Topic: Mempool Observer Topic - page 47. (Read 21746 times)

To be honest, i never seen such high fees at mempool before, over a 1000Sats/vbyte 
At first thought that after the halving some miners may be shut down, resulting in the backlog of the transaction but later i found out it was because of Runes, this fee spike.



Miners must be enjoying this while the rest of us are just waiting for the dust to settle. 

latest block at time of posting
most expensive TX in block
https://www.blockchain.com/explorer/transactions/btc/01e09f92619b96a616a9c2cf9e746393c466fdca4cc4f7c4bb038109cf0b3256

has taint from block 840k
https://www.blockchain.com/explorer/transactions/btc/ad69d620aa24d2219bade5536ed842e2127757ac4665817d6c0efd01cbe4cdb1
https://www.blockchain.com/explorer/transactions/BTC/243075989d985e3e637b0138bf40684a0905fa2ad3271b2aa54c3da379f15554
https://www.blockchain.com/explorer/addresses/btc/bc1pdkhzwe3q4e2mn7ylyjgw7h48uj6uyq3vh2zf032l9ykkmj32007smqcavu

as you can see now they are trying to spam the new junk(same crap as ordinals) but using the 840k 'rarity' nonsense crap

it's been 3.5 hours and 22 blocks later and the last block was still worth over 20BTC

many mining pools in favour of the spam/scam are part of the funding of it.

EG if a mining pool can get a utxo pertaining to be part of 'rare block 840k' and costing 40btc to create reward. then they can resell portions of that reward utxo for higher amount to continue the scam

its like many things
if you can fake that Xyear minted 50pence UK coin is worth £500  and you manage to sell 2000 coins for £500each but actual cost is £0.50each
then you can have a money pot of £1m scammed money to then go acquire 2024 minted first batch 50pence pieces and get 2,000,000 new mint coins which you can then try to sell each for £5000+ pretending it cost you even more thus have higher pretend cost. due to rarity and other sill notions

in short if reward block840k is worth 37btc then they can pretend rarest sat in transactions of block 840k is worth alot more so they can continue scam of their utxo spends to be worth more. pretending it cost them alot to get into block 840k

..
but its all nonsense gesturing and scamming, so dont buy into it. let them bankrupt themselves

A new thing was launched at the halvening .. called runes.. so maybe there is some high fee connection to that.  Agreed that the fees are pretty outrageous and seeming to persist over several blocks... so some other guys probably have better explanations for what might happen.. and by the way, I had heard predictions that the first block after the halving might have more than 10 BTC, and it ended up having nearly 40 BTC, so even the earlier high predictions likely ended up under-predicting how much fees would be going into some of these seemingly fad like ways of making money.

Are ordinals the reason for the extreme tx fees now?  Is this the new normal or just related to people trying to get into block 840.00?

TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Its not even the data for the mp4. Its just a link to it. The person could have spent much less to put it in that block.

so does that answer my question as ----



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Re: Happy 4th Bitcoin Halving
Today at 02:11:45 AM
   
Reply with quote Edit message Delete message  +Merit  #11
Can someone tell me WTF is going on with TX fees since the having block, 840,000

Typical blocks are .4 - 2BTC

Blocks since 840,000 have been
37BTC
4 BTC
7 BTC
16 BTC
24 BTC
30 BTC
23 BTC
17 BTC
12 BTC
9 BTC
17 BTC
19 BTC
17 BTC
23 BTC
21 BTC

Transactions seem higher too.  So at this point the mining reward has gone up, by 3-5 fold.

This is the worst thing i can saw in all the history if bitcoin transaction fees lmao. Based in mempool.space bitcoin fees will got 4sat/vB after an estimate of 240 blocks, if my calculation is right it will happen in 2 days which is not long but lot will happen in those days which might increase the logs and will expand the duration before the fees get too low or back at least 20sat/vB.

Simply stunning.



I'm sure the whole Runes thing has something to do with it as well, but that will die down in a month or two. Hard to really assess the impact in drop in hash rate yet, need another day to let things unfold before coming to any conclusions.

Halving Day... the same day my Bitcointalk account turns 10 years old 🎉

OMG whats happening on the recommended fee on mempool.space its too expensive I was waiting for the fee to drop below 50sat/vbyte but after block halving and check the mempool.space again I saw this look at the image below.



What do you think about the fee will the old fees will come back?
I don't think its a good idea to make a new transaction today too expensive.

Yes, a bit worrisome if some entities get together to keep Bitcoin fees high for a period of time. Expensive, but possible.

Fees started dropping again... I guess it's not really sustainable to burn your huge BTC stash forever.

In essence all this NFT hype is a self-regulating market.

A few BTC whales burn their stash, they enrich miners and this distributes BTC on a wider basis (thousands of miners).

Theoretically even Satoshi could do this with his huge 1.1m BTC stash and it would last quite a bit before he would ran out of fuel...

Yeah 



What madness if that is really the reason.

[/quote]

alot of people wanted to get their UTXO in block 840,000 so paid stupid fee's to outbid competition, not everyone could get in so some are getting their tx added in later blocks so expect the fee's to be high, out of stupid milestone notoriety hopes

we will see this wave of idiocy of 840k notoriety bidding war die down and then go back to the idiocy of the newest junk/scam spam of runes that replaced the brc ordinals scam spam
[/quote]

Thank you, i didn't understand why fees went up.

Happy halving everyone!!!

alot of people wanted to get their UTXO in block 840,000 so paid stupid fee's to outbid competition, not everyone could get in so some are getting their tx added in later blocks so expect the fee's to be high, out of stupid milestone notoriety hopes

we will see this wave of idiocy of 840k notoriety bidding war die down and then go back to the idiocy of the newest junk/scam spam of runes that replaced the brc ordinals scam spam

https://mempool.space/block/000000000000000000028458274b1f458d57d817fdce349e31dd5cb51b277d36

2,288 sat/vB

It keeps getting worse and worse (or even better for miners)...

So much for "oh noez, mining will no longer be profitable after the halving"!

ps: At first I thought it was some kind of mempool April Fools' prank specifically made for the halvening, but then I remembered Runes launch.

1,590 sat/vB

https://mempool.space/block/00000000000000000001cfe8671cb9269dfeded2c4e900e365fffae09b34b119

This is a joke, right?

Can't wait to see $1000 minimum per transaction in late 2025.

current hardware, current market spot =2x profit, they can continue with current hardware after halving to get 1x.. much like the position they were in 6 months ago(still not poor).. then the market will rise slowly again to get to 2x progressively over months to reach a 2025 ATH which is when they peak to then sell and then use that to buy new hardware for a new hardware lifecycle... as the other halving -> ATH cycles have done

most dont just give up mining as previous halvings have shown

its only the hobbyist miner on residential(higher) electric that come and go so quickly due to market fluctuations


small hobbyists that dont account their costs properly and just jump in and out and dont upgrade hardware on two year lifecycles get stuck in unprofitable conditions where they have to stop.. however smart miners that have been successfully and professionally mining long term dont look at the whims of the temporary market to be jumping out so quick
instead they carry on and let the market spot play out.

but atleast your fears shows more about YOUR feared action you would take in coming days... which is kinda funny when you been screaming how you say your electric costs were super cheap on your s17 you host with the pool you keep promoting as cheapest electric.... your fears suggest otherwise now