ordinals and inscriptions

[ABCbits]

yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte

It's somewhat ironic since i remember when single digit satoshi per vbyte was considered as normal. People could even wait for 1 sat/vB (lowest rate that would be relayed by nodes) to consolidate their UTXO. And looking mempool.space, fair amount of unconfirmed TX still contains arbitrary data.

[babo]

yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte

It's somewhat ironic since i remember when single digit satoshi per vbyte was considered as normal. People could even wait for 1 sat/vB (lowest rate that would be relayed by nodes) to consolidate their UTXO. And looking mempool.space, fair amount of unconfirmed TX still contains arbitrary data.

we will definitely never see 1 sat per vbyte again in my opinion
too many people want to use bitcoin On Chain and many use it
we set record volumes recently, so I'm not even hoping for those figures
20 sat/vbyte is already an acceptable figure for consolidation

+1 karma for you

[yhiaali3]

20 sat/vbyte is already an acceptable figure for consolidation

Yes, 20 sat/vbyte is an acceptable number for us as users, but is it acceptable for miners?
I mean after halving and mining rewards being halved miners will seek to make up for the shortfall in rewards through fees, so I don't expect they will be happy with 20 sat/vbyte.

Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.

[Lucius]

~snip~
20 sat/vbyte is already an acceptable figure for consolidation

We are currently at 16 s/vB and I don't see why the fees wouldn't go even lower if there is no new mempool spam. In reality, the number of transactions related to Bitcoin is quite small and is mostly between CEXs and clients and vice versa.

~snip~
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.

If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.

[bitmover]

we will definitely never see 1 sat per vbyte again in my opinion
too many people want to use bitcoin On Chain and many use it
we set record volumes recently, so I'm not even hoping for those figures
20 sat/vbyte is already an acceptable figure for consolidation

+1 karma for you

"definitely never" is too long imo. I think we will see it again in a few months.

I have hearing people making catastrophic previsions about fees everytime they go up. And they always go down again... Just about 2 weeks ago when fees where above 1000 I saw many reputable members saying that it was the "new normal", and just 3 days later fees were at 30 sat vB.

I think we will soon reach sub-10 sat vB levels just we did a few months ago (about 7 sat vB just a few weeks before runes).

I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year. 

ANd it is expensive to consolidate 100+ inputs now at 20 sat vB. I will save a lot of money consolidating at 1 sat vB.

[babo]

~snip~
20 sat/vbyte is already an acceptable figure for consolidation

We are currently at 16 s/vB and I don't see why the fees wouldn't go even lower if there is no new mempool spam. In reality, the number of transactions related to Bitcoin is quite small and is mostly between CEXs and clients and vice versa.

~snip~
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.

If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.

clearly we are calm at the moment, there was also all the confusion due to the first block of the fifth era
I don't know if you know but now there are people who collect the famous rare satoshis, ordinals lists them and there are some rare and highly coveted ones
the first satoshi of the first block of the 5th era is rare, coveted and also very expensive so consequently there was competition to get it

[yhiaali3]

If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.

This is a theoretical study of Bitcoin mining costs written by Halfling on APR 08, 2024

According to data from CryptoQuant CEO Ki Young Ju, the current cost of mining using Antminer S19 XPs will rise from $40,000 to $80,000 after the Bitcoin halving in mid-April.

https://cointelegraph.com/news/bitcoin-halving-how-impact-btc-mining-costs

Of course, the theoretical study remains different from reality, and there are many other factors that affect miners and vary from country to country depending on the cost of electricity, taxes, etc., so it is difficult to accurately predict the cost of mining one Bitcoin.

[ABCbits]

20 sat/vbyte is already an acceptable figure for consolidation

Yes, 20 sat/vbyte is an acceptable number for us as users, but is it acceptable for miners?
I mean after halving and mining rewards being halved miners will seek to make up for the shortfall in rewards through fees, so I don't expect they will be happy with 20 sat/vbyte.

20 sat/vB means about 0.2 BTC (assuming block is full) additional income. It's definitely small compared with current mining reward (3.125 BTC). Miner (or rather pool) need continue to explore additional income source (e.g. manually include non-standard TX or TX acceleration)

Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.

Without additional detail, i would just assume that study use somewhat old ASIC or relative high elecirty rate as basis of that study.

[Lucius]

clearly we are calm at the moment, there was also all the confusion due to the first block of the fifth era
I don't know if you know but now there are people who collect the famous rare satoshis, ordinals lists them and there are some rare and highly coveted ones
the first satoshi of the first block of the 5th era is rare, coveted and also very expensive so consequently there was competition to get it

Of course I know because this topic is also part of that story, and I really wouldn't have anything against everything if Bitcoin doesn't suffer direct damage because someone wants to profit from, let's be completely realistic and honest, completely meaningless things that someone decided to monetize.

There are technical possibilities for all this to take place on one of the alternative chains - but as we can see, all those who could do something there obviously only see profit and don't really care that ordinary Bitcoin users have problems because of all this.

[dkbit98]

I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year. 

You are still waiting for this? 
No problem if you continue to do so, but I think this is silly, it's not like you are centralized exchanges with million utxo to consolidate.
I am very confident that we won't see 1 sat/vB in 2024, but sub 10 sat/vB will happen when things cool down.
It simply is not profitable for miners to have such low fees especially after halving.

[Captain Corporate]

I think this is quite obvious that these type of "extra" stuff on bitcoin doesn't really help anyone at all. These do work in other stuff, like altcoins could have these stuff and it works because it empowers them, having these on altcoins could be something that would benefit everyone. However, we need to remember that we are going to end up with better prices for bitcoin when we get rid of these extra stuff. That seems to be the most important thing, I can't really predict why people wanted to increase the fee's do you think that we should consider halving and these extra stuff making fee's high, and that caused the price to fall probably.

[bitmover]

I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year. 

You are still waiting for this? 
No problem if you continue to do so, but I think this is silly, it's not like you are centralized exchanges with million utxo to consolidate.
I am very confident that we won't see 1 sat/vB in 2024, but sub 10 sat/vB will happen when things cool down.
It simply is not profitable for miners to have such low fees especially after halving.

Ofc , I can wait until 2025 or even 2026. I won't sell anyway.

If the price sky rocket to 120k usd or more, I can just sell a little bit without doing big consolidations

[Z-tight]

we will definitely never see 1 sat per vbyte again in my opinion

No, not never. I believe we would see 1 sat/vByte again, but it is going to take sometime to happen. If all the spammers causing this congestion go away and there are no new ones, then fees can fall as low as that again.

I think this is quite obvious that these type of "extra" stuff on bitcoin doesn't really help anyone at all.

It doesn't help us (people) who want to make p2p tx's. However try telling this to the spammers.

[babo]

"definitely never" is too long imo. I think we will see it again in a few months.I have hearing people making catastrophic previsions about fees everytime they go up. And they always go down again... Just about 2 weeks ago when fees where above 1000 I saw many reputable members saying that it was the "new normal", and just 3 days later fees were at 30 sat vB.I think we will soon reach sub-10 sat vB levels just we did a few months ago (about 7 sat vB just a few weeks before runes).I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year.  ANd it is expensive to consolidate 100+ inputs now at 20 sat vB. I will save a lot of money consolidating at 1 sat vB.

in my opinion it will take at least 2 years, not months, to see those fees and thats not even truebecause if in the meantime applications are born on top of the blockchain, I dont know another type of ordinals or anything else, the fees will be frighteningly high anywaygood or bad? i dont know honestly but i dont expect low fee in months

[ABCbits]

we will definitely never see 1 sat per vbyte again in my opinion

No, not never. I believe we would see 1 sat/vByte again, but it is going to take sometime to happen. If all the spammers causing this congestion go away and there are no new ones, then fees can fall as low as that again.

While i also want to see 1 sat/vB again, i doubt it'll happen. Casey Rodarmor open the pandora box (letting average people know about adding arbitary data) and it can't be closed again. We'll continue to see people using Bitcoin for reason other than financial transaction, although we also can hope it won't gain much popularity/usage.