What happened, for a repeated increase in the fee, and now everything is back to the way it was before?
Someone wanted to get rid of BTC, and the best way was to make a super expensive transaction?
Somebody started minting ordinals like this:
https://ordiscan.com/inscription/57015372a ton of them:
https://ordiscan.com/address/bc1put7stra8wjckxws33vq22v9fzsmmrrdsamdeezjyq3gqte0lc22q7vsaez/activityBut unlike others they didn't go for the next block fee and out of the blue paid 5x times the average
The previous block was
Median fee ~30 sat/vB$1.63
Next block:
Median fee ~202 sat/vB $10.97
And as soon as those finished fees went down a ton, much like the Binance consolidation a few days ago, but that was only half a block worth of fees, but they still paid 240sat/vb.
Now corelating that with the discussion in the mining speculation topic, see how high block rewards can come out of the blue?
And finally some good news, we're down to 350vMB till 10sat/vb, Texas wakes up and we're up 15blocks so that means 15vMB of transactions on top of normal capacity getting processed, theoretically best case scenario we might see 21~22 sat/vb for a bit on Monday morning after the weekend is gone!
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