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Measuring minrelaytxfee across the Bitcoin networkdelvingbitcoin.org/t/measuring-minrelaytxfee-across-the-bitcoin-network/1989
1627 sats \ 8 comments \ @0xbitcoiner 18h bitcoin
by danielabrozzoni
I crawled the Bitcoin network to record the minimum relay fee advertised by reachable nodes through the FEEFILTER message.
The scan used a modified version of virtu’s p2p-crawler which connects to every node, waits up to three minutes for a FEEFILTER message, and records the result. If no FEEFILTER message is received within the timeout the node is listed as “No FEEFILTER sent.”
Only nodes that accept inbound connections are included, and the results are based only on what each node advertises in its FEEFILTER message. I don’t think nodes have a reason to fake this field, but I suppose it’s possible, and I did not perform additional checks such as sending test transactions or monitoring relays.
Two full scans were run on 10/09 and 15/09.
...read more at delvingbitcoin.org
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111 sats \ 7 replies \ @Scoresby 17h

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. ↩
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102 sats \ 5 replies \ @0xbitcoiner OP 17h
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!
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223 sats \ 0 replies \ @Murch 7h
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.
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33 sats \ 3 replies \ @Scoresby 17h
Core 29 lowered the default, but I believe it was always a config option to lower it.
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0 sats \ 2 replies \ @0xbitcoiner OP 17h
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?
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223 sats \ 1 reply \ @Murch 7h
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.
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0 sats \ 0 replies \ @Scoresby 7h
Ah! Thanks for the detail. I probably should have looked it up.
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0 sats \ 0 replies \ @nitter 17h
https://xcancel.com/OrangeSurfBTC/status/1968293577362145485
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