These graphs show that fees for inclusion in 2nd block just shot up 10x from 50 to 500 satoshis/kB, and mempool size just shot up from <5 MB to 30 MB. Would you feel safe sending a transaction into the network now? Can Bitcoin rally if the blocksize remains artificially limited by Blockstream/Core?
http://statoshi.info/dashboard/db/fee-estimates To select a longer time period, zoom out on the graph by clicking on the word "6 hours ago" to the right of the words "Zoom Out" - which will reveal a drop-down menu. https://tradeblock.com/bitcoin To see the increase in the Mempool Size (from less than 5 MB, to 30 MB), go to the graph on the graph on the lower right called "Recent Mempool", and use the two menus to select "7 Days" and "Size". How can Bitcoin continue to rally, if the network is becoming backlogged due to unnecessary congestion?
Graph: Mempool Transaction Count - The number of transactions waiting to be confirmed. Backlogs at an all-time high, users experiencing delays, unable to transact, miners losing fees. Bitcoin network congested and unreliable due to Core/Blockstream's never-ending obstructionism, censorship and lies.
[uncensored-r/Bitcoin] Coinbase outage reflected in mempool graphs. Can Coinbase be single-handedly spamming this much? ...
The following post by alethia_and_liberty is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7puy6n The original post's content was as follows:
[uncensored-r/Bitcoin] The mempool graph, what is this big chunk? someone explain?
The following post by xGsGt is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7ltn4f The original post's content was as follows:
These graphs show that fees for inclusion in 2nd block just shot up 10x from 50 to 500 satoshis/kB, and mempool size just shot up from <5 MB to 30 MB. Would you feel safe sending a transaction into the network now? Can Bitcoin rally if the blocksize remains artificially limited by Blockstream /r/btc
PS Ubuntu PPA repository is currently being updated to serve for 1.7.0 (*) if you were using BU with -txindex, after the fist session after the upgrade the database where the index are stored will be upgraded to a new format. During this migration RPC command will return an error message saying the txindex is syncing. The lasting of the migration process depends on the machine where BU is installed.
Stop overpaying fees! I made a website to give better fee estimates. The goal: simpler and more accurate by observing mempool flows.
Hey there! Today I'd like to show you a small project I've been working on: https://bitcoiner.live/ Basically, this is the tool I wish existed, to be able to use it myself quick and easy or to recommend to newcomers when they ask questions about fees. Existing tools are either too complex with too many numbers or have a tendency to overestimate fees. So I built this fee estimator with the following goals:
simplicity, the home page goes straight to the point
reasonable estimates: to achieve this I developed a custom algorithm that looks both at the current weight and velocity of transactions entering the mempool at different fee brackets (more details in the "how it works" tab). This is unlike some other websites that look at the previous blocks and return the median fee which yields huge overestimations, since one doesn't need to pay the median fee but just the minimum to get included in a block.
Of course, no algorithm is perfect and it certainly cannot predict when a huge spike of transactions is about to happen. But so far its output seems to correlate pretty well to what I would manually set by looking at mempool graphs. Optionally, you can select any of 3 estimation "profiles":
standard: is the default one and aims to strike a good balance between cost and accuracy.
optimistic: slightly underestimates if your objective is fee minimization before accuracy. It might work out if the next blocks are pretty lucky, but it might take longer otherwise.
cautious: on the other hand is pretty greedy, use it only if you really want to be sure to target the next blocks or so even if the next blocks turn out unlucky.
As always, feedback is welcome :) If there is interest I'll release the source code! EDIT: Thanks a lot for all your valuable feedback! I'll edit this post as I implement your suggested features. Done: - Estimated total fees for a typical transaction - Switch the details page units from WU to virtual-MB - API: https://bitcoiner.live/doc/api - Source code release In progress: - Switching fee units (sat/B, BTC/kB, etc...) - Switching total fees per wallet type (native segwit, compatibility segwit, legacy) - Historical estimations graph
BTC Fees amplified today by last night's difficulty adjustment. Current (peak of day) next-block fees are testing new highs.
Compounding Factors Causing the Fee Explosion Over the past 2 weeks, a large sum of SHA256 hashpower has come online as the rewards for mining in real-dollar value had been increasing. The increase over the past 2016 blocks was so great in fact that it caused an 11% jump in difficulty last night. To add to that, the price retreated back to the 2-week average meaning some hashpower has left after the price adjustment. You can see how far behind schedule the current block times are here. That has compounded to set new highs in sat/byte fees and has simultaneously escalated the price per transaction drastically While BTC blocks may be able to clear overnight when mining is running 10-20% above the expected block rate, it's pretty clear from history that every day has a peak usage that cannot be handled by the network. After readjustment, it looks like only the lull of the weekend can currently clear the backlog, and only just. I recommend checking Johoe's Mempool size in MB graph for a longer span. In the 3 month graph, you can really start to see each daily spike, weeks where the mempool only cleared on the weekend, and even a couple of weekends where the mempool didn't clear. So What is Each Blockchain Currently Capable Of? Current Segwit usage has been stagnant at around 40-45% for the past year now, but let's just say for argument's sake that segwit usage hits 100%. This represents a capacity increase of the BTC blockchain of only around 25%. That means that even if BTC hit perfect segwit usage, it could only handle around 500k transactions per day instead of 400k. This bottleneck does not exist on BCH. BCH can currently handle 16M blocks with no issue as proved by last year's stress-test and it should now be able to handle full 32MB blocks given recent parallelization improvements. The throughput of even 16MB blocks would allow for somewhere around an 8M TX/day average. Bitcoin Cash is absolutely equipped to deal with an order of magnitude more transactions than Bitcoin today while maintaining 1sat/byte fees. Blockchain technology can do so much more than BTC gives it credit for.
Johoe's Bitcoin Mempool Statistics – – Period: This page displays the number and size of the unconfirmed bitcoin transactions, also known as the transactions in the mempool. It gives a real-time view and shows how the mempool evolves over the time. The transactions are colored by the amount of fee they pay per (virtual) byte. An open-source mempool visualizer and blockchain explorer for Bitcoin. Features real-time updates and live transaction tracking. Bitcoin Number of transactions in blockchain per day chart. Transactions Block Size Sent from addresses Difficulty Hashrate Price in USD Mining Profitability Sent in USD Avg. Transaction Fee Median Transaction Fee Block Time Market Capitalization Avg. Transaction Value Median Transaction Value Tweets GTrends Active Addresses Top100ToTotal Fee in Reward Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Discover our features. Great tools to work with crypto data: request Blockchair API to get blockchain data, explore trends and correlations looking at Charts, analyze market trends with Markets & Portfolio, broadcast transactions, download dumps with historical data and so much more.
Trace Mayer and the perils of being a non-technical OG. Bitcoin Tech Talk Issue #177 - Duration: 55:18. Off Chain with Jimmy Song 1,749 views Market Pulse - SPX & $BTC Correlation Strikes Again! 👉 Subscribe so you don't miss the next one: http://bit.ly/2QKVDdV Check below for events and news ... Trading Bitcoin - A quick look at charts before the 15 hr flight 👉 Subscribe: http://bit.ly/2QKVDdV Understanding Bitcoin has been postponed till Oct 1-4 👉 S... BUIDL Bitcoin on Ethereum with tBTC: A Simple, Trust-Minimized Peg with Carolyn Reckhow 1:47:26 - 2:07:42 Ethermint & NFTs with Billy Rennekamp 2:09:45 - 2:29:08 This video will go into more details what a mempool in blockchain actually is. Check stats of the mempool: https://jochen-hoenicke.de/queue/ https://www.bloc...