Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
Topic: The fee is ridiculously high. - page 4. (Read 735 times)
This is very common everytime price of Bitcoin rally. Even before, this was already the problem.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
It won't last too long and except what happened in 2023 with many months of expensive fees, in other waves from Ordinals, Runes, Bitcoin mempools did not stay at too expensive range for several months.
And it didn't last long at all. It has even gone lower than the 5sat/vb
This happened in the past week and it took only about a day to go back to normal. If not for this post I wouldn't have noticed that transaction fees were so high yesterday.
I don't think the bull run is a reason for high fees. Normal bitcoin transactions, no matter how many they are per minute, will mostly not lead to congestion and ridiculously high network fees, but ordinals and runes that are spammed every second are the major causes of network congestion and high fees.
thinking the fee would stay low during the bull run, but I was wrong... so what now?
It is not just during bull runs but generally whenever there is a "large" price change (rise or fall) the traders start moving their coins around (some deposit and some withdraw from exchanges) therefore the increased number of on-chain transactions creates these temporary spikes.Although it is hard to talk about the cause without actually going through the transactions in each block and analyzing them but I have to say there is a good chance that the recent fee spikes were because of the same ongoing spam attack as some others mentioned.
These are the same scammers who have been exploiting the Bitcoin protocol to inject arbitrary data into the chain calling it Ordinals, Runes, Tokens, etc. and that spam attack makes things worse and causes fee spike as well.
BTW you created this topic about 1.5 hours ago and right now mempool.space shows this as fees:
copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
This is just a short term spike. Gladly no one follow it to continue the trend of high fees. The fee is already back to normal probably due to the low hype of that shit rune that trying to start a trend again.
Exactly!
Blame those #@%&$ runes.
If you look at the following block, it's full of op_return tx's:
https://mempool.space/block/00000000000000000002f0d74899067c194433712672955709375f0b56f23522
Only Ocean pool is doing something about it. Other pools swallow up the fees from those runes.
Blame those #@%&$ runes.
If you look at the following block, it's full of op_return tx's:
https://mempool.space/block/00000000000000000002f0d74899067c194433712672955709375f0b56f23522
Only Ocean pool is doing something about it. Other pools swallow up the fees from those runes.
You're wrong, the fees went high because people are minting runes which named MEMENTO•MORI, it was started from block 868168, before that the fee was just 5 sat/vbyte and now the fees is slowly back to normal.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
It's a bull run, activities naturally rise as well. Why are you expecting the fees to stay low?
But this time around, yeah, the bullish market is probably driven mainly by institutions. Yesterday, the fees were as low as 2 Sat/vB for high priority transactions. So, I guess this is just a spike in the fees, a quick and temporary increase. Right now, the fees have decreased considerably. It might go north once more especially if the retail market goes active, but I'm seeing double-digit fees in a day or two.
But this time around, yeah, the bullish market is probably driven mainly by institutions. Yesterday, the fees were as low as 2 Sat/vB for high priority transactions. So, I guess this is just a spike in the fees, a quick and temporary increase. Right now, the fees have decreased considerably. It might go north once more especially if the retail market goes active, but I'm seeing double-digit fees in a day or two.
I’ve mentioned this before, thinking the fee would stay low during the bull run, but I was wrong... so what now?
It won't last too long and except what happened in 2023 with many months of expensive fees, in other waves from Ordinals, Runes, Bitcoin mempools did not stay at too expensive range for several months.https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
Inscriptions transaction count share
If it repeats, Bitcoin mempools will look better after next 1 or 2 weeks, and I really hope so because hypes from Ordinals, Runes won't be able to last for so long.
I’ve mentioned this before, thinking the fee would stay low during the bull run, but I was wrong... so what now?
https://mempool.space/
https://mempool.space/
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