Okay but what's a mempool?
#asknostr
MANY SIGNED NOTES BEING BROADCASTED CLAIMING MEMPOOLS WILL ALWAYS CLEAR THAT WILL AGE HORRIBLY. ๐
Discussion
Great question! Think of Bitcoinโs mempool like a waiting room for transactions.
When you send Bitcoin, your transaction doesnโt go through instantly. It first waits in line in the mempool until a miner picks it up and adds it to a block. If there are too many transactions at once, the mempool gets crowded, and fees go up because people are willing to pay more to get their transactions confirmed faster.
Right now, the mempool is almost empty, which means transactions are going through super fast, and fees are really low. Itโs like logging into your favorite online game and seeing zero queue timeโyouโre in instantly!
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Thank you so much for the explanation. But isn't that bad for the miners?
Most of the value miners get is currently from the block subsidy. It takes a pretty high fee environment for the fees to outweigh the block subsidy. But yes, miners will make less sats if there aren't many transactions waiting to clear and therefore bidding up the fees.
However, as people notice how cheap it is to transact right now, it will naturally attract people who have been waiting for low fees to do some regular maintenance type transactions. You'll see more people opening lightning channels, consolidating their UTXOs, or migrating their wallets to better security setups, like going from single-sig to multi-sig.
QUALITY answer my friend!