Three best tools
- Jochen-hoenicke.de: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
- Mempool.space: https://mempool.space/graphs/mempool
- @BitcoinFeesAlert_bot: [Telegram Bot] Bitcoin Fees - fees and tx tracker
Jochen-hoenicke.de
In general, if you are not hurry, please choose the timezones at which fees usually are low to move your funds.
You can compare the data from this study with the data generated at Johoe's Mempool Statistics page: https://jochen-hoenicke.de/queue/#1,2w. Here's a random 2 week sample I took from last September (click for full size):
The dates along the bottom are at midnight (00:00) UTC. So you can see from this sample, there is a spike in fees on most days between around 10:00 and 18:00 (when Europe and then later America are awake), at which point they start reducing, and hit a low point around 01:00 - 04:00 UTC. This certainly ties in with the data from OP's study.
It's something I've casually noticed, but never given much though to. But considering it now, I wouldn't have expected such a constant and similar drop given that China has more people than Europe and North America combined.
It's something I've casually noticed, but never given much though to. But considering it now, I wouldn't have expected such a constant and similar drop given that China has more people than Europe and North America combined.
mempool.space has upgrades in their website graphics and more features. In the past, you can not hover mouse on the chart and see fee rate bands like with jochen-hoenicke.de chart.
[Telegram Bot] Bitcoin Fees - fees and tx tracker to get its notifications.
This bot: @BitcoinFeesAlert_bot
If you are not hurry, and can wait 1 to 3 days to see your transactions finished, you can apply those tricks below.
Overview of network situation:
Please visit this page to check total unconfirmed transactions:
https://www.blockchain.com/btc/unconfirmed-transactions
There is a better site, https://jochen-hoenicke.de/queue/#1,8h (look at the third graph).
Thanks @o_e_l_e_o.
This a poor graph to use to visualize the mempool in the context of working out a fee. A better choice is the third graph on Johoe's site here (https://jochen-hoenicke.de/queue/#1,8h) entitled "Mempool Size in MB".
The reason for this is because the graph you linked to shows the number of unconfirmed transactions, whereas the graph I've linked to shows the size in MB of these unconfirmed transactions. Why is this important? I'll use two examples to illustrate my point. Lets say first of all that the mempool contains 10,000 transactions, but each transaction is less than 250 vbytes in size. This means the mempool is actually relatively empty at only 2.5 MB, and could completely empty in only 3 blocks. Conversely, lets now say the mempool contains only 1,000 transactions, but they are all huge consolidation transaction from various exchanges, and each one is 30,000 vbytes in size. Now the mempool is the fullest it has been in months at over 30 MB.
So using the graph you linked, if we see 1,000 or 10,000 transaction, we don't actually know how full the mempool is because we don't know the size of those transactions, which is what actually matters. Blocks are limited by size, not by number of transactions. A block could contain anywhere from 0 to over 4000 transactions.
The reason for this is because the graph you linked to shows the number of unconfirmed transactions, whereas the graph I've linked to shows the size in MB of these unconfirmed transactions. Why is this important? I'll use two examples to illustrate my point. Lets say first of all that the mempool contains 10,000 transactions, but each transaction is less than 250 vbytes in size. This means the mempool is actually relatively empty at only 2.5 MB, and could completely empty in only 3 blocks. Conversely, lets now say the mempool contains only 1,000 transactions, but they are all huge consolidation transaction from various exchanges, and each one is 30,000 vbytes in size. Now the mempool is the fullest it has been in months at over 30 MB.
So using the graph you linked, if we see 1,000 or 10,000 transaction, we don't actually know how full the mempool is because we don't know the size of those transactions, which is what actually matters. Blocks are limited by size, not by number of transactions. A block could contain anywhere from 0 to over 4000 transactions.
Check historical chart of transaction fees:
Please check it there: https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051
1W fee-chart
You can also check the average time to find blocks to get overview of network transactions: https://www.blockchain.com/btc/blocks
If you don't want to join fee wars and unknowingly help miners to increase transaction fees for their benefits, you should use this page to get recommend fees:
https://coinb.in/#fees
@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).
It's more likely it was caused by the very high fees at that time, 800 sat/byte was "normal", resulting in $25 or more in fees for a small transaction, and many thousands of dollars for a transaction with a lot of inputs and outputs.Bitmex:
Bitmex just launched an analytical website, and one of the pages is dedicated to the fees:
Fee Estimation Dashboard
Fee Estimation Dashboard
Credit: fillippone