It is either what @nullama said (people trying to get into the halving block) or this is "fee market manipulation" considering the timing and how the attack took place. There was an "artificial" injection of a rather large number of transactions (the first suspect is the Ordinals Attackers) into the mempool which has only manipulated the fee market and significantly increased the fee rate by creating this fake competition.
Luckily the attack is becoming very expensive so it can not continue for long but the attack itself will not stop as long as the exploit in the protocol exists and the fake market where they sell fake tokens under the codename Ordinals exists. That is creating an incentive to spam attack bitcoin.
Topic: Everyone is celebrating about the fourth halving but what is this? - page 4. (Read 571 times)
April 19, 2024, 10:41:53 PM
April 19, 2024, 10:01:27 PM
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
Is it good example that Bitcoin blockchain will continue its long life even every four years, Bitcoin block subsidy will halve?The increasing demand in short term and in long term, will feed Bitcoin miners and it is good for Bitcoin network. If Bitcoin miners have good income, profit from mining, they will continue to mine Bitcoin blocks, to receive rewards from block subsidy and transaction fee.
Things are going on a good direction for Bitcoin network and miners.
Hype on Bitcoin blockchain last two years comes from Ordinals as you can see some information from Glassnode Insights' report months ago.
Inscriptions, Mempools and Miners
April 19, 2024, 08:46:31 PM
The fee has gone up too much. Is this how blocks mined immediately after halving would be?
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
It was the expected one in the market,when the price of bitcoin or cryptocurrencies was in bull run.It will impact the fee of the cryptocurrency and mainly the bitcoin.This happened by two factor,one is the demand of the bitcoin was multiplied to 10x as compared to the normal time.Every one try to get some profit by investing in the bitcoin.Second factor is mostly not expected one,because the exchanges try to hold the bitcoin in their exchange.If the fee goes high,most of the traders will try to hold their money in the exchange mostly to withdraw later or at the end of the bull run.
What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.
The demand for the bitcoin will be stable at the halves period,but the transaction will be reduced because of the fee in the exchange.The O.P may exchange their bitcoin to other coin and easy withdraw to the other wallet.The fee mentioned here was extremely huge like 120$ for the transaction,it’s better to hold the bitcoin now till the transaction fee for the transaction become normal one.Because the way of spending huge money for the fee will affect you in huge way.
April 19, 2024, 08:30:26 PM
There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.
The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.
You can see the differences in sat/vB between these blocks:
In this case, the "golden" block was mined by ViaBTC, congrats to them!.
The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.
You can see the differences in sat/vB between these blocks:
In this case, the "golden" block was mined by ViaBTC, congrats to them!.
April 19, 2024, 08:15:14 PM
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
Well it seems temporary to me and I hope it is
Bitcoin has changed drastically over the past few years and we are expecting bitcoin to only go up from here I don’t think we should be overthinking some things and instead let it play out for a bit
This is what will cost us if we do not have the patience to trust bitcoin
April 19, 2024, 08:11:22 PM
Bunch of NFT people trying to get their NFTs in the block.
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.
You can see the incoming TX spike here:
Not a big deal, it's already dropped off.
Should be normal in an hour or 2.
-Dave
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.
You can see the incoming TX spike here:
Not a big deal, it's already dropped off.
Should be normal in an hour or 2.
-Dave
April 19, 2024, 07:49:02 PM
What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.
April 19, 2024, 07:39:40 PM
The fee has gone up too much. Is this how blocks mined immediately after halving would be?
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
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