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5000 blocks later, here's an update on Sub-1 Sat/vB Summer mining economics:
As of height 915000, pools have mined a total of 9,002,455 sub-sat transactions across 4743 blocks, earning an additional 7.49 BTC in fees for only 1951 MvB of otherwise unused blockspace.
Pretty interesting to see the reduction in unused blockspace (although, I'm a little uncertain if it actually is a reduction in unused blockspace, or a reduction in the volatility of unused blockspace...)
Later in the thread @mononautical says
The data seems conclusive at this point that it was economically rational for pools to lower their minimum fee rates after all.
They've earned an extra 7.49 BTC fees by filling otherwise empty space, with no real evidence of any increase in the rate of stale blocks.
10 sats \ 0 replies \ @OT 2h
I don't know how he can say that miners earned an extra 7 BTC in that time. There's no way to tell what the market would of paid if the fees were still over 1sat/vb. Surely they would have paid more as anyone wanting to make a TX would have to have paid at least 1 sat/vb.
Unless of course it's the "ordinals" people who are minting BRC20 tokens BECAUSE fees are less than 1sat/vb. But this would just be keeping their party going a little longer. When fees are high they'll likely sell their Bitcoin to try and scam elsewhere.
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