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I there a graph correlating fee size and confirmation time?
A graph where I can see the fee paid by transactions which got confirmed in less than 20 minutes. Is there a graph like that?
Fee Paid vs Confirmation Time
Answers
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I put together this script that spits out a table of exactly that information directly from your full node:
fees:
#!/usr/bin/env bash
getprice () {
curl -sL 'https://api.bitfinex.com/v2/tickers?symbols=tBTCUSD' | jq '.[0][1]'
#curl -sL 'https://api.quadrigacx.com/v2/ticker' | jq -r .last
}
n=${1:-100}
size=${2:-226}
price=${3:-$(getprice)}
for x in $(seq 1 $n)
do
bitcoin-cli estimatesmartfee $x
done \
| sed -e 's,\(0.[0-9]\+\),"\1",g' \
| jq -r "[.feerate, .blocks, (((.blocks * 10)/60)*100 | floor)/100, (.feerate | tonumber | ((. * $size)/1000) * $price) ] | @tsv" \
| sort -n -u -t$'\t' -k1,1 \
| tac \
| column -t -s $'\t'
usage:
All arguments are options. jq required.
fees [blocks] [tx size] [price]
outputs:
feerate blocks hours fees (fiat)
0.00128259 2 0.33 1.65150777465
0.00110992 3 0.5 1.4291718392
0.00105930 6 1 1.3639917555
0.00100597 8 1.33 1.29532218095
0.00096015 13 2.16 1.23632274525
0.00091192 14 2.33 1.1742201092
0.00082616 15 2.5 1.0637925316
0.00079090 17 2.83 1.0183905215
0.00056060 20 3.33 0.7218481809999999
0.00005352 25 4.16 0.06891422520000001
0.00005093 61 10.16 0.06557925055000001
then you can
bitcoin-cli settxfee 0.00105930
the satoshis per byte are simply
$ bc <<< '(0.00105930 * 100000000)/1000'
105
I now have a github repo for this: https://github.com/jb55/bitcoin-fees
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For the sake of this question's PageRank, there is now such a service: https://bitcoinfees.21.co/ .
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I have made a similar graph here
It shows how much fee transactions pay and how long they are in mempool. (Which is different from what you are asking, but similar.)
It's not very pretty, since I didn't have time to add CSS yet.
Note that it doesn't get CPFP into account at all.
All you should care about is time to first confirmation. The rest is random and independent of the fee paid. – David Schwartz – 2013-11-07T22:45:12.733
@DavidSchwartz OK, I changed that part of the question. – dijxtra – 2013-11-07T23:38:51.347
1It should likely be fee/byte vs confirmation time, not just fee. – Pieter Wuille – 2013-11-07T23:55:09.993