Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: sirty143 on January 22, 2024, 01:29:28 PM

Title: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: sirty143 on January 22, 2024, 01:29:28 PM
Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halving Nears

(https://i.imgur.com/BuILiwbm.jpg)

Recent statistics reveal that for the past 75 days, starting from Nov. 6, 2023, the average transaction fee on the Bitcoin network has consistently stayed over $5. Additionally, since Dec. 4, 2023, these fees have predominantly been over $10, with a single exception occurring when it briefly fell to $8.33 per transaction. See more for yourself here (https://news.bitcoin.com/heightened-bitcoin-fees-and-erratic-mining-revenues-herald-murky-shift-as-halving-nears/).

Your opinion is greatly appreciated.
Title: Re: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: philipma1957 on January 24, 2024, 02:09:33 AM
AS a long time miner I think the larger pools have come to the conclusion that higher fees will be very important after this 1/2 ing

ALL last year fees were high.

I will try to post a photo.
Title: Re: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: Yamane_Keto on January 24, 2024, 05:43:01 AM
Quote from: philipma1957 on January 24, 2024, 02:09:33 AM
AS a long time miner I think the larger pools have come to the conclusion that higher fees will be very important after this 1/2 ing

ALL last year fees were high.
3.125 is still considered too much, especially if the average price of Bitcoin is $70,000, which is an average of $200,000 per Bitcoin. The average transaction fee currently is 0.6080 BTC/block. However, some consider the fees to be a little high, so if we say that the average is between 0.5 Bitcoin to 1.5 means that it is still less than 50% of 3.125.
I agree with you that the ratio will change after the next 4 years and will be 1.5625 BTC
Title: Re: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: philipma1957 on January 24, 2024, 05:42:01 PM
Quote from: Yamane_Keto on January 24, 2024, 05:43:01 AM
Quote from: philipma1957 on January 24, 2024, 02:09:33 AM
AS a long time miner I think the larger pools have come to the conclusion that higher fees will be very important after this 1/2 ing

ALL last year fees were high.
3.125 is still considered too much, especially if the average price of Bitcoin is $70,000, which is an average of $200,000 per Bitcoin. The average transaction fee currently is 0.6080 BTC/block. However, some consider the fees to be a little high, so if we say that the average is between 0.5 Bitcoin to 1.5 means that it is still less than 50% of 3.125.
I agree with you that the ratio will change after the next 4 years and will be 1.5625 BTC

2023 to now testing out how to raise fees has been in progress I got the photo posted due to talkimg.com


here is the photo

(https://www.talkimg.com/images/2024/01/23/kmnno.png)
Title: Re: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: philipma1957 on January 24, 2024, 05:43:58 PM
it double posted please delete this one
Title: Re: Heightened Bitcoin Fees and Erratic Mining Revenues Herald Murky Shift as Halvin
Post by: Stompix on January 28, 2024, 07:58:19 PM
Herald murky erratic..damn those titles  ;D

Quote from: Yamane_Keto on January 24, 2024, 05:43:01 AM
3.125 is still considered too much, especially if the average price of Bitcoin is $70,000, which is an average of $200,000 per Bitcoin. The average transaction fee currently is 0.6080 BTC/block. However, some consider the fees to be a little high, so if we say that the average is between 0.5 Bitcoin to 1.5 means that it is still less than 50% of 3.125.

The things is that the coinbase reward in $ terms can go up by x5 tomorrow.
So if you earn 3.125 which si around $120k you would be earning 600k if the price goes up 5x.
But for the reward in fee to match this you need to make people spend 5x more, and nobody is going to spend 5x more on a tx just because Bitcoin got more expensive,  you don't pay 5x for a Pizza cause your tesla shares are up and you don't want to pay 5x the gas because you bought a new car.

There will be a bit of FOMO first but then people will realize that moving wealth at 20$ per batch is a bit to much and they will simply stop doing it, just how they've stopped doign BTC transactions now.

The answer is obvious, 10000x10 cents fees rather than 100 $10 fees!