Murch Profile picture
May 13 9 tweets 4 min read
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…
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.
Now, this is not the end of the world—the mempool has been clearing faster than it's been filling for most of the time and will probably clear by next week.
Meanwhile, anyone that urgently needs to get a txn through can outbid Binance by paying 14 ṩ/vB: above the consolidation transactions, there's hardly any competition.
As you might imagine, we've also seen a solid increase for the transaction fee part of the block reward. 😆🙃
Beside all of the already in-flight transactions getting stuck much longer than expected, it looks like one of my favorite sites on the interwebz has been another victim. Perhaps all of the added traffic of people staring at the mempool exhausted it?
As for the short term weather report… next 64+ blocks minimum feerate per block: 13.6 ṩ/vB.
Over to our correspondent with an eye on the RBF usage. Our latest figures were a 25% adoption of RBF signaling in transactions. @0xB10C, have we seen a significant increase of replacements in the last 28h?

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More from @murchandamus

Jul 9
P2SH-P2WPKH (single-sig wrapped segwit) became the most common input type in October last year, superseding P2PKH (legacy). P2WPKH (single-sig native segwit v0) was already tight on its heels. Image
P2WPKH caught up with P2SH-P2WPKH in November. Image
P2WPKH pulled ahead of P2SH-P2WPKH in January—becoming the most common input type on the network overall. Image
Read 5 tweets
May 2
🧵I've been seeing a few comments lately that blockweight is an ugly hack, the witness discount was a mistake, and that the blocksize increase was unnecessary. A few thoughts.👇
Segwit was a bug fix, an efficiency improvement, and a blocksize increase. Economic incentives drive segwit adoption. Blocks have been mostly bigger than 1 MB since end of 2018.

via…; 2017–today; 7d, 30d, 100d averages; 1 MB line added by hand.👇
We have seen in the past what happens when blockspace demand exceeds the stable block production: feerates explode through the roof as transactions outbid each other to get confirmed. Then the market slowly adopts best practices to do more with less blockspace.👇
Read 8 tweets
Apr 29
It's been a while since I asked. Were there any updates on bech32m/P2TR readiness that I missed? #bech32msupport, #P2TRsupport

Software wallets, hardware signers, web wallets, ATMs,… ImageImageImageImage
…exchanges, payment processors, libraries,… ImageImageImageImage
…mining pools: Image
Read 7 tweets
Apr 15
1/ It's not only about RPis at home. A 10 s block interval would mean that block propagation and block validation take a significant chunk of the interval.
You'd get blockchain forks abound, poor block relay because of many competing chaintips, bad network convergence,…
2/ … large miners would be hugely advantaged by being able to build on top of their own block immediately instead of needing to wait to receive foreign blocks, which causes mining centralization and supercharges selfish mining.
3/ The high cost-of-node-option (CONOP) would crowd out most validators due to bandwidth, computational, and disk space requirements as well as the slow IBD. Small businesses and retail users would be forced to rely on 3rd parties for validation.
Read 6 tweets
Apr 11
@achow101, @glozow, and I have been scrutinizing the Bitcoin Core wallet coin selection lately. We have multiple ideas for improvements, but we have very little usage data to evaluate them. So far, we have one scenario generated from a service's data.
We're looking for…
• people living on Bitcoin
• Bitcoin power users
• fervent sat stackers
• services

that would be willing to share payment history (from any wallet) with us.
We're looking for large sequences of `{±amount, feerate}`. Amounts can be slightly altered or rounded for privacy. Image
We mostly care that the payment sequence was generated by one entity rather than us assembling random unrelated data from the blockchain. The data would be used to add scenarios to…, which we're using to test Bitcoin Core wallet improvements.
Read 4 tweets
Apr 11
As people were getting ready to get married on the beach, a brief discussion of economic incentives of cross-input signature aggregation (CISA) led to an interesting comment (H/T @n1ckler) that made me rethink my characterization of its potential cost savings. 🧵/9
CISA refers to the idea of multiple inputs on a single transaction sharing a single signature. This is possible due to all signatures committing to the same message (i.e. to all outputs via `SIGHASH_DEFAULT`) and the signing algorithm's linearity. 2/9
Enabling CISA would require a new output type as it would be a breaking change to how P2TR works. 3/9
Read 9 tweets

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