Before we start, let's clarify two terms.
I. [Mining]
Mining refers to the process where miners use computer hardware (mining rigs) to perform mathematical computations for the Bitcoin network to confirm transactions and enhance security.
As a reward for their service, miners receive the miner fees included in the transactions they confirm, as well as the block reward in Bitcoin.
(In other words, it's like doing math quickly and correctly gets you candy, and you also have the right to include some Bitcoin transactions into this block.)
II. [Confirmation]
When a transaction is included in a block, we can say it has 1 confirmation. For each block that miners produce after this block, the confirmation count for the transactions in the previous block increases by 1.
(Generally, when the confirmation count reaches 1, the transaction can be considered as having arrived. When the confirmation count reaches 6 or more, it can be considered very safe and extremely difficult to reverse.)
"Why hasn't my transaction been confirmed yet?!"
Miners can calculate a block on average every 10 minutes, and a block can handle approximately 2,000 to 3,000 transactions...
It's clear that the transaction processing speed of Bitcoin is quite limited (4 to 5 transactions per second). When the Bitcoin market is hot, the number of transactions to be processed far exceeds the usual amount, leading to a backlog of transactions waiting quietly in the memory pool for miners to package and confirm.
This is what leads to the situation where you encounter Bitcoin transfers that take a long time to arrive.
So, which transactions get prioritized for confirmation, and which ones get delayed?
"No rush! Wait your turn."
As mentioned earlier, mining is essentially performing mathematical computations, and the miner who calculates the correct answer first gets the reward and the right to package the block.
Most miners are not obsessed with mathematical computations, but rather with the Bitcoin rewards from correct computations, so maximizing profits is their pursuit.
A miner's profit = Block fixed reward (currently 12.5 BTC) + Miner fees paid by everyone
Generally, a typical transaction is about 250 bytes in size, and a Bitcoin block size is 1M (not considering Segregated Witness), which can accommodate 2,000 to 3,000 transactions.
So, if miners want to maximize their profits within the limited block capacity, they will prioritize transactions with higher miner fees.
At this point, if you pay a low miner fee, you'll have to wait your turn.
"Excuse me, please move aside."
When you pay a low miner fee and patiently wait for confirmation, you'll find that after a long time, your transaction still hasn't been confirmed.
It doesn't seem that simple...
Because subsequent traders, upon noticing network congestion, will take the form of increasing miner fees to ensure their transactions are confirmed first. So, previously posted transactions with lower miner fees will continue to be jumped in line, always honestly waiting at the end of the queue.
"Excuse me, sir, please take a seat."
Can't the miner fees of the transactions accumulated in the memory pool be changed?
Can you only watch helplessly as the later ones keep jumping the queue?
Some large miners offer transaction acceleration services, requiring a certain fee and submitting the transaction ID to the miner. This way, when the miner gets the packaging rights, they will prioritize including your transaction in the block.
In the free market competition, higher consumption enjoys better services, which is understandable. Of course, to save you some money, I still have to advise: set an appropriate miner fee before sending coins, miners also need to eat.
Bitpie's built-in transaction accelerator has been fully upgraded,
Collaborating with multiple mining pools,
Perfectly rescuing your stuck transactions.