Can anyone help explain me the following:
I traded both as a taker - earlier - and as a maker just yesterday. Yesterday, as a maker, I drilled down to my completed trade transactions: 1 deposit transaction and 1 payout transaction. I was surprised to see that the mining fee in both transactions is shown as 11 sat/byte, which is extremely low and below the current mining market fee rates.
Payout: www.blockchain.com/btc/tx/fecaa81098f98088e5ea71f030e7f48daafede5d3040804886b1e1b599a39431
I compared this to the payout transaction when I was a taker (return of security deposit) when the mining fee was >200satoshi/byte: www.blockchain.com/btc/tx/6b9fdb92c625d9f981b62dae3751ecf92f5112243867d4b7bbc95df48050c988
Can someone explain that? Is there a way to control how much mining fee I’m willing to pay?
Thanks
Well when it comes to mining fees, Bisq chooses the fee automatically based on the current estimated fee rate.
The estimate used to be too low and this would lead to transactions sitting for hours if not days waiting to go through now the estimate aims to keep the fee around medium to high. So fees may be higher then users want but transaction tend not to hang for nearly as long!
Thing is, if a fee is chosen and suddenly the fees shoot up, you’ll have to wait for them to drop again.
Not sure if this answer your question.
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Thanks a lot @Bayernator, partly answered. The first payout transaction in my post http://www.blockchain.com/btc/tx/fecaa81098f98088e5ea71f030e7f48daafede5d3040804886b1e1b599a39431 is very recent. It was initiated by the Bisq network and has a mining fee of only 11 Sat/Byte. Why is the mining fee so low for this particular transaction and it still made it through confirmation by the miners in a relatively short time?
Cheers!
It cleared because the mempool just cleared all transactions
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Yep there was a moment very recently where transactions cleared. The reason why that happened is likely due to a difficulty adjustment of approx -16% meaning. more hash power came online and blocks got mined quicker!
Thanks guys, that makes sense to me that it got picked up eventually. But why did BISQ send the above transaction to the bitcoin network with such a miniscule mining fee of 10Sat/B? I thought that BISQ chooses higher mining fees to ensure swift execution?
That was probably the recommended high fee at that point in time. I believe the fee estimation is based on the fee required to get the transaction in the next block or 2. Therefore, if the mempool isn’t full 10 sat/vb may be all that’s necessary to get the transaction through.
I know I wouldn’t want to pay 200sat/vb if I can get away with 10!
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OK, got it. Great Thanks @Bayernator