I visited mempool.space to have a look on average Bitcoin transaction fees and holy shit, Fees are up to 600 sat/vByte when bitcoin's price is more than 42,000 USD. But that's not something that catch my attention, I checked block and recently, some minutes ago, someone sent transaction with 105,629 sat/vByte fees.
Check this: https://mempool.space/tx/abd0372aaaac6392eb5be258dcf282ffc152b9fd99a75945342be84416c93b36
This is even worse, just found it while I am writing this post: https://mempool.space/tx/0cef268fff70c605dd91a00586d4edefc00ea47fc3c38500c67692aea8f6e9c9
Here is the worst: https://mempool.space/tx/8a199391385b767b3923f8005012d7ab7fce66e78bc9ca302db2e6bd6bf730ff
What the hell is going on? Who can afford so high fees? Fees are so high and people still pay for it, mempool is clogged and getting even more clogged. I thought I was not a poor guy but now I feel like the poorest person in the world
Does anyone know what's the reason behind these high fees? These are not ordinal transactions.
P.S. Bitcoin miners are getting higher reward from fees rather than from mining a block. Has this ever happened before?
Bitcoin transaction fees can indeed fluctuate significantly based on network demand and other factors. When there's high demand for block space on the Bitcoin network, users often compete by offering higher transaction fees to have their transactions included in blocks faster.| Fee | 14,999,300 sat |
| Fee rate: | 105,629 sat/vB |
| Effective fee rate: | 36,880 sat/vB |
Check this: https://mempool.space/tx/abd0372aaaac6392eb5be258dcf282ffc152b9fd99a75945342be84416c93b36
This is even worse, just found it while I am writing this post: https://mempool.space/tx/0cef268fff70c605dd91a00586d4edefc00ea47fc3c38500c67692aea8f6e9c9
Here is the worst: https://mempool.space/tx/8a199391385b767b3923f8005012d7ab7fce66e78bc9ca302db2e6bd6bf730ff
What the hell is going on? Who can afford so high fees? Fees are so high and people still pay for it, mempool is clogged and getting even more clogged. I thought I was not a poor guy but now I feel like the poorest person in the world
Does anyone know what's the reason behind these high fees? These are not ordinal transactions.
P.S. Bitcoin miners are getting higher reward from fees rather than from mining a block. Has this ever happened before?
The fee of 105,629 sat/vByte that you observed is remarkably high and suggests that the sender was willing to pay a premium to ensure their transaction was prioritized by miners. Such high fees might be associated with urgent or time-sensitive transactions or cases where users are willing to pay a premium for faster confirmation times.
During periods of increased network activity or congestion, users might opt to set higher fees to have their transactions processed quicker. However, these high fees are not always the norm and can vary based on network conditions.
Bitcoin's transaction fee structure is based on a bidding system, where users can choose the fee they're willing to pay for their transaction to be included in a block. Miners generally prioritize transactions with higher fees since it's more profitable for them to include those transactions in the limited space available in each block.
It's essential for users to consider the current network conditions and adjust their transaction fees accordingly to balance speed and cost. During periods of high fees, some users might opt to wait for lower fees during less congested times to save on transaction costs.
Monitoring fee trends through platforms like mempool.space can provide valuable insights into the current state of the Bitcoin network and help users make informed decisions about their transaction fees based on the urgency of their transactions.