How does the mempool affect transaction fees in cryptocurrency?

1 answers

• May 02, 2022 · 3 years ago
  As an expert at BYDFi, I can tell you that the mempool has a significant impact on transaction fees in cryptocurrency. When the mempool is congested, the transaction fees tend to rise as miners prioritize transactions with higher fees. This is because miners are incentivized to include transactions with higher fees in the blocks they mine. However, when the mempool is less congested, users can set lower fees and still have their transactions confirmed in a reasonable time frame. So, it's important to keep an eye on the mempool's congestion level if you want to optimize your transaction fees in cryptocurrency.
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