Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 27. (Read 88307 times)
October 04, 2023, 01:34:02 PM
The mempools are looking much better indeed. I have been waiting for the perfect opportunity to consolidate many old inputs that are scattered around everywhere. I missed the 1-2 sat/vByte train today and won't be around to keep an eye on the mempools a lot until the weekend. Hopefully it will get even better by then, like in the good old days when the weekends symbolized a calm before the storm.
October 04, 2023, 03:34:37 AM
and since you said that we went in the wrong direction. Still if you do 9 sats you should be okay. But 2-4 not so much. It is way better than doing 25 or 35 sats.
I guess many people have been waiting to consolidate their inputs. In just 2 hours, 30 vMB was added at 1 sat/vbyte. Or maybe 1.1 sat, I can't see that. Since then, fees go up once in a while, but drop back into the minimum all the time. I think 1.1 (or 1.9?) sat/vbyte is quite likely to get confirmed today. 
October 03, 2023, 04:34:32 PM
It's not just dumps of TX, we had two weird lock times yesterday:
Block 810326 was mined 1 hour and 9 minutes after the previous
https://mempool.space/block/00000000000000000001e6e02dcc15eaf643c126bc50d9f76320ebd9e8104c99
fees jumped from 7 to 40.
Previously block 810307 had a 50 minute delay:
https://mempool.space/block/000000000000000000027d7f4259586a846e9c0608901fff17ca036709d5efb4
fees jumped from 2 to 26
You can actually see them even in the 24-hour graph in the mempool buildup when there is a continuous climb with no drops
I guess this was shortly before the difficulty adjustment, right?Block 810326 was mined 1 hour and 9 minutes after the previous
https://mempool.space/block/00000000000000000001e6e02dcc15eaf643c126bc50d9f76320ebd9e8104c99
fees jumped from 7 to 40.
Previously block 810307 had a 50 minute delay:
https://mempool.space/block/000000000000000000027d7f4259586a846e9c0608901fff17ca036709d5efb4
fees jumped from 2 to 26
You can actually see them even in the 24-hour graph in the mempool buildup when there is a continuous climb with no drops
Right after the difficulty adjustment... Blocks are getting confirmed much faster. We are already seeing mined blocks having 1 sat/vByte transactions. In fact, we are already 8 blocks ahead of the expected 34 as of now.
I think we shall soon see a close to complete mempool clean up
and since you said that we went in the wrong direction. Still if you do 9 sats you should be okay. But 2-4 not so much. It is way better than doing 25 or 35 sats.
October 03, 2023, 08:48:30 AM
It's not just dumps of TX, we had two weird lock times yesterday:
Block 810326 was mined 1 hour and 9 minutes after the previous
https://mempool.space/block/00000000000000000001e6e02dcc15eaf643c126bc50d9f76320ebd9e8104c99
fees jumped from 7 to 40.
Previously block 810307 had a 50 minute delay:
https://mempool.space/block/000000000000000000027d7f4259586a846e9c0608901fff17ca036709d5efb4
fees jumped from 2 to 26
You can actually see them even in the 24-hour graph in the mempool buildup when there is a continuous climb with no drops
I guess this was shortly before the difficulty adjustment, right?Block 810326 was mined 1 hour and 9 minutes after the previous
https://mempool.space/block/00000000000000000001e6e02dcc15eaf643c126bc50d9f76320ebd9e8104c99
fees jumped from 7 to 40.
Previously block 810307 had a 50 minute delay:
https://mempool.space/block/000000000000000000027d7f4259586a846e9c0608901fff17ca036709d5efb4
fees jumped from 2 to 26
You can actually see them even in the 24-hour graph in the mempool buildup when there is a continuous climb with no drops
Right after the difficulty adjustment... Blocks are getting confirmed much faster. We are already seeing mined blocks having 1 sat/vByte transactions. In fact, we are already 8 blocks ahead of the expected 34 as of now.
I think we shall soon see a close to complete mempool clean up
October 03, 2023, 03:31:30 AM
Block 810326 was mined 1 hour and 9 minutes after the previous
I must say this is a very annoying "feature" of Bitcoin when you're waiting for a confirmation. It took many hours after this to find consecutive blocks fast enough to confirm my transaction. 
October 03, 2023, 02:10:47 AM
And I was surprised how quickly the fee increased again.
It's not just dumps of TX, we had two weird lock times yesterday:
Block 810326 was mined 1 hour and 9 minutes after the previous
https://mempool.space/block/00000000000000000001e6e02dcc15eaf643c126bc50d9f76320ebd9e8104c99
fees jumped from 7 to 40.
Previously block 810307 had a 50 minute delay:
https://mempool.space/block/000000000000000000027d7f4259586a846e9c0608901fff17ca036709d5efb4
fees jumped from 2 to 26
You can actually see them even in the 24-hour graph in the mempool buildup when there is a continuous climb with no drops
October 03, 2023, 01:58:03 AM
You mean this moment?
Yeah, that was the sudden bump I saw yesterday.I'm pretty sure it's gotta be some exchange which has software running that got triggered when fees were this low, because it kept dumping its transactions for a very short period of time.
I have to say though, I am quite surprised the miners ate those transactions very quickly. Normally something like this would bog the mempool down for a whole day.
legendary
Activity: 2156
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Marketing Campaign Manager |Telegram ID- @LT_Mouse
October 02, 2023, 09:10:58 PM
Honestly, it's been a while since I last so 2 sat/vByte transaction getting confirmed and the mempool down to just around 40K unconfirmed transactions. 300K unconfirmed transactions had become the new normal 
Mempool is getting clear, it has only 30k pending txs. I can't remember when I last time see such low pending txs. You mean this moment?
Yeah, that was the sudden bump I saw yesterday. October 02, 2023, 06:08:52 PM
I was surprised how quickly it cleared, as if there's one spammer behind it who just passed pause for 2 days.
Honestly, it's been a while since I last so 2 sat/vByte transaction getting confirmed and the mempool down to just around 40K unconfirmed transactions. 300K unconfirmed transactions had become the new normal Are the ordinal chaps finally getting bored?
And I was surprised how quickly the fee increased again.
You mean this moment? 
October 02, 2023, 01:12:29 PM
Yeah very good timing for me as I needed to move my Sept mining proceeds to my partners. I was thinking I was going to need to spend more than 35$ worth of btc to do all the moves and consolidations I needed to do. As it is I spent under 10$ in btc for the moves I did and I even consolidated two different wallets sets of tx .
We are very low right now.
https://jochen-hoenicke.de/queue/#BTC,1w,weight
but we may be going upwards a bit.
In coming days and weeks, we will see it increase a bit like you rightly posited. This is expected though; I did some transactions of recent and I was surprised to see it settled cheaper and faster unlike before that it took me two days to achieve the same result at the same cost. We are very low right now.
https://jochen-hoenicke.de/queue/#BTC,1w,weight
but we may be going upwards a bit.
legendary
Activity: 2156
Merit: 2100
Marketing Campaign Manager |Telegram ID- @LT_Mouse
October 02, 2023, 12:38:31 PM
so you might get too greedy if you don't catch it (to process your utxos or the extent that you feel that you want to consolidate some of your smaller utxos)
I couldn't because I wasn't with my HW. I wondered how fast it turned into 15-20 sats.I was surprised how quickly it cleared, as if there's one spammer behind it who just passed pause for 2 days.
And I was surprised how quickly the fee increased again. 
October 02, 2023, 12:29:55 PM
I was surprised how quickly it cleared, as if there's one spammer behind it who just passed pause for 2 days.
October 02, 2023, 12:27:35 PM
I've also consolidated some earnings. At 3 sat/vbyte it would have been a shame to miss the opportunity. I didn't see this kind of fees for quite some time lately.
And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
It gets dropped to 2 sats per byte, I won't risk anymore waiting for 1 sats per byte And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
I have more than 100 utxo if I'm correct, can't imagine how much fee I have to pay if I was in need of moving the fund at peak lol.Yes.. from the jochen mempool, we can see that there was a brief dip into clearing some of the 1 sats per vbyte ones, but then it started to move back up.. so you might get too greedy if you don't catch it (to process your utxos or the extent that you feel that you want to consolidate some of your smaller utxos) because once it starts to move up it becomes less clear if there will be any kind of soon return to processing even single digit sats per vbyte.. even though it also could take a while for the backlogs to be created, so you could feel somewhat comfortable setting your transactions (at 2, 3, or 4 sats per vbyte) and just hoping that they clear within a somewhat reasonable period.. a few days is usually good for those kinds of transactions sent to yourself or to a friend/relative who is not too time-sensitive..
legendary
Activity: 2156
Merit: 2100
Marketing Campaign Manager |Telegram ID- @LT_Mouse
October 02, 2023, 01:16:36 AM
I've also consolidated some earnings. At 3 sat/vbyte it would have been a shame to miss the opportunity. I didn't see this kind of fees for quite some time lately.
And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
It gets dropped to 2 sats per byte, I won't risk anymore waiting for 1 sats per byte And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
I have more than 100 utxo if I'm correct, can't imagine how much fee I have to pay if I was in need of moving the fund at peak lol. 
October 01, 2023, 02:39:59 PM
I've also consolidated some earnings. At 3 sat/vbyte it would have been a shame to miss the opportunity. I didn't see this kind of fees for quite some time lately.
And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
And while the pace of the miners looks great and 2 sat/vbyte may become a top fee soon, I didn't want to risk to get into the working week and the possibility of new big batches of transactions.
October 01, 2023, 12:20:53 PM
Yeah very good timing for me as I needed to move my Sept mining proceeds to my partners. I was thinking I was going to need to spend more than 35$ worth of btc to do all the moves and consolidations I needed to do. As it is I spent under 10$ in btc for the moves I did and I even consolidated two different wallets sets of tx .
We are very low right now.
https://jochen-hoenicke.de/queue/#BTC,1w,weight
but we may be going upwards a bit.
We are very low right now.
https://jochen-hoenicke.de/queue/#BTC,1w,weight
but we may be going upwards a bit.
October 01, 2023, 09:08:43 AM
so I suppose that both booting out and new ones being allowed could be ongoingly happening for those lower mempool amounts, and node operators have their own rules in terms of which transactions they choose to recognize... Isn't that how it works? Every node has its own mempool that it recognizes?
Yes, every node owner can decide what he wants.
And you can change a lot on that, increase or decrease the maximum amount of transactions in your mempool by either playing with the standard maximum space allowed or the minimum fees that you will keep in the pool. But it only matters if you're a miner and not just a node since no matter how you want to trim your mempool it doesn't mean only those tx will get confirmed or in that order, neither does it mean that you dumping them means everyone is doing so.
Mining 2 sat/vbyte is still better than mining empty blocks.
Depends, if that block is mined right after you're done with the template and before you have received the previous block data to check the transactions most miners will broadcast that empty one and not wait to recreate the full block, sometimes an empty block right now it's better than a block full of tx two seconds later, after all, it's 170k versus the possibility of getting $175k.
https://mempool.space/block/0000000000000000000150da9b509c75e9c9706bb167d09765c41d88892e2c01
3 blocks in 1 minute
Of course, this will change radically with the block reward getting smaller and smaller.
October 01, 2023, 08:20:16 AM
Every node has its own mempool that it recognizes?
That would be my guess. If I'd run a mining pool, I'd make sure to keep every possible transaction. Mining 2 sat/vbyte is still better than mining empty blocks. October 01, 2023, 08:18:07 AM
We're one block away from clearning anything with 3 sat/vbyte or more!
Wow... as I type, it appears to be about 1/5 into the 2 sats per vbyte backup, so in that sense it is starting to look possible for the mempools to clear again.. .. for sure, not guaranteed, but the backlog surely has been clearing down to pretty low rates, and there have ONLY been a few times in the whole year, since February-ish, that mem pools were clearing out all the way down to 0.... ..
Even when they clear, we can recognize that there could be some risks in setting ONLY 1-2 sats per vbyte as your fee because those kinds of transactions can get stuck for a long time..
and it seems almost kind of funny that some of those don't get booted out.. unless some are booted out and then new ones are made.. ...so I suppose that both booting out and new ones being allowed could be ongoingly happening for those lower mempool amounts, and node operators have their own rules in terms of which transactions they choose to recognize... Isn't that how it works? Every node has its own mempool that it recognizes?
October 01, 2023, 01:23:53 AM
We're one block away from clearning anything with 3 sat/vbyte or more!
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