60 sats/byte to get into the next block. 60x from only a few weeks ago.
Few understand mempool dynamics. In the right circumstances a small increase in demand for block space can lead to radically higher fees.
We have a 140 block backlog, likely headed for 1000+ and truthfully the chain is hardly being used. Anyone who is worried about a fee market developing is clueless. Fees being larger than subsidy will likely start to happen on occasion next epoch. Will become the norm in the one after that. Difficulty will just go absolutely apeshit once more people have confidence that rewards will start trending up not just in dollar terms, but in bitcoin terms as well.
FTB /
npub1h8z…ta38
2023-03-09 16:57:56
Author Public Key
npub1h8z77d0mqx8nreltfxzhw5vgv2d2yvfvn7p8nz6ugtafk9ly9tas4zta38Published at
2023-03-09 16:57:56Event JSON
{
"id": "2de411f45fc827f06eb534f1ba8050769b803f8d05366b1f450bfba70795bc2e",
"pubkey": "b9c5ef35fb018f31e7eb4985775188629aa2312c9f82798b5c42fa9b17e42afb",
"created_at": 1678377476,
"kind": 1,
"tags": [],
"content": "60 sats/byte to get into the next block. 60x from only a few weeks ago.\n\nFew understand mempool dynamics. In the right circumstances a small increase in demand for block space can lead to radically higher fees. \n\nWe have a 140 block backlog, likely headed for 1000+ and truthfully the chain is hardly being used. Anyone who is worried about a fee market developing is clueless. Fees being larger than subsidy will likely start to happen on occasion next epoch. Will become the norm in the one after that. Difficulty will just go absolutely apeshit once more people have confidence that rewards will start trending up not just in dollar terms, but in bitcoin terms as well.",
"sig": "514375f3452a0fdc79b9e3167bd6576c861225a6ba81f56ff584e36c26254f51ebfcd23b2ed1c39ee34521dc4410536834bc75b8d46c1110e9354e99b2bb1e51"
}