the default Bitcoin Core instance. This is consistent with my node as well. None of the transactions are being bumped out of the mempool because the current mempool size is well below the limit for the default implementation. 1sat/vbyte is the minimum relay fee provided that there is still space in the mempool.

[Pmalek]

That is the minimum fee for the transactions to be relayed by the default Bitcoin Core instance. This is consistent with my node as well. None of the transactions are being bumped out of the mempool because the current mempool size is well below the limit for the default implementation. 1sat/vbyte is the minimum relay fee provided that there is still space in the mempool.

I know that 1 sat/vByte is the minimum default relay fee, but I thought that Mempool.space changed something in its UI. I am used to seeing a purging rate. It wasn't there this morning, so I thought they removed it. Now it's back and saying 2.25 sat/vByte as I am writing.

But I understand now how Mempool.space works. If there is still space in their mempool, the website will display the information "Minimum fee: 1 sat/vByte." If the mempool is full, they change this to whatever the current purging rate is.

[Cricktor]

The value for "Purging" is the fee rate that won't make it into a default mempool of 300MB or will be evicted from it due to overflow and presence of enough higher paying transactions than can fit in such a default mempool.

See explanation in documentation of mempool.space: https://mempool.space/docs/faq#how-big-is-mempool-used-by-mempool-space

While I look regularly at mempool.space, so far I never noticed the absence of the "Purging" metric. Well, not an addict to monitor it every few minutes... I certainly miss some of their changes and updates of the website. It's evolving quite nicely.

[NotATether]

You should probably stop using Atomic wallet. They're simply not to be trusted anymore.

As for your question, then you should use mempool.space as a reference next time (assuming the wallet you're using does not estimate the fees accurately. Electrum does a good job at that).

Is sat/vb the same as sat/b? Atomic wallet uses sat/bite but what I see at Mempool is sat/vB.

No, sat/b is the unit used for legacy transactions (transactions with all legacy inputs), and sat/vb is used for segwit transactions (at least one segwit input in the transaction). That is because the two types of transactions have different formats so the Segwit version excludes witness data from the fee calculation - which contains the script signatures - causing the fee to go down.