If every bitcoin mining pools simply selected transactions from the mempool only ordered by transaction fees, we will have a situation where every bitcoin users will be trying to out bid each other continuously for the next block - or risk having their transaction dropped from the memool ( most wallets might not detect this and might not re-broadcast ).
Some pools decide to take a small percentage of low fee transactions, then more txns with this fee then finally prioritize high fee txns that want the next block.
Without this a proper fee market cannot develop. Why?
Because not every transaction needs to be confirmed quickly, some transactions just need to confirm eventually...
Low Priority: refilling your LN wallet. As long as the txn confirms eventually without dropping it doesn't matter
High Priority: sending 5K BTC to the exchange to sell
By some pools mining low fee transactions bitcoin users that are doing low priority transactions don't have to bid against people doing high priority transactions so long as their txn eventually confirms.
So far I have refilled my LN wallet - when median fees were 2-3 dollars, using 1 sat/byte fee twice! Both txns were confirmed under an hour...
Thank you:
F2Pool: https://blockchair.com/bitcoin/block/577391
HummerPool: https://blockchair.com/bitcoin/block/577472
for mining my low fee transaction.
If you are a miner please consider supporting a pool that has a progressive fee selection policy.
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