Definitely so. Imagine paying close to 200sats/vbytes for single transactions. This amount can be used to pay for five or more transactions before This insane congestion of the mempool


I have also seen this advice from Charles-Tim on a thread before. Although it is logical that people will make less transactions in this two periods than the other periods. But I doubt this will work at this period at the moment because even the pending or unconfirmed transactions that will be left in the mempool won’t go down then. More so bitcoin is a global currency and the time varies for each locations, the night period could be the day time in another location.

Miners or network validators are the ones that are really benefiting from the network congestion. They are incentivise for each transaction they validate on the network and because of how congested the network is, they tend to favour transactions with higher transaction fees over lower transaction fees.

This is not true... Making transactions at night or during the weekends will make no difference. The Bitcoin network is not your typical internet or communication network.

Pools (miners) can push cheap transactions when they find blocks. Normally this is can be used to pay the individuals who contributed hashrate to find the block, and there have been pools offering "acceleration service" so if you got one transaction stuck, you can pay them to push it for you. Unfortunately it appears more recently this has been used by some pools for the currently ongoing spam attack.

So while normal people who want to use Bitcoin for actual bitcoin transactions (pay and be paid with) aka: circular economy, have to use outrageous fees, they (spammers) do not, since those pools are collaborating with them.

Now if the high fees were the product of worldwide bitcoin adoption, we would be fine with it. But it being from an external non bitcoin source from an exploit found by the relaxation of consensus rules which opened this vulnerability, and its now being abused in practice sabotaging the use of bitcoin for the masses (which large corporations don't care about) it is naturally causing a commotion in social media.

I have seen people correctly identify the problem and proposing actual solutions, and others clearly not caring about Bitcoin as a project just getting some extra fiat out of this mess (and some even participating in it) while laughing and ridiculing at the misery of others who dared used bitcoin for its original purpose.

If the spam flood means miner benefit at the expense of people being unable to use it for normal coin transactions anymore, one of the key fundamentals will be broken. Contrary to the lies some involved parties in the attack spread, these are NOT real transactions, they make a normal transaction and attach trash to it which is how they found a loophole in the protocol and is currently being exploited.

This loophole wasn't there in the past, which is why people on social media, etc, are addressing the current Bitcoin "core" developers.

Remember that high fees product of real bitcoin adoption is a good thing, but not when its not bitcoin transactions. It is very dangerous instead as it opened the floodgates for all sorts of abuse which we are witnessing right now. From the list of the currently involved, you can clearly see which of those companies were never bitcoiner in the first place, and where their real interests lie. And some are even blatant about it "Bitcoin sucks anyway", "high fees are good", "come to us instead"...

So yeah, interested parties that need Bitcoin success to dwindle down because to them means more profit. Should you support those companies? Check twice who you engage with. Names are being mentioned in connection to this DDoS spam attack... Names that belong to a list of shame.

And doesn't this also benefit some States and their CBDCs? So don't be surprised if some of those powers are behind the attack as well. Some people are saying the timing is too convenient, we are witnessing the USD getting in trouble which could easily pull the other fiats and cause the next economic crisis.

More specifically, it will benefit those with high hashrate. Those who have a high hashrate have a greater chance of being able to get a higher reward compared to miners who have a low hashrate. But to be honest, I really hate this condition, where it takes 241 Satoshis/Byte only for transactions with an estimated time of 1 hour and that doesn't really make sense. If this continues, how is it possible that Bitcoin can become a legal payment in everyday life, if the fees can be as crazy as this.

Yes, these are major problems for some users, but in my opinion, miners are benefiting from the congestion in the mempool because I have observed several transactions that take more than a day to confirm. I read something by Hhampuz in which he described how much money he had to spend merely to have his transaction confirmed. Which astonished me since I assumed it would be very challenging for him to meet with his participants and yet it would still take some time for those transactions to be confirmed.

You are very correct my friend and that has been the case ever since with me because I have tried to sell some coins and the fright of the huge fee has kept from selling because its rather extorting and coin wasting for me to make such payment and I definitely know  am not the only one affected here because I decided to convert the btc I need now to usdt and send it through another channel which has lesser fee and this is exactly what you stated in this reply of yours which clearly show that  am not the only losing here the miners are also affected because the fee has started pushing possible customers to different channel which reduces their over all transaction volume and by so the revenue generated is also greatly affected.

I would be surprised if there were still pool owners keeping the block fees but I guess it is possible. I know before pools got super competitive it was a thing.

I agree that these are clearly valid transactions and the free market fee structure is working as intended. I wonder if your opinion on future “trash” would also include the Lightning network when looking backward. I think either developers want to allow for things like Ordinals and the Lightning network or they don’t. They shouldn’t get to pick and choose who utilizes the blockchain for what.

Well yeah you should not have been trying to make a tx yesterday! The fees spiked way up for like a day or two and now have come back down a lot, back under $10 today. Never make a transaction during a spike unless you absolutely have to. But at least you went for a low transaction fee and it failed, now you can do it again today and get it through for just a few dollars.

Hopefully by the time the bull run comes NFT people will go back to Ethereum and random altcoins for that nonsense, and hopefully this bitcoin meme token craze that I guess is happening right now will fade away. The past two bull markets fees peaked for a little bit over $50, and if we have to account for a bunch of useless stuff like tokens and NFTs crowding up the valuable block space then yeah it's likely fees will go over $100. If these sorts of silly things on Bitcoin continue I'm just hoping the bitcoin devs actually push for and implement a fix to stop these sorts of valueless data spam operations from taking place on Bitcoin. If people want this stuff on Bitcoin so bad do it on a side chain of a L2, it doesn't belong in bitcoin blocks.

Sure, I did it today for like $9.8. Yesterday, I couldn't take the risk of paying about $30 in transaction fees; it was way too much. I had to cover a whole lot of transaction fees for about four of my customers who were paying me with Bitcoin yesterday because, in my business, I do accept Bitcoin payments.

if you have no urgent needs to convert your btc into other alts or currencies, then maybe you can hold off your transactions. if you do accept btc payments in your business, do you convert it right away? because maybe this is crucial time not to.
in terms of miners benefitting from this situation. of course they are. if you look at the total fees received by the pools per block that's a lot of BTC. but of course they need to share it with the miners in their respective pool. this is like the golden times for them, let them earn their rewards.