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Miners are already mining blocks with average fee rates that are sub 1 sat/VB transactions in something close to half the blocks. (Although past couple weeks not as much maybe)

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The recent blocks were including fewer transactions below 1 s/vB, because enough transactions were bidding more than 1 s/vB:

Chart: last 24h, inverted feerate (highest feerate at the bottom), only txs offering 1 s/vB or more.

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Markets at work! Thanks for these replies.

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