Can you please explain this increase of Mempool last Monday? Was that the collapse of FTX? #explain #increase #Mempool #Monday #collapse #FTX


Can you you should reveal this improve of Mempool past Monday? Was that the collapse of FTX?

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Comments (12)

  • erpetao Reply

    Binance consolidating UTXOs

    November 23, 2022 at 12:23 am
  • dirtsmurf Reply

    Binance consolidating UTXOs

    Edit: Binance had lots and lots of little inputs (relatively small Bitcoin deposits) they decided to consolidate, probably for several reasons, including but not limited to:
    1) setting up proof of reserves
    2) taking advantage of cheap tx fees

    November 23, 2022 at 12:23 am
  • bitcoin_barry Reply

    No one said it: No. It had nothing to do with the collapse of FTX. As everyone else said, it was binance doing some consolidation of funds.

    More specifically, they seemed to be moving funds from an old address type to a new address type. This means that these transactions are old fashioned and large in size, but going forward, they will be smaller.

    This means that binance transactions will take less space in the blockchain, leaving more room for other transactions per block, and they will cost less to process as fees are calculated relative to the size of a transaction.

    This short bump happened because they decided to consolidate all in one go.

    November 23, 2022 at 12:23 am
  • HodlOnToYourButts Reply

    CZ batch consolidated while fees relative to fiat were lowest.

    November 23, 2022 at 12:23 am
  • Level-Antelope-9197 Reply

    I waited 70minutes last Tuesday for my transaction to process. I have never had one take that long and was freaking out that I may have sent it to the wrong address

    November 23, 2022 at 12:23 am
  • HashMeOutside_ Reply

    You are late to the party. Can you explain why you didn’t ask while it was happening?

    November 23, 2022 at 12:23 am
  • igadjeed Reply

    Some entity (probably one entity judging by the constant fee rate) submitted thousands of transactions over a few days (6 days?) which created a 70-block backlog for those days. All those transactions paid a fee rate of 12 Sats per vbyte

    November 23, 2022 at 12:23 am
  • Rtbrosk Reply

    more transactions on the chain

    November 23, 2022 at 12:23 am
  • ConfidentEquipment56 Reply

    What’s mempool

    November 23, 2022 at 12:23 am
  • diadlep Reply

    No, but related, cz preparing to crash the market so he could service the cia

    November 23, 2022 at 12:23 am
  • stick_robot Reply

    Also to sprinkle some speculation in … binance have a large pool and it is very finacially convenient to take hoards of block space when users may need it most.

    November 23, 2022 at 12:23 am
  • parishiIt0n Reply

    Watching the blockchain eat up those MB of tx was beautiful

    November 23, 2022 at 12:23 am

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