Not to disrespect you but this post is biased towards miners and it's an extortion as these transaction fees are way too much and I would say this is a loophole which is being exploited by miners. When I say miners I am not referring to individual miners as this surge is created by those with huge mining farms. Miners fee is considered as an appreciation for the cost they incur largely due to electricity bills but it has been turned into a dynamic pricing practice which shouldn't happen.
Bitcoin was created for P2P transaction without defining large or small transaction as decentralization is the essence of it and I don't understand how some of us justify these charges stating we shouldn't use Bitcoin for micro transactions as it makes no sense.
Topic: Bitcoin's fee to our beloved miners (Read 30 times)
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
I wholeheartedly agree with that but what about us, the plebes that don't really have a lot of bitcoin in our disposal but still want to get ourselves the profit that we deserve because we've been hodling for a long time, as much as we want to support the miners by giving them these big transaction fees, we have to remember that retail investors like us are important too.
I don't like high transaction fee for Bitcoin transactions. But it is good for Bitcoin miners. Those who weren't there transactions to get filled quickly will pay the higher fee no matter what. But if you are not in a rush, using less fee is always the better option. You can add your fee manually on how much you want to pay. Imagine someone making a transaction of $10 and they have to pay $2 worth of fee for that little amount of transaction. That doesn't seem right.
If you are in a hurry, you can pay the high fee, if not I think it's a waste of money. If the miners are not profitable, they won't mine. It's your choice in the end, pay whatever you like to pay.
If you are in a hurry, you can pay the high fee, if not I think it's a waste of money. If the miners are not profitable, they won't mine. It's your choice in the end, pay whatever you like to pay.
We are now experiencing Bitcoin network congestion, which means that the transaction cost is very high. Others may be upset, but it is really beneficial to our Bitcoin miners. We cannot send Bitcoins to other wallets if there are no miners.
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
Lol! What an argument! You are trying to pottery the picture in a way that miners only realy on transaction fees. They get the block rewards and that's the main source of their earning.
If Bitcoin cannot stay competitive it will be phased out from the market. In order for Bitcoin to stay competitive the transaction fees must be reduced. The problem here is with the ordinals who are spamming the network with nonsense transactions.
The current level of fees is just too high and not sustainable. This needs to stop.
We are now experiencing Bitcoin network congestion, which means that the transaction cost is very high. Others may be upset, but it is really beneficial to our Bitcoin miners. We cannot send Bitcoins to other wallets if there are no miners.
I have seen lots of thread emphasizing the benefits of high transaction fee as a great incentive for the miners as it could help to increase miner’s decentralization and I don’t have a single problem with it because a decentralized network is only possible with incentives for miners but we are still missing the point of what exactly is the cause of this congestion.
We are not paying this high transaction fee to keep check the network because of lack of incentives but because some shit coins is actually on the network and that is causing this fuss by many people. I tell you if the network only stores bitcoin and the transaction fee gets high like this no one will be furious because for this to even happen we might have mined all bitcoin which according to trends will have increased the price of bitcoin so it will be a win win for everyone.
But for now you can’t blame me for been furious for spending close to $5 to send a $10 worth of bitcoin. That’s why many are of the opinion that bitcoin shouldn’t be used for micro or smaller transactions
All BTC's have not been mined yet, so miners are still making money from block rewards and that is where majority of their rewards come from, though because of ordinals and the rise in the fee rate it has caused, miners are making good rewards from tx fees per block. Take a look at this block for instance (820154), the mining pool received 1.512 BTC in fees, which is well more than what they make in fees when the fee rate is low.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
Miners would still earn their rewards even if ordinals didn't cause this congestion in the mempool that has led to a rise in the fee rate, BTC users have always paid fees to incentivize miners, but they don't have to pay excess fees to 'support' miners. 
We are now experiencing Bitcoin network congestion, which means that the transaction cost is very high. Others may be upset, but it is really beneficial to our Bitcoin miners. We cannot send Bitcoins to other wallets if there are no miners.
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
You are right we should support miners but bruh we did not hire them we have to give them money (which we do give on every transaction) but I was more like talking about extra money like bonuses or in terms of support. They have chosen to become miners and believe me, those with big mining farms are the ones taking more benefit from this congestion. The chances for individual miners to earn a block reward have become a little rare maybe saying more rare would also be not wrong.We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
A few days back I read a news that an individual with a lower-level mining system won a block reward and then I realized if this is being shared as news then it must be something rare that doesn't happen in the mining business.
So, miners are making a hell lot of money from transaction fees and the block reward they get, and they don't only mine BTC, those with machines, also spend time on mining other coins too. But if you saying that we should take this period in a way that we are supporting them then it would be wrong because to make a transaction we are being forced as we don't have any other choice but to use LN.
We are now experiencing Bitcoin network congestion, which means that the transaction cost is very high.
There are some waves of expensive transaction fees this year because of Inscriptions. This time does not cause most congestion or most expensive transaction fee if I am not missing anything.https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1y,weight
The worst is in May 2023.
https://dune.com/dgtl_assets/bitcoin-ordinals-analysis
https://dune.com/dataalways/ordinals
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Others may be upset, but it is really beneficial to our Bitcoin miners. We cannot send Bitcoins to other wallets if there are no miners.
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
Miners are important but it's my money so I don't want to overpaid my money because of Bitcoin miners. They can do their normal mining job and get fair Bitcoin block rewards from block subsidy and transaction fee. We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
We are now experiencing Bitcoin network congestion, which means that the transaction cost is very high. Others may be upset, but it is really beneficial to our Bitcoin miners. We cannot send Bitcoins to other wallets if there are no miners.
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
We are all aware that some argue that it is no longer worthwhile to mine Bitcoin since it is so difficult to obtain one while the prices of electricity and equipment are so expensive.
Bitcoin miners are an important component of the Bitcoin ecosystem, we should love and support them!
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