Jason Hodlers ♾️/2099999997690000🏴 on Nostr: Sure. The graph represents the number of transactions waiting to be confirmed by the ...
Sure. The graph represents the number of transactions waiting to be confirmed by the Bitcoin network at any given time. The higher it goes, the longer the line of pending transactions. The colors represent the different fee rates that each sender is paying to the miners, and the pending transactions are organized with the highest fee rates on top. Whenever a new block is found, the miners take a giant "chomp" out of the top (though they're free to include lower-fee transactions, too), so they can get the fees from the highest-paying transactions.
So, lately, there have been more pending transactions that have been getting confirmed than new transactions coming in, so the line has been getting shorter, and the minimum fee rate to get into the next block is going down. I believe that, eventually, the list of pending transactions will never go to zero, but for now, it's looking like even the transactions with a fee rate of 1 sat/vbyte will get confirmed, and we'll once again have some blocks that aren't entirely full.
So, lately, there have been more pending transactions that have been getting confirmed than new transactions coming in, so the line has been getting shorter, and the minimum fee rate to get into the next block is going down. I believe that, eventually, the list of pending transactions will never go to zero, but for now, it's looking like even the transactions with a fee rate of 1 sat/vbyte will get confirmed, and we'll once again have some blocks that aren't entirely full.