pull down to refresh

111 sats \ 7 replies \ @Scoresby 14h \ on: Measuring minrelaytxfee across the Bitcoin network bitcoin

Reported minimum relay fees

MinRelayFeeNodes 10/09Nodes 15/09
1 sat/vB25,125 (89.0%)24,695 (86.5%)
No FEEFILTER sent2,135 (7.6%)2,331 (8.2%)
0.1 sat/vB569 (2.0%)1105 (3.9%)
9170997184 (0.3%)73 (0.3%)
.001 sat/vB81 (0.3%)91 (0.3%)
I'm surprised that so much of the network (~87%) is still at 1 sat/vB, especially considering that we are seeing almost 40% of all transactions having a sub-1 sat/vB feerate.
source

4% of nodes having a more permissive policy leads to sub-1 sat/vB transactions being 40% of all transactions.

Footnotes

  1. @0xB10C thinks these nodes were doing IBD or were not caught up to the chain tip in some way. ↩
write
preview
102 sats \ 5 replies \ @0xbitcoiner OP 13h
Not sure if I’m mixing it up with something else, but wasn’t the option to set fees below 1 sat only made available from a certain version of Bitcoin Core? Any idea how much miners are making just from transaction fees? Maybe it’s not that much. Or maybe the ones who don’t accept fees under 1 are just filtering out dust.
Didn’t know the article author was on SN. Props to you, @daniela, great work!
reply
223 sats \ 0 replies \ @Murch 4h
No, the configuration option has been available for a very long time, and there had been some users already that generally accepted transactions even with zero fees. The big change was that suddenly miners started confirming transactions below 1 s/vB, which lead to the default value for minRelayTxFee to be changed in Bitcoin Core 29.1 and Bitcoin Core 30.0.
The average transaction fees per block were about 0.03 BTC in the past week, or about 0.9% of the total block reward.
reply
33 sats \ 3 replies \ @Scoresby 13h
Core 29 lowered the default, but I believe it was always a config option to lower it.
reply
0 sats \ 2 replies \ @0xbitcoiner OP 13h
Someone dropped some stats here on node versions, but I can’t find it now. If I remember right, not many were on v29. Could be that, or maybe I’m just oversimplifying?
reply
223 sats \ 1 reply \ @Murch 4h
v29.0 still had the old default, the recent point release v29.1 dropped the minimum relay transaction feerate to 0.1 s/vB.
According to Clark Moody’s dashboard, about 6.6% of listening nodes are now running Bitcoin Core 29.1.
reply
0 sats \ 0 replies \ @Scoresby 4h
Ah! Thanks for the detail. I probably should have looked it up.
reply
0 sats \ 0 replies \ @nitter 14h
https://xcancel.com/OrangeSurfBTC/status/1968293577362145485
reply