Re:Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
by Klathmon on Friday November 17, 2017 @04:44PM
(#15726233)
Not all transactions are equal.
If you look at this[0] representation, you'll see that the vast majority of transactions (like over 90% by size) are extremely small fee transactions (most under 10 sat/byte, 90%+ under 20 sat/byte)
Ignore those low fee transactions, and the mempool is under 8MB (and you can ignore them as long as you pay over 20 sat/byte, since miners will take the highest fee transactions first)
Re:Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
by tom_mellior on Friday November 17, 2017 @05:09PM
(#15726411)
Excellent points, thanks! That looks like a really useful tool for getting a better look at what's going on.
Re:Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
by Klathmon on Friday November 17, 2017 @05:29PM
(#15726518)
It's my go-to site for looking at what the mempool state is!
Most of the time if you just use the estimation from your wallet software you should be fine, but if you like to craft crazy transactions to clean up a bunch of dust or like to save money, it's a great resource.
This mempool? https://blockchain.info/charts/mempool-size?timespan=1year&d...
Looking at this (7-day average over the last year), it is currently at 100 MB. It was higher than this for about two weeks in late May/early June this year and has never since reached 100 MB. The last maximum was a brief peak at 80 MB in late August. For much of the year it was below 20 MB.
I would not attempt a transaction before it's back down below 40 MB or so.