always updated bitcoin fees image from mempool.space

Synchronice

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Quote from: bitmover on May 29, 2023, 10:49:53 AM

Quote from: Synchronice on May 29, 2023, 03:55:05 AM

As it seems, mempool.space isn't very reliable in calculating of fees. Yesterday, I checked this image data and chose a halfHourFee for my transaction. Usually, when I make a transaction, I always put tx id in mempool.space to know how long it takes for my tx to get confirmed. It got confirmed in some minutes and then mempool.space shows me an yellow frame, next to fee rates where it says: Overpaid 2x. Then I checked and I really overpaid because much lower fee was necessary to get my transaction into that block. I don't really know anymore how it calculates the fee, there was a difference of 2 satoshis between the Low priority and Medium priority fees.

The truth is that there is no reliable source of fee prediction, because no one really knows when the next block will be mined.

It may takes 10minutes, or 10 seconds or just 40 minutes.

Difficult is based in statistic and probability, but none one really ever know when the next block will be mine.

This is just a fee estimation and suggestion. The best we have so far, as far as I know.

Don't get me wrong, I don't complain your service, I just got very angry at mempool.space but now I analyzed the block and I can confirm that absolutely everything was okay on mempool.space, so I'm sorry about that!

Here is what happened:
I made a transaction, it got immediately green-colored mark but with 0 confirmation (that happens on mempool.space when your transaction gets picked almost immediately) and then the miners manually added lots of low-fee transactions, and when you see the fee range of block on mempool.space, that includes both, automatically included and manually added transactions. So, when the block become finally mined and mempool.space analyzed the transaction fees, it showed me that I paid 2x more than what was necessary.

stompix

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Quote from: Synchronice on May 29, 2023, 03:55:05 AM

As it seems, mempool.space isn't very reliable in calculating of fees. Yesterday, I checked this image data and chose a halfHourFee for my transaction. Usually, when I make a transaction, I always put tx id in mempool.space to know how long it takes for my tx to get confirmed. It got confirmed in some minutes and then mempool.space shows me an yellow frame, next to fee rates where it says: Overpaid 2x. Then I checked and I really overpaid because much lower fee was necessary to get my transaction into that block. I don't really know anymore how it calculates the fee, there was a difference of 2 satoshis between the Low priority and Medium priority fees.

Unless you want to share the tx there can be only speculations but from my own experience:
I paid near the minimum next block fee as it was a bit of a priority to get it confirmed, there was a small dump before the next block that pushed my tx outside of it but the second block was mined just a minute after so my tx was in the top paying ones and some with just 1/2 got confirmed also.
So technically I paid twice as much, but in any other situation, I would have paid the minimum.
Since you mentioned only a 2sat/b difference this must have happened just like in my case, in the low fees era, so, not applicable anymore right now.

Quote from: bitmover on May 29, 2023, 10:49:53 AM

The truth is that there is no reliable source of fee prediction, because no one really knows when the next block will be mined.
It may takes 10minutes, or 10 seconds or just 40 minutes.

On top of that, nobody knows the incoming transactions rates, you can have a normal time with just the average 2-15tx/s or you can have somebody dumping 5000 in one go as Binance did a few months ago and this will ruin every single prediction made in the last hour, turning next block transactions into next day priority.

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Quote from: Synchronice on May 29, 2023, 03:55:05 AM

As it seems, mempool.space isn't very reliable in calculating of fees. Yesterday, I checked this image data and chose a halfHourFee for my transaction. Usually, when I make a transaction, I always put tx id in mempool.space to know how long it takes for my tx to get confirmed. It got confirmed in some minutes and then mempool.space shows me an yellow frame, next to fee rates where it says: Overpaid 2x. Then I checked and I really overpaid because much lower fee was necessary to get my transaction into that block. I don't really know anymore how it calculates the fee, there was a difference of 2 satoshis between the Low priority and Medium priority fees.

The truth is that there is no reliable source of fee prediction, because no one really knows when the next block will be mined.

It may takes 10minutes, or 10 seconds or just 40 minutes.

Difficult is based in statistic and probability, but none one really ever know when the next block will be mine.

This is just a fee estimation and suggestion. The best we have so far, as far as I know.

Synchronice

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As it seems, mempool.space isn't very reliable in calculating of fees. Yesterday, I checked this image data and chose a halfHourFee for my transaction. Usually, when I make a transaction, I always put tx id in mempool.space to know how long it takes for my tx to get confirmed. It got confirmed in some minutes and then mempool.space shows me an yellow frame, next to fee rates where it says: Overpaid 2x. Then I checked and I really overpaid because much lower fee was necessary to get my transaction into that block. I don't really know anymore how it calculates the fee, there was a difference of 2 satoshis between the Low priority and Medium priority fees.

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Great job bitmover, great tool.

But the problem is that it needs to refresh the page every time to update the information.

There is an add-on on the Google Chrome browser that displays the price of Bitcoin and Ethereum (constantly updated) at the top of the forum:
https://bitcointalksearch.org/topic/bitcointalk-extension-all-in-one-available-on-chrome-store-version-25-5178297

It would also be nice to make a Google Chrome extension from this tool to display fees and make them stick to the top of the forum.

Lida93

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Quote from: bitmover on May 09, 2023, 06:12:54 AM

Fees are crazy now and people are sharing mempool.space data everywhere.

I have created this api which will always shows the updated data

Weldone bitmover for this nice piece of information. With this at least anyone wanting to send bitcoin would now have a certainty of a time duration they should be expecting their transaction to be completed depending on the choice of fee they choose to attach.

tabas

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Thanks for this tool bitmover. I'll test it now on this post after looking at the mempool.space as the fee sucks again.

After the test: it's a great tool and tells exactly the same thing. If there could be another tool to lessen the fees LOL, as if there's one tool that shall do that but it's for sure that there's none.

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Quote from: Kryptowerk on May 19, 2023, 11:22:55 AM

What does minimum fee mean? If I go lower what exactly could happened compared to this metric?

As far as my observation goes, it always reflects the fees on the "no priority" list on mempool.space. According to mempool.space faq, it is:

Quote

No Priority. This figure is either 2x the minimum feerate, or the Low Priority feerate (whichever is lower). Consider using this feerate if you are in no rush and don't mind if confirmation takes a while.

Source: https://mempool.space/docs/faq#looking-up-fee-estimates

CMIIW. bitmover might be able to clear this up after he updated the faq, which he already plans to do so.

Kryptowerk

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That's an mazing API. Seems to work very well and is indeed very useful.
A question about economy fee - how exactly do you get the data for it and what would be an accurate estimation of # of blocks until confirmation for this fee?
What does minimum fee mean? If I go lower what exactly could happened compared to this metric?

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Quote from: OgNasty on May 18, 2023, 10:45:06 PM

Just loading the image in your browser could be a quick way to see the current fees if you for some reason wanted to monitor them. With the current fee market being all over the place I could see this being handy.

And also they can check the fee from their Electrum Wallet, they can just do as if they want to send coin after inputting the address and the amount of bitcoin you want to send then click pay. Remember that pay is not the final pay, that is just to show you the fee price page then you will still see and pay in beneath. Like I checked today, the fee is still high. Example:
Amount to send: 0.004
Mining fee: 0.0000929
Fee Rate: 43.8 sat/vB
Target : Within 25 blocks
That means the fee is still high.

OgNasty

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Cool that you’re willing to provide this for people. I could see it being useful on the forum as well as for people’s own personal use. Just loading the image in your browser could be a quick way to see the current fees if you for some reason wanted to monitor them. With the current fee market being all over the place I could see this being handy.

https://bitcoindata.science/api/bitcoinfees.php

joniboini

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Quote from: bitmover on May 17, 2023, 02:16:30 PM

Not possible.
Total Transaction fee cost depends on the Transaction size. If you make a transaction with 1 input and 2 outputs the total feeee is way less than a transaction with 5 inputs and 50 outputs.

Understandable. I was referring to how mempool.space convert sats/vbyte into USD, but I guess that's a bit useless since total fees will be different like you mentioned. Even if it was available it would be meaningless to put there since people can easily use their wallet to see them anyway. Looking forward to the updates if you plan to add new features.

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Quote from: joniboini on May 10, 2023, 07:40:58 AM

Nice tool. Btw is it possible to make the image customizable? For example, I want to add/convert the fees into USD or other fiat currency.

Not possible.
Total Transaction fee cost depends on the Transaction size. If you make a transaction with 1 input and 2 outputs the total feeee is way less than a transaction with 5 inputs and 50 outputs.

Try here, you will understand
https://bitcoindata.science/plot-your-transaction-in-mempool.html

Quote from: Flexystar on May 17, 2023, 04:19:09 AM

Question:
Does the above price will automatically update if there are any changes ?
May be not since it’s static image or is it more surprising than I think?

Edit:

Its working. The image is auto updating with updated balance. This is just awesome tool man. Love it. <3

As you may have already noticed, the data updated everytimee the images reloads. The data is always updated.

Quote from: Synchronice on May 17, 2023, 07:50:28 AM

Nice work and essential tool for this forum but I'll be very glad if you can add one killer optional feature. Mempool.space shows you the fee ranges of upcoming bitcoin blocks which itself is a good indicator to predict better whether fees are going to increase or not. It's also good to see the fee ranges of recently mined bitcoin blocks. I think it will be more informative but not annoying, if you do a horizontal line and write down the fee range of two recent mined and upcoming blocks.

Just my opinion, otherwise this is perfect but slight UI improvement is never a bad idea.
Thanks again for your work! It loads quickly and works well!

That's a nice idea. I must study a little more to create svg charts in this image. For now I am dealing only with text, but I will take a look at this suggestion

Synchronice

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Quote from: bitmover on May 09, 2023, 06:12:54 AM

Fees are crazy now and people are sharing mempool.space data everywhere.

Nice work and essential tool for this forum but I'll be very glad if you can add one killer optional feature. Mempool.space shows you the fee ranges of upcoming bitcoin blocks which itself is a good indicator to predict better whether fees are going to increase or not. It's also good to see the fee ranges of recently mined bitcoin blocks. I think it will be more informative but not annoying, if you do a horizontal line and write down the fee range of two recent mined and upcoming blocks.

Just my opinion, otherwise this is perfect but slight UI improvement is never a bad idea.
Thanks again for your work! It loads quickly and works well!

paid2

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As always, bitmover is providing some excellent and useful tools !

Thank you very much for sharing it with us !

Flexystar

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I am using the fetch transaction status api in above example and currency used is AUD. This tool is amazing and I would be more than interested to see if our campaign managers, forum donation addresses, or sometimes charity threads that are made should start using this service.

Highly recommended man. All the three tools that are available on your website are just more than enough to make a beautiful and updated thread related to financials of campaign.

It’s helpful tool for sure.

Question:
Does the above price will automatically update if there are any changes ?
May be not since it’s static image or is it more surprising than I think?

Edit:

Its working. The image is auto updating with updated balance. This is just awesome tool man. Love it. <3

joniboini

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Nice tool. Btw is it possible to make the image customizable? For example, I want to add/convert the fees into USD or other fiat currency.

I also think it would be a good idea to add a simple explanation for each term to avoid confusion on the documentation link you shared above. At the time of writing, I only see the command example but no explanation for the term used.

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Quote from: Yamane_Keto on May 09, 2023, 01:22:02 PM

A good addition.
What is meant by hourfee? Is it next 6 blocks, given that each block needs 10 minutes? I don't remember having these options in mempool.

Yes. This i s an estimation for a transaction to get confirmed in the next 6 blocks.

Quote

Can you add an option to choose the type of addresses, number of inputs, number of outputs? Then the estimate will be much better

This will nto change the estimation, this is change the transaction total size.

You need to pay the number of satoshi per byte according to this image to make your transaction confirmed in the time you want.

What you are suggesting is to make an estimation of the total fee you will pay.

For that, you can use this tool which i created:
https://bitcoindata.science/plot-your-transaction-in-mempool.html

Yamane_Keto

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A good addition.
What is meant by hourfee? Is it next 6 blocks, given that each block needs 10 minutes? I don't remember having these options in mempool.

Can you add an option to choose the type of addresses, number of inputs, number of outputs? Then the estimate will be much better

bitmover

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Fees are crazy now and people are sharing mempool.space data everywhere.

I have created this api which will always shows the updated data

To use it in your posts, simple use the code below:

Code:

[url=https://bitcoindata.science/local-price-to-image.html][img]https://bitcoindata.science/api/bitcoinfees.php[/img][/url]

More details in the documentation:
https://bitcoindata.science/local-price-to-image.html

Topic: always updated bitcoin fees image from mempool.space (Read 320 times)