The bitcoin network relies on fees to propagate transactions around each of its nodes and to be incorporated into one megabyte blocks every 10 minutes by miner nodes. These miner nodes may have many megabytes of transactions competing to be processed into the next one megabyte block. So how do these nodes know which transactions to choose for their next block? Although they can choose any method they like, the majority prioritise transactions based on fee per byte.
RTWire uses statistical analysis to dynamically calculate miner fees in order to provide the most efficient fee per byte to get the transaction into a block within a timely manner. The data below shows the current estimated best fee per byte and how it has changed over previous blocks.