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So, I guess it's time to do a #mempoolreport. On 2022-05-11, just after just before 17:00Z, Binance started dumping about 100 blocks worth of consolidation transactions into the mempool.
Other than the usual approach, where consolidations are fed to the lower end of the mempool…
Other than the usual approach, where consolidations are fed to the lower end of the mempool…
they instead submitted the whole hot mess at fixed fee amounts of 200,000 ṩ per transaction. At exactly 100 P2PKH inputs and one P2WPKH output (to bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h) the feerate works out to just short of 14 ṩ/vB for each transaction.
For those keeping track, buying 100 blocks worth of blockspace at 14 ṩ/vB works out to cost around 14 ₿. It's not clear why they'd pay that much, as before they dropped their package, that would have been almost enough to make it into the next block.
1/ Time to catch up!
The mempool cleared 6+ sat/vB multiple times this week. This morning, 4 sat/vB can get you in the next block. Expect to see lots of single-digit feerates in the coming weeks!
Why?—Blockspace demand has tuned back with the recent price drop…
#mempoolreport
The mempool cleared 6+ sat/vB multiple times this week. This morning, 4 sat/vB can get you in the next block. Expect to see lots of single-digit feerates in the coming weeks!
Why?—Blockspace demand has tuned back with the recent price drop…
#mempoolreport
2/ …even though the recent miner migration has reduced the network's hashrate to less than 130 EH/s—brutally undershooting the difficulty equivalent of 179 EH/s.
In addition to the low blockspace demand, we are expecting a difficulty adjustment of about –16% in 59 blocks.
In addition to the low blockspace demand, we are expecting a difficulty adjustment of about –16% in 59 blocks.
3/ Given the low blockspace demand and about 20% more blocks than the past two weeks, there is a chance that we see the mempool clear completely in the coming difficulty period for the first time since December 15th, …
Default mempools purging txs < 6.0 sat/vB.
Since a full mempool seems to be the new normal, at least temporarily. What can _businesses_ do to lower their operation costs?
The following is mostly picked from blog.bitgo.com/utxo-managemen… if you prefer long form.
#mempoolreport
1/
Since a full mempool seems to be the new normal, at least temporarily. What can _businesses_ do to lower their operation costs?
The following is mostly picked from blog.bitgo.com/utxo-managemen… if you prefer long form.
#mempoolreport
1/
1) Batch payments
You get a lot of withdrawal requests? Instead of paying each out separately, save up to 80% in fees by batching multiple payments into one transaction. It also makes UTXO management much easier!
bitcointechtalk.com/saving-up-to-8… 2/
You get a lot of withdrawal requests? Instead of paying each out separately, save up to 80% in fees by batching multiple payments into one transaction. It also makes UTXO management much easier!
bitcointechtalk.com/saving-up-to-8… 2/
2) Consolidate deposits
You're still getting tons of deposits and have to perform withdrawals. By funding withdrawals only with bigger UTXOs and consolidating smaller UTXOs at a lower feerate than your withdrawal transactions, you can save a ton of fees. 3/
You're still getting tons of deposits and have to perform withdrawals. By funding withdrawals only with bigger UTXOs and consolidating smaller UTXOs at a lower feerate than your withdrawal transactions, you can save a ton of fees. 3/
