It's a large number of consolidation transactions, probably from an exchange and my guess it's Binance. They do them in bulk, once every 3 months (IIRC), and dump a boatload of these massive transactions into the mempool all at once, pushing up the fees, including their own. Each of those big squares is a few $1000s in fees, and they have dozens of blocks worth of transactions.
By spreading them out and maybe doing them one by one, continuously, they could keep their fees a lot lower. But no, they spend half a million USD in fees, just because they are dumb.
mutatrum
npub1hkl…3u2k
2024-06-07 14:56:34
in reply to nevent1q…7m9s
Author Public Key
npub1hklphk7fkfdgmzwclkhshcdqmnvr0wkfdy04j7yjjqa9lhvxuflsa23u2kPublished at
2024-06-07 14:56:34Event JSON
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"content": "It's a large number of consolidation transactions, probably from an exchange and my guess it's Binance. They do them in bulk, once every 3 months (IIRC), and dump a boatload of these massive transactions into the mempool all at once, pushing up the fees, including their own. Each of those big squares is a few $1000s in fees, and they have dozens of blocks worth of transactions.\n\nBy spreading them out and maybe doing them one by one, continuously, they could keep their fees a lot lower. But no, they spend half a million USD in fees, just because they are dumb.",
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