Mempool Observer - Discussion about Bitcoin Fees

[bitmover]

1 sat/vb are real now!

Just got a transaction confirmed!! I am warning everyone so you guys can make your consolidations!

I remember so many people saying it was never going to happen! Here are we are! Bitcoin is amazing!

1sat/vb transactions are quite common now but it's better to use 1.1sat/vb to skip the long queue of 1sat.vb transactions. It's the best time for consolidation because we never know when the network will be clogged and fees could skyrocket for short term.

You are right.

I sent one 1.0 sat v/b which took about 5 days to get confirmed (only today). Now I have consolidated more than 200 UTXO into 2 outputs for 1.1 and 1.2 sat v/B

I spent a total of 16 usd to make all that consolidation, which is quite amazing!

There were so many UTXO that my ledger nano took aboutr 5min to process it. I detailed it in BTT , in a topic about that problem here:
https://bitcointalk.org/index.php?topic=5527981.msg65001098#msg65001098

[rdluffy]

You are right.

I sent one 1.0 sat v/b which took about 5 days to get confirmed (only today). Now I have consolidated more than 200 UTXO into 2 outputs for 1.1 and 1.2 sat v/B

I spent a total of 16 usd to make all that consolidation, which is quite amazing!

There were so many UTXO that my ledger nano took aboutr 5min to process it. I detailed it in BTT , in a topic about that problem here:
https://bitcointalk.org/index.php?topic=5527981.msg65001098#msg65001098

I bet you consolidated the payments from the forum campaigns hehehe

I already had to do that a few months ago and managed to pay a good price, I think it was 2 sat v/b
A few days ago I made 2 transactions and managed to pay 3 sat v/b

I think this period of BTC's rise in price is excellent and the fees are so good, without absurd spikes
200 txs and 16USD  It's cheap

[bitmover]

You are right.

I sent one 1.0 sat v/b which took about 5 days to get confirmed (only today). Now I have consolidated more than 200 UTXO into 2 outputs for 1.1 and 1.2 sat v/B

I spent a total of 16 usd to make all that consolidation, which is quite amazing!

There were so many UTXO that my ledger nano took aboutr 5min to process it. I detailed it in BTT , in a topic about that problem here:
https://bitcointalk.org/index.php?topic=5527981.msg65001098#msg65001098

I bet you consolidated the payments from the forum campaigns hehehe

Yeah, basically forum payments. Campaigns, contests, reviews, avatar, etc etc... It is impressive how many UTXO we can accumulate with such activities.

200 txs and 16USD  It's cheap

Basically 200 transations for 16 usd

[dkbit98]

1 sat/vb are real now!

Your dream came real 
It is incredible we are holding around $100k in fiat value and there are almost no real activity mempool...something doesn't feel right to me.
Note that this is not the result of any protocol or code improvements, just less transactions on blockchain.

[rdluffy]

1 sat/vb are real now!

Your dream came real 
It is incredible we are holding around $100k in fiat value and there are almost no real activity mempool...something doesn't feel right to me.
Note that this is not the result of any protocol or code improvements, just less transactions on blockchain.

I believe that with institutional investment the values have increased, larger purchases, large holders and without so many transactions from ordinary users, like us hehehe
ETFs must also have helped in this regard, since you can buy and sell ETFs without having to make transactions
It also helps that nothing is happening in Bitcoin like it did with the runes

It's time to make the most of it and get everything consolidated 

[examplens]

200 txs and 16USD  It's cheap

Basically 200 transations for 16 usd

quiet!
Don't say this to stompix, he's not happy when the miners aren't happy. 

Note that this is not the result of any protocol or code improvements, just less transactions on blockchain.

Trump's inauguration did not bring a spectacular ATH, so now we have a lot of holders who buys the high.

[bitmover]

1 sat/vb are real now!

Your dream came real 
It is incredible we are holding around $100k in fiat value and there are almost no real activity mempool...something doesn't feel right to me.
Note that this is not the result of any protocol or code improvements, just less transactions on blockchain.

previous spikes of 500 sat/vB weren't scalability problem. They were just a spam in the network caused by a misuse of the network (as cloud storage)

I also think that the price is now drive by activity that happens outside the blockchain: ETFs and trades inside the exchanges, without necessarily meaning people withdrawing or depositing bitcoin

[Mr. Magkaisa]

         -      Maybe about 2 weeks ago I noticed that the fee that is being deducted recently is quite low when you make a transaction with bitcoin. And I'm sure those who also make transactions with bitcoin are also in favor and happy.

I just hope that when the price of Bitcoin rallies, its fee won't suddenly increase, which will surprise most bitcoin holders like what happened last year when
it was really expensive.

[bitmover]

I just hope that when the price of Bitcoin rallies, its fee won't suddenly increase, which will surprise most bitcoin holders like what happened last year when
it was really expensive.

We are very close to ATh now, so bitcoin is already in a rally... and the fees are ok!

I believe ETF are working somewhat as a second layer, as transactions there won't affect the blockchain, and there is a lot of volume there

[0t3p0t]

         -      Maybe about 2 weeks ago I noticed that the fee that is being deducted recently is quite low when you make a transaction with bitcoin. And I'm sure those who also make transactions with bitcoin are also in favor and happy.

I just hope that when the price of Bitcoin rallies, its fee won't suddenly increase, which will surprise most bitcoin holders like what happened last year when
it was really expensive.

Right now, the fees are stable at 2sats/vb which is quite lower when I had my transactions a couple of days ago which cost me 7sats/vb and yeah hopefully this will stay on this range like 1-3sats/vb and not trigger a spike just like what had happened in the first quarter of 2024 if I am not wrong.

[Stompix]

quiet!
Don't say this to stompix, he's not happy when the miners aren't happy. 

Fees haven't been anything meaningful since the last rune fomo, so the fees dropping from 5 to 1 sat/vb on average means close to nothing in the revenues, fees in total reward were below 1%, even if they were 5 times higher they would still compete with daily trends.
Anyhow, I don't care that much financially since I don't mine anymore, but I'm still curious how things will work since those fees were the ones supposedly keeping the network safe once the reward is gone, and what we see is that usage is gone way before that.

[philipma1957]

quiet!
Don't say this to stompix, he's not happy when the miners aren't happy. 

Fees haven't been anything meaningful since the last rune fomo, so the fees dropping from 5 to 1 sat/vb on average means close to nothing in the revenues, fees in total reward were below 1%, even if they were 5 times higher they would still compete with daily trends.
Anyhow, I don't care that much financially since I don't mine anymore, but I'm still curious how things will work since those fees were the ones supposedly keeping the network safe once the reward is gone, and what we see is that usage is gone way before that.

Well 3.125 + 0.025 is 3.150

And 3.125 + 0.005 is 3.130

2000 dollars more


The last 50 blocks ranged from 400 to 10,000 in fees.  Or say 0.004 to 0.100 btc

If you mine 20% of the blocks and are a major company 10,000 x 28 blocks is 280,000 and 400 x 28 blocks is 11200 a day

So the bottom line is that difference means big money.

BUT if you add and average those numbers it's about a steady 3,000 a block or 84,000 a day. These lower fees hurt major mines that are private.

If I earn 84,000 a day in fees vs 280,000 a day it is 1 million in 5 days

Or over 70,000 for the biggest mine.  Of course price is over 100k so they are fine.

[NotATether]

What, no FeeBuddy blasting this thread bitmover? 

I have tax-proofed my Bitcoin transactions from exorbiant miner fees by opening a bunch of Lightning channels. I'm in the process of starting a second node too. I've also got Electrum trampoline routers in the works. I will never ever pay $20 to get a transaction confirmed again.

[bitmover]

I will never ever pay $20 to get a transaction confirmed again.

Neither will I!

I just paid 16 usd to consolidate 90% of my inputs (200+), so I am fine now , at least for some years lol

[examplens]

Anyhow, I don't care that much financially since I don't mine anymore, but I'm still curious how things will work since those fees were the ones supposedly keeping the network safe once the reward is gone, and what we see is that usage is gone way before that.

Yes, it's a long-term dilemma.
Don't you think that over time some hardware will be developed that will be significantly more energy efficient? As mining hardware has changed during these 15 years, from that point of view 2035 is very far away.