Topic: BTC TX fee (Read 1927 times)

Currently, Bitcoin block reward is 25BTC. That means when a pool finds a block, it receives 25BTC. All transaction fees included in the block is added to this reward.

For example, if a block contains 100 transactions and teh total fees of those 100 transactions is 1 BTC, then the block reward becomes 26 BTC.
These 26 BTC are distributes among the miners who mined at that pool.

So in a nutshell, the transaction fees go to the miners who mined the block to make your transaction possible.

Right now the average tx fee in a block is just ~0.1 bitcoin, which is just 0.4% of the 25 bitcoin block reward. But as block reward halves again and again, tx fee will take a more and more important role as mining reward.

It basically serves as a reward for the miners mining the block and at the same time, make sure that a transaction will get a high priority for it to confirm faster than a transaction without no tx fees.

Shit happens lol.

They are used for Mining rewards for Miners

thnkx guyz

Yes but it happens less often. For example sending 1btc gets confirmed with no problem without a fee. 0.01btc without a fee and you'd experience some delays but it may well get confirmed eventually.

Yes.

As long as it is a valid transaction, a pool (or solo miner) can choose whether or not they want to include it in the block they are working on.

if i understand it right the pools can choose to not accept no fee transactions.
can a pool also choose to accept it even if priority is low?

If your transaction priority is high enough (details in https://en.bitcoin.it/wiki/Transaction_fees#Technical_info), your transaction will get confirmed soon even with zero fee.

If your priority is low, it is possible that your transaction will never get confirmed. You won't lose your bitcoin as you can re-send your bitcoin after the transaction is dropped by the network.

What will happen If I make custom payment to send out my bitcoin
BUT I adjust the mining fee into zero ?

Is that true that my account's balance debited but it never reach into destination ?

*sorry for my english

What about it.  It serves it's purpose.


No.  Difficulty creates the timing of the block.

If the blocks come too fast (faster than 2016 blocks every 20160 minutes), then the difficulty increases to slow the blocks back down to 1 block in the world every 10 minutes.

If the blocks come too slow (slower than 2016 blocks every 20160 minutes), then the difficulty decreases to speed the blocks back up to 1 block in the world every 10 minutes.

Pretend that you are rolling a six sided die, and I tell you that the "winner" is the first person to roll 3 sixes consecutively.  In the beginning you will average 3 sixes consecutively once every 216 attempts.  If the speed you roll your die is one roll every second, you will get 3 sixes consecutively once every 3.6 minutes.  Now pretend that 6 more people join the game.  Suddenly 3 consecutive sixes are showing up among the entire group on average every 36 seconds.  That's too fast.  I want to slow the game down, so I adjust the difficulty and tell you that now in order to "win" you have to be the first to roll 4 consecutive sixes.  That increases the odds enough that we are back to it occurring once every 3.6 minutes.  As you add more and more players, I can continue to adjust the difficulty of the game to make sure that there is only one winner every 3.6 minutes.

And what about the difficulty !!

difficulty hurts the timing of block ?

On average, there is 1 new block mined in the entire world every 10 minutes.

If you are the only miner in the entire world, then you will mine a block on average every 10 minutes.

Since there is more than 1 miner in the world, the blocks are randomly solved among the many miners.  The more hash power a miner has, the more likely they are to solve a block in a given time.

The current total global hash power is estimated at approximately 282095734000000000 hashes per second.

If you have enough equipment to mine at a rate of 282095734000000 hashes per second, then you will have a 1/1000 chance of solving each block.  That means that on average you will solve 1 block out of every 1000 blocks solved.  Since there are 144 blocks solved per day, that means that you would solve a block every 6.94 days (or approximately once per week).

okhy tht clear something something.

The bigger the fee, the better the chance that your transaction would be confirmed quicker.

If it was not for that, miners would not continue mining in the future.

hmmm !! how much time it takes to mine one block of bitcoin (AVERAGE?)

Yes.


The required fee was 0

However, users were allowed to add an optional fee voluntarily if they wanted to.

still confused !

Yes, blocksolver receive fee together with block reward. 

I think from start wasn't necessary to pay a fee. Because transaction pool was always empty. But now there are a lot of transactions in the pool and block solvers are choosing the best transactions (highest ratio:  "transaction_size" / "fee" ) to be most profitable.

it means that i mined the block all of the tx`s fees`s will be added to my address?

what was the fee`s at the start of btcv?