Since lowering our transaction fee rate to .2 sats/byte in October last year we have significantly improved the economics of the WeatherSV platform. Partnering with the Mempool.com to mine our transactions at 20% of the standard transaction fee has delivered unrivalled value to our contributors and advanced the discussion of appropriate fees for these types of transactions.
Unfortunately this has come at considerable cost in our ability to reliably transact to chain and can be seen in the variations of our daily transaction volume. Mempool.com and ourselves have learnt many lessons during this time and have significantly improved our infrastructure for accommodating these types of arrangements.
We appealed to other miners in the hope they would reduce their minimum relay fee to match our transaction fee, assisting us in more reliably transacting to the network. Disappointingly as per recent announcements some decided to reduce it to .25 sats/byte and their transaction fees to .5 sats/byte. This decision combined with the recent increase in network hash rate has forced our hand to increase our transaction fees for the time being.
In our opinion this is considerably higher than is required to support cost effective high volume data applications on chain especially since the recent rise in BSV to fiat conversion rate. Entities considering transacting high volumes of data to chain require a reasonable costing in fiat based prices that are not subject to the wild variations of market prices.
In order to improve the reliability of our service at this time we have decided to increase our transaction rate to .25 sats/byte to bring ourselves in line with current relay fees offered by a substantial amount of the network hash rate. We hope that by having our transactions relayed on the network at this fee rate may also entice other miners to take a bite at the lower fee transaction cherry.
Meanwhile we will continue working with Mempool.com and others with the aim of moving to an even lower transaction fee model in the not too distant future. We would also like take this opportunity to thank everyone who has supported our platform and apologise for the temporary fee increase but will continue to work towards our goal of financially viable and stable fees for high volume data applications.
