Estimating Bitcoin Transaction Fees Based on Confirmation Time

The article explores the inner workings of Bitcoin’s transaction fee system, focusing on how miners prioritize transactions, how mempools manage unconfirmed ones, and how fees are determined based on network congestion and confirmation times. It explains why transaction fees fluctuate, how miners maximize profit by choosing higher-fee transactions, and presents a framework for estimating fees relative to expected confirmation durations—offering insight into the economic and technical dynamics of the Bitcoin blockchain.