Fees are a function of transaction size and network volumes (how congested the network is). Transactions are processed in blocks, storing up to 1MB of data. Hence, a sudden spike in activity often leads to network congestion – transactions waiting to get verified. In such situations, miners target transactions with higher fees first. In other words, the more a user offers in fees, the faster their transaction is likely to be verified.
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Stratum Reference Implementation Launches SRI 1.0.0 To Enhance Bitcoin Mining
The Stratum Reference Implementation (SRI) team has unveiled SRI 1.0.0, a new milestone in their journey to decentralize and optimize bitcoin mining, according to a press...