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Any idea why the BTC fees have exploded ?
Transactions have doubled and the Median fee has exploded from circa $8 a transaction to around $160 !!
Is this the Runes and degens taking over the blocks ?
Memepool showing 211,000 stuck waiting forever (a while ago they conveniently moved the loading view to the right so it isn't obvious how congested BTC is)
https://mempool.space/block/000000000000000000000e869028956d1e302f78cdd9071aaf3d363c3426ea91
Block reward + fees went from about $500k before halving to about $1.5 M !
Runes ds, started at halving. Must be a backlog to work through.
Jimmy Song just published an article in X which is a good explainer on Runes.
Sounds like this will be a temporary bubble: https://x.com/jimmysong/status/1781518918001078441?s=46&t=b5w5XhS1rL5_nwa_nVQ15g
Good article - fascinating. A month or two if this would be incredible. Would really help debt ridden miners and boost the sector. If combined with BTC price going up and markets turning risk on we could have a perfect storm and exit opportunity.
Agreed. In expecting a bit of pop in price in the listed miners next week. The public markets didn’t really know what to expect at halving, but this is going to be the median fee level for a while yet, that’s good for all of them.
Unexpected twist to see fees going this mental, what a gift to miners just when it was needed. More like a doubling than a halving at the moment!
I'm sure the fees will settle down over time, but even if temporarily sky high it has to help sentiment demonstrating how fees can more than make up for new lower block reward.
I don't really understand how the fees work. CLSK, I know you're on top of this, realistically how much of the 50% drop in rewards could be made up for by fees? 10% i.e essentially a fall in revenue of 40% BTC being equal?
Fees were normally around .2 to .4 a block, so near 10% additional revenue on top of the new 3.125 reward would be fair to say - around 55% of pre halving revenue. However today we are seeing crazy fees far larger than the 3.125 reward, which few would have predicted.
Look at the fees column here
https://explorer.btc.com/btc/blocks
If you scroll back a bit you'll see how they suddenly jumped post halving because the runes protocol became live.
BTC transaction fees have exploded at the halving from a median $8 to $160. Transactions in each block have doubled..
The launch of Runes and other Degen BTC inscription projects have made BTC unusable as A Peer-to-Peer Electronic Cash System.
There are 200,000 transactions waiting forever in that memepool and the blocks are full of what looks to be inscriptions.
Stupid high fees are great for the miners but as more and more inscription projects roll out it looks like the end of BTC as any form of L1 P2P cash system...
Big Blockers may yet have their victory on the Block Battlefield
Bitcoin Cash, same Genesis block, same halvings, same 21M total supply and the same miners with fast transactions and near zero fees could do very well
BCH is on a charge as BTC fails and is unuseable
High fees are good for the miners tho
BTC has not been a P2P ecash system for many years now. Sure you can use layer 2 as a cash layer, but really it's digital gold/real estate/etc. has various use cases, but let's just call it a financial asset and not pretend it or any of these coins are going to replace the $.
Fees easing off now, 3 BTC fees per block just now.
Its getting tasty again 11 BTC 9 BTC 7 BTC , would be nice to see mara chalk some blocks up today, they have a little bit of hash with foundry so those figures will be higher but come on the mara pool!
Mara just chalked up another block 840088 10 BTC in TX fees 13 BTC Total. Awesome.
Marapool mining blocks slower than most, though peers only get a fraction of each block.
https://explorer.btc.com/btc/blocks
Fees still looking juicy 30+ hours after halving. Long may that continue!
GLA
Is ARGO in a pool with other miners or are they mining solo?
Argo goes into administration tomorrow
Bowler just admit you were wrong and move on, or maybe you find it too hard to say you were wrong?
Ant pool 108 e/h
Foundry 166 e/h
Marapool 4.3 e/h
https://mempool.space/mining
What don't we know?
I am joking Micoley but anyone who still holds a large chunk of cash in Argo should be worried today
Bowlers12 F*****F !!!!!!!!!!!!!!!!!! over and out !!!
Miners revenue v bitcoin price over time:
https://www.blockchain.com/explorer/charts/miners-revenue
Well spitfire the news on the street today isn't good for Argo
You shouldn't have bought in at 40 pencr
Last message to BOWLERS12..YES THAT DONGLE !!!!