Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze
High priority tx fee will cost 182 sat/vB
What further steps will look like if this spam continues?
I don't remember this happening before in history
Miners are having a blast right now he he
You are right transactions are really shooting up and in my opinion, that's due to the listing of BRC-20 tokens on big centralized exchanges like the listing of ORDI on Binance. As we know when the transaction of these tokens is taken out the load on the BTC blockchain will increase and the network will be more congested than before.Transactions almost for 500mb is stuck
Seems like it's will freeze
High priority tx fee will cost 182 sat/vB
What further steps will look like if this spam continues?
I don't remember this happening before in history
Miners are having a blast right now he he
Oh ok, so that is one reason why the price suddenly shoots up because it is being listed on top tier exchanges, make sense.
Resulting in a high fee, but overall I would say what we can do for know, as those who have no other options might have to pay $14 in fee (maximum as the current fee is) and if you have the option to delay the transactions then you can go for no priority TX which will cost around 0.5$ Overall, I would say the increment in BTC TX was written before in our luck but it will come that fast was not in my expectations.
Yes, that's the only thing we can do now, sit and just relax and let this whole craze go down a bit and for sure the fees are going to go back to the normal fees again. And it's true that before they also congested the network and then after a few weeks the fees is back to like 1-3 sat/vB.
Overall, we should find ways to reduce it like using the LN or making payments in different time zones when the TX fee is lower than before. Talking about spams, this is not something new, as BTC blockchain is trained for it as it has limit of it and when the spam transaction limit will meet then network will not take anymore spam TX in it.
I think it's a good for others who don't have experience with LN to try it out for the first time. And if you are going to transact with others, it should be in LN until the network congestion is gone.