Minor update on transaction fees: users still don’t care.

I ran some quick numbers on the last retargeting period (blocks 415296 through 416346 inclusive) which is roughly a week’s worth.

Blocks were full: median 998k mean 818k (some miners blind mining on top of unknown blocks). Yet of the 1,618,170 non-coinbase transactions, 48% were still paying dumb, round fees (like 5000 satoshis). Another 5% were paying dumbround-numbered per-byte fees (like 80 satoshi per byte).

The mean fee was 24051 satoshi (~16c), the mean fee rate 60 satoshi per byte. But if we look at the amount you needed to pay to get into a block (using the second cheapest tx which got in), the mean was 16.81 satoshis per byte, or about 5c.

tl;dr: It’s like a tollbridge charging vehicles 7c per ton, but half the drivers are just throwing a quarter as they drive past and hoping it’s enough. It really shows fees aren’t high enough to notice, and transactions don’t get stuck often enough to notice. That’s surprising; at what level will they notice? What wallets or services are they using?