[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 26.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Synchronice on November 04, 2023, 06:04:52 AM

Just look at this transaction: https://mempool.space/tx/e1714025ae74dbd118cf7309657bef61d26f24b46a183ab2a0080d8a91dacf64

It could be anything, from funding hundreds of collectible coins to a bug in an automated system. This transaction paid $700 in fees, while just 2 days ago $12 would have been enough.
Being your own bank means you can make your own mistakes.

Synchronice

hero member

Activity: 882

Merit: 792

Watch Bitcoin Documentary - https://t.ly/v0Nim

Quote from: ?? on ??

I am really curious to know what happens and what caused this massive increase. At the same time I am not very experienced to try and make a judgement. Share your thoughts when you have something more accurate.

I don't know and wonder what's happening too, there are no articles published that explain this massive increase of transaction fees. Today, I wanted to make a bitcoin transaction and when I checked mempool.space, recommended fee was 30 sat/vByte. I thought, let's wait a little and fee may decrease but in a few hours, probably in two hours, fee went from 30 sat/vByte to 70 sat/vByte.

Just look at this transaction: https://mempool.space/tx/e1714025ae74dbd118cf7309657bef61d26f24b46a183ab2a0080d8a91dacf64
This person or company, whoever/whatever it is, made a transaction with 43 sat/vByte and then increased it up to 143 sat/vByteand paid 3x times more than it was necessary to get it included in the next block.

It's also curious for me that 328 outputs are receiving 0.00020000BTC, each of them with enabled RBF where fee was increased 4 times and actually this transaction paid 3 times more than it was necessary. What kind of transaction is this? Why are people or companies panicking and paying absurd fees?

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Don Pedro Dinero on November 03, 2023, 10:53:28 AM

Is there some spamming going on again on the mempool?

It's hard to tell without looking at the actual transactions (which I'm not going to do now). Johoe's site shows a steady increase in fees since yesterday, up to 30+ sat/vbyte now. It looks like this weekend isn't the right time to consolidate.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Is there some spamming going on again on the mempool? According to mempool.observer:

Now that we seemed to have got rid of the ordinals, it seems that it was only a small respite.

albert0bsd

hero member

Activity: 862

Merit: 662

Quote from: F2b on October 26, 2023, 12:19:23 PM

Still a mystery to me why the flow of unconfirmed transactions went above 15-20000 vB/s, especially considering that this didn't happen in May when we had extremely high fees.

There are some three or more factors for it:

- Transactions increment during light hours in USA
- Transactions increment during Weekdays
- A lot of euphory for the bitcoin at 33-34 thousand $ USD
- Some business/developers misunderstand how bitcoin fees works

F2b

hero member

Activity: 2141

Merit: 926

Quote from: stompix on October 26, 2023, 08:12:14 AM

Quote from: F2b on October 25, 2023, 05:02:45 AM

I guess it has to do with the amount of transactions received by mempool.space's nodes, but why was it so high? Is it just that nodes were rebroadcasting purged transactions? It doesn't seem very reasonable to me, but I can't find another reason. Any insights?

Consolidation, ordinal minting, it happens all the time, normally you can just go to the next blocks in the queue at mempool.space and see what they are made of it.
In 99% there will be some large blocks linked together and pointing to the same address
This one was from the last spike back in mid-October:
https://mempool.space/address/bc1qthdpgxj73uxumw887ra78pxqj5qy7pt9gf5su5

And nodes rebroadcasting purged sanctions would not make sense since purged ones are low fee, in your graph all the new ones are higher than average fees, with the base in 1-5 sat range basically unchanged!

I either didn't get your answer right, or we are not talking about the same thing. But that's my fault, it was a bit off-topic, as it's not exactly related to the mempool, sorry about that. Thank you for the time you took to reply.

Quote from: LoyceV on October 25, 2023, 05:47:12 AM

That sounds plausible. Fees were going up, transactions were dropping, and I assume every RBF counts as a new transaction. But still, that would mean each transaction got several fee bumps.

Yes, that's the only explanation I can think of, but numbers don't really match...

Still a mystery to me why the flow of unconfirmed transactions went above 15-20000 vB/s, especially considering that this didn't happen in May when we had extremely high fees.
I'll stop the off-topic here. Thank you to those who replied.

philipma1957

legendary

Activity: 4382

Merit: 9330

'The right to privacy matters'

Quote from: stompix on October 26, 2023, 08:12:14 AM

Quote from: F2b on October 25, 2023, 05:02:45 AM

I guess it has to do with the amount of transactions received by mempool.space's nodes, but why was it so high? Is it just that nodes were rebroadcasting purged transactions? It doesn't seem very reasonable to me, but I can't find another reason. Any insights?

Consolidation, ordinal minting, it happens all the time, normally you can just go to the next blocks in the queue at mempool.space and see what they are made of it.
In 99% there will be some large blocks linked together and pointing to the same address
This one was from the last spike back in mid-October:
https://mempool.space/address/bc1qthdpgxj73uxumw887ra78pxqj5qy7pt9gf5su5

And nodes rebroadcasting purged sanctions would not make sense since purged ones are low fee, in your graph all the new ones are higher than average fees, with the base in 1-5 sat range basically unchanged!

Quote from: LoyceV on October 26, 2023, 12:52:33 AM

After several days of fees around 20+ sat/vbyte, at the moment 2.1 sat/vbyte is likely to get you a quick confirmation. I guess it was Bitcoin's quick price increase that lead to an increase in transaction numbers.

I would blame it more on the luck in block-finding
135 blocks in the 24h interval 3 days ago, 159 a day earlier, that alone is a ~24vM variation.

yes on days that we mine 160 blocks we empty mempool. On days we do 130 blocks mempool fills.

This is all luck-variance. As 130-160 is not huge variance and happens often.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: F2b on October 25, 2023, 05:02:45 AM

I guess it has to do with the amount of transactions received by mempool.space's nodes, but why was it so high? Is it just that nodes were rebroadcasting purged transactions? It doesn't seem very reasonable to me, but I can't find another reason. Any insights?

Consolidation, ordinal minting, it happens all the time, normally you can just go to the next blocks in the queue at mempool.space and see what they are made of it.
In 99% there will be some large blocks linked together and pointing to the same address
This one was from the last spike back in mid-October:
https://mempool.space/address/bc1qthdpgxj73uxumw887ra78pxqj5qy7pt9gf5su5

And nodes rebroadcasting purged sanctions would not make sense since purged ones are low fee, in your graph all the new ones are higher than average fees, with the base in 1-5 sat range basically unchanged!

Quote from: LoyceV on October 26, 2023, 12:52:33 AM

After several days of fees around 20+ sat/vbyte, at the moment 2.1 sat/vbyte is likely to get you a quick confirmation. I guess it was Bitcoin's quick price increase that lead to an increase in transaction numbers.

I would blame it more on the luck in block-finding
135 blocks in the 24h interval 3 days ago, 159 a day earlier, that alone is a ~24vM variation.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: apogio on October 26, 2023, 03:19:15 AM

I am not sure how to read the graph though.

Take a look at this screenshot from Johoe's Bitcoin Mempool Site:
Image loading...

Note my mouse pointer: it's location is around the time I bumped this topic. Now read the bottom of the popup:
4+: 0.382 vMB
3+: 0.579 vMB
2+: 2.472 vMB
1+: 108.471 vMB

It's obvious 1 sat/vbyte won't be enough for a very long time. But with 3 sat/vbyte, your transaction would have been confirmed in the first block if it was found at this point. If a new block takes longer, fees will quickly rise and 3 sat/vbyte isn't enough. But even if I'd make a transaction that shouldn't take too long, I'd probably risk it with 3.1 sat/vbyte at this point.
The "2+" part is a bit tricky: you can't know if it's 2.0, or 2.8. So if you want to be on top of that, go with 3.1. If you can wait for the entire 2+ section to clear: use 2.1.

apogio

hero member

Activity: 686

Merit: 1341

✔️ CoinJoin Wallet

Quote from: LoyceV on October 26, 2023, 03:15:10 AM

Bitcoin Core's estimate is much higher than needed for the purpose of this topic. Look at this graph, hover your mouse on the right, and see what fees were not high enough to be included in the past few hours.

Thank you. I am not sure how to read the graph though. Is there a topic in this forum I could look into? I will search myself, but if you know one, please provide it to me.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: apogio on October 26, 2023, 02:43:58 AM

Are you sure about these fees? I wanted to consolidate some UTXOs but my node estimates a quick confirmation for 15+ sat/vb

Bitcoin Core's estimate is much higher than needed for the purpose of this topic. Look at this graph, hover your mouse on the right, and see what fees were not high enough to be included in the past few hours.

apogio

hero member

Activity: 686

Merit: 1341

✔️ CoinJoin Wallet

Quote from: LoyceV on October 26, 2023, 12:52:33 AM

After several days of fees around 20+ sat/vbyte, at the moment 2.1 sat/vbyte is likely to get you a quick confirmation. I guess it was Bitcoin's quick price increase that lead to an increase in transaction numbers.

Are you sure about these fees? I wanted to consolidate some UTXOs but my node estimates a quick confirmation for 15+ sat/vb

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

After several days of fees around 20+ sat/vbyte, at the moment 2.1 sat/vbyte is likely to get you a quick confirmation. I guess it was Bitcoin's quick price increase that lead to an increase in transaction numbers.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: F2b on October 25, 2023, 05:02:45 AM

I guess it has to do with the amount of transactions received by mempool.space's nodes, but why was it so high? Is it just that nodes were rebroadcasting purged transactions?

That sounds plausible. Fees were going up, transactions were dropping, and I assume every RBF counts as a new transaction. But still, that would mean each transaction got several fee bumps.

F2b

hero member

Activity: 2141

Merit: 926

Sorry if it's a bit off-topic, but like many of us I've been looking at mempool.space quite a lot recently. And I don't really get the second graph, "Transaction vBytes per second (vB/s)":

I guess it has to do with the amount of transactions received by mempool.space's nodes, but why was it so high? Is it just that nodes were rebroadcasting purged transactions? It doesn't seem very reasonable to me, but I can't find another reason. Any insights?

Timelord2067

legendary

Activity: 3696

Merit: 2219

💲🏎️💨🚓

Quote from: Charles-Tim on October 14, 2023, 09:51:19 AM

Quote from: Timelord2067 on October 14, 2023, 08:39:51 AM

Not really sure it's worth installing yet another app on my phone just to up the fee paid. I might see iff I can zappwallet (is that still a thing?)

I do not know much about Zapp wallet, but this are lists of opens source wallet that support RBF: Bitcoin open source wallets that support replace-by-fee (RBF).

Not the "Zap Wallet" program/app - (I'm not even sure what the command was now, it's been that long since I've had to do it) zapwallet / zaptransaction - something like that. I tried abandontransaction quite a long time ago and that also didn't work. I was only moving a small amount to the Trust wallet to cover if I have to refund/pay out the wager I have with aoluain in the Rugby discussion thread which I've been holding in my bc1qj9nm97yx377z688cj7h0yl45wve28he05hgrah wallet address for the last two months (it's the semi finals this weekend and the grand-final the weekend after hence the need now to move the funds to cover the transaction).

Quote

Bitcoin open source wallets that support replace-by-fee (RBF)

Not having a stuck transaction for quite a long time I was blissfully unaware ^"*"of the RBF command in the CORE wallet - I typed in bumpfee (TX) and it added 5sats/vb and the transaction was confirmed in under a minute - fortunately I had some funds in that wallet or I'd still be scratching my head. (Normally I would just use the links in the Broadcast Your RAW Transaction thread, but they haven't budged it either)

"*" and as the pharmacist would say "why would I? I don't need to use it!"

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Timelord2067 on October 14, 2023, 08:39:51 AM

Not really sure it's worth installing yet another app on my phone just to up the fee paid.

After 2 months, I'd do it just to get over it. Or use Electrum from a Linux Live DVD. You may even be able to use CPFP with coinb.in (risks involved!).

Quote from: Charles-Tim on October 14, 2023, 09:51:19 AM

For small amount, online Electrum or other reputed online wallets like Sparrow et cetera are recommended.

For small amounts (AKA the amounts you can easily afford to lose), it doesn't matter much.

Quote

Trustwallet is not recommended at all. It only have one bitcoin address

Does that make Trustwallet the sender?

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: Timelord2067 on October 14, 2023, 08:39:51 AM

Not really sure it's worth installing yet another app on my phone just to up the fee paid. I might see iff I can zappwallet (is that still a thing?)

I do not know much about Zapp wallet, but this are lists of opens source wallet that support RBF: Bitcoin open source wallets that support replace-by-fee (RBF). Follow LoyceV advice, or use 2 sat/vbyte which I do not think is too much.

To import seed phrase or private key on a wallet is not difficult, but left to you. Like we have posted before, Electrum is recommended.

Quote from: Timelord2067 on October 14, 2023, 08:39:51 AM

The app may have (enabled), not me. As I said earlier, I inadvertently entered 0.00000001 not 0.0000001 so I've just been sitting that one out.

The lowest fee for 1 sat/vbyte is when you use segwit address which is 110 vbyte for 1 input and 1 output, which makes the fee paid to be 110 sat (0.0000011 BTC). Your transaction consists of 4 inputs which are legacy addresses, and 3 outputs which are 1 native segwit, 1 nested segwit and 1 change address which makes your transaction to be 695 byte in size and 695 sat (0.00000695 BTC) in fee.

Quote from: Timelord2067 on October 14, 2023, 08:39:51 AM

Looks like the only one being suggested is Electrum, for small amounts I find Trust Wallet okay.

For small amount, online Electrum or other reputed online wallets like Sparrow et cetera are recommended. For high amount, cold wallet storage is recommended, like paper wallet if created appropriately offline, reputed hardware wallet or wallet like Electrum on airgapped device.

Trustwallet is not recommended at all. It only have one bitcoin address, not having means to pump fee using RBF or CPFP. Many Trustwallet users do complain about error, especially when mempool is congested.

Timelord2067

legendary

Activity: 3696

Merit: 2219

💲🏎️💨🚓

Not really sure it's worth installing yet another app on my phone just to up the fee paid. I might see iff I can zappwallet (is that still a thing?)

Quote

By the way, you have enabled RBF, so, what's the problem?

The app may have (enabled), not me. As I said earlier, I inadvertently entered 0.00000001 not 0.0000001 so I've just been sitting that one out.

Quote

It is worth knowing that Trustwallet is a close source wallet and not worth using

Looks like the only one being suggested is Electrum, for small amounts I find Trust Wallet okay.

Quote

1 sat/vbyte transactions are very many and not likely the mempool is going to be congested up to that.

Not sure why but one of the explorers keeps saying it's at the end of the queue and never progresses toward the start of the pile.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

It is worth knowing that Trustwallet is a close source wallet and not worth using when there are numerous reputed bitcoin open source wallets.

Quote from: LoyceV on October 14, 2023, 03:06:23 AM

Quote from: Timelord2067 on October 14, 2023, 02:10:59 AM

Any help would be appreciated given "Trust" wallets and "Core" wallets don't include unconfirmed TX in new transactions.

Are those your receiving wallets? I don't use Trust wallet, but in Bitcoin Core, I used this once:

Quote from: LoyceV on February 17, 2023, 11:05:48 AM

I did CPFP with a much higher fee (which took me a while as I had to export/import the privkey first)

After exporting the private key from Bitcoin Core, I used Coin Control in Electrum to send the unconfirmed input.

You can spend unconfirmed transaction on Electrum also if you import BIP39 wallet seed phrase. Trustwallet is BIP39 and importing its seed phrase on Electrum will make that possible.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 26. (Read 89029 times)