Topic: Mempool Observer Topic - page 36. (Read 17438 times)

I've heard the same story by many people dealing with Bitcoin and I've noticed myself and also took my time to observe it more. My resolve is that it is not particularly true, but most times, it is true. As we know, activities and priorities (Demand and Size) are the major factors that dictate the fees to be paid at a period. These often influence the fees upwards during the working days since a whole lot of companies dealing with clients/customers will be open for service and continue to fulfil their Bitcoin obligations for withdrawals, and many other clients/customers continue to move in funds through BTC while depositing.

Fine, most of these activities would have doused during the weekend due to the official closure of the service of the companies. However, since Bitcoin is an electronic means of payment that doesn't regard the weekend, companies may decide at some weekends to process customer's withdrawals on both Saturdays and Sundays, while customers too may decide to send in a deposit on those days. And at some weekends, this could become much more comparable to that of the weekdays if the activities are much, which could influence an upward fee on that weekend.

If this is again coupled with a high number of Unconfirmed transactions, much reduction may not be seen in the transaction fees on that weekend. That's if we'll see any reasonable reduction at all.

     

• fastestFee: 20 sat/vB
• halfHourFee: 19 sat/vB
• hourFee: 18 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

     

• fastestFee: 26 sat/vB
• halfHourFee: 24 sat/vB
• hourFee: 22 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

Without looking at any backing data that seems to make the most sense. A lot of people trade from work, use BTC from work, and then of course Wall Street is closed to there is no action going on during the weekend from them.

Interesting that even though Casey Rodarmor recently launched his second ordinals-based endeavor (Runes), mempool activity has barely budged. This is great news for normal users of Bitcoin. Ordinals holders must be in a state of shellshock from getting rekt so hard, maybe that explains the lack of interest in Runes thus far.

It seems Saturday-Sunday are the best days to use BTC mainnet fee-wise... am I wrong?

Like right around 2 hours after the latest FeeBuddy post, I submitted a couple of transactions for right around 26 sats per vbyte, and so as I type this post, it has been about 5 hours.

When I set the rate, I was having a bit of a dilemma, since I could see that the fees were rising, and surely I would not have minded to do 16 or 18 sats per vbyte, but then I thought that I don't want to get too greedy.. so it would be better to try to get it to go through in a day or two.. and not to get stuck too long.. I think that my odds are pretty good that it will be processed in the next 8 hours, but you never know... the last several blocks had been processing 44 sat per vbyte and the lowest ones in the last hour or two were 33 sats per vbyte and even got as low as 28 sats per vbyte.. .so looking pretty positive to  go through, and perhaps we will get back below 18 sats per vbyte in the next 8 hours.

https://mempool.space/mempool-block/0

Edit: The transactions (two of them) went through about 2-3 blocks after this initially was posted.

     

• fastestFee: 36 sat/vB
• halfHourFee: 34 sat/vB
• hourFee: 31 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

     

• fastestFee: 54 sat/vB
• halfHourFee: 51 sat/vB
• hourFee: 48 sat/vB
• economyFee: 10 sat/vB
• minimumFee: 5 sat/vB

     

• fastestFee: 9 sat/vB
• halfHourFee: 9 sat/vB
• hourFee: 9 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

     

• fastestFee: 21 sat/vB
• halfHourFee: 20 sat/vB
• hourFee: 17 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

     

• fastestFee: 14 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 11 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

     

• fastestFee: 13 sat/vB
• halfHourFee: 11 sat/vB
• hourFee: 10 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

     

• fastestFee: 14 sat/vB
• halfHourFee: 13 sat/vB
• hourFee: 12 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

     

• fastestFee: 16 sat/vB
• halfHourFee: 15 sat/vB
• hourFee: 13 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

     

• fastestFee: 9 sat/vB
• halfHourFee: 9 sat/vB
• hourFee: 9 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

     

• fastestFee: 16 sat/vB
• halfHourFee: 15 sat/vB
• hourFee: 13 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

Even with the current fee prices there are lots of consolidations... more than data inscriptions.

90vMB of fees on top of the 3 sat/vb ones, you would need 2/3 of a day with no incoming fees just to reach that, close to impossible even for the weekend.
Besides, I assume that going below 5sat/vb would trigger another wave of consolidations just like the 10sat/vb wall did, one week with no events, an increase in block speed back to at least normal (we're currently 22 blocks down the pace), and another weekend and we might reach it.

Still, surprisingly we had one huge spike in price, ordinals still being minted and no jump in fees, quite unexpected.

It did 6 blocks ago, thanks for the insight.

It has come down to 3 sat/vB as the minimum fee as per this chart. As per mempool, it does not hold any priority for now. Low priority has now increased to 12 sat/v B.


I still do not think it will be confirmed as the transaction fee is more volatile than Bitcoin. A transaction fee of 12 sat/vB or 11 sat/vB could have got confirmed. I do not think it will be confirmed by tomorrow, do keep us posted whether it did or did not.