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The mempool finally cleared after 2 years... and proceeded to fill up again!
543 sats \ 6 comments \ @Kenobi 9h bitcoin_Mining
After two years of a Full mempool, the mempool finally cleared by block number 881851. Here's @mononautical's tweet about it: https://xcancel.com/mononautical/status/1885882423130345587
But as everyone was gearing up to write their FUD tweet, and write they did, the mempool immediately filled up again. Two huge spikes of transaction flows sent the Mempool back 30MvB.
I guess there is no rest for the wicked miners!
That said, fees are very low right now, I'd recommend doing some UTXO management and such things now.
May the Hash be with you!
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9 sats \ 5 replies \ @rebel_nomad 8h
It was fun juggling some wallets around, doing my part to keep it going hahaha
The lowest tx remaining was around 76 or so at some point?
Btw, what would happen if there were no new transactions for a while....?
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9 sats \ 3 replies \ @Kenobi OP 7h
Funnily enough, nothing would happen.
Miner's would just keep mining empty blocks, but that wouldn't be a problem, because they are not empty due to a failure in the system, but due to a lack of demand for Block Space.
Thus, we would just have empty blocks, and a cleared mempool. And any TXs that came in would be confirmed in the very next block, regardless of the Fees paid.
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9 sats \ 2 replies \ @rebel_nomad 7h
Yeah, kinda figured that. But there might be a serious PR fallout, or whatever one might call that...
And also there was at least one tx with zero fees!
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19 sats \ 1 reply \ @Kenobi OP 6h
These are two different points.
First, the PR fallout thingy always happens. People that don't believe in Bitcoin keep moving from: "Oh no! The mempool is full, nobody will use Bitcoin if the mempool is full. Therefore Bitcoin is dead, use my shitcoin." to: "Look, there are no TXs on the mempool, not only is the 'security budget' too low, but also nobody wants to use Bitcoin, therefore Bitcoin is dead, use my shitcoin instead."
This always happens, but Bitcoin will keep proving them wrong, especially the whole stupidity of no fees=no security budget or that if compormises the security budget. Plain stupid and uninformed.
Then there are the 0 fee TX. Anyone can create those, but usually mempool rules filter them out, in order to avoid spam.
But if a miner inserts into his own mempool a Valid TXs that has zero fees, and he mines it, then so be it. The only cost would be the opportunity cost of not getting fees from another valid TX that does pay them. But if there are no other TXs, then might aswell.
In a way, this is like a bus. It's going to depart every 10 minutes regardless of how many people are waiting in the Bus Stop. If there are too many, then they are ordered by amount of fees paid. But if the bus stop is empty, and the bus is about to depart empty, might aswell take that poor homeless person, especially if he's the bus driver's brother or so.
I hope this makes sense.
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9 sats \ 0 replies \ @rebel_nomad 6h
Sure, its actually not that complicated from a practical perspective, just watching mempool.space most days is enough to get a feel for the whole thing.
But, now that we hit the low, well then there might be a high too... Probably around the cycle top!
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19 sats \ 0 replies \ @0xbitcoiner 8h
Btw, what would happen if there were no new transactions for a while....?
I suppose the oceans will stop draining! 🤠
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