Generated More Than 50 Coins in One Block?

bitjet

hero member

Activity: 696

Merit: 500

Quote from: twistmyarm on March 22, 2011, 06:37:46 PM

Quote from: marcus_of_augustus on March 21, 2011, 05:54:00 PM

The block you generated contains/encodes/verifies the transactions that occurred on the network during the time it took you to solve the block.
Some of those transactions included a fee so that they would get to the head of the transaction queue and get into the block you solved first.
Those fees go to the miner who solves the block and encodes the transactions.
There is a wiki, although no great detail about fees.
https://en.bitcoin.it/wiki/Blocks
"Bitcoin transactions are broadcast to the network by the sender, and all peers generating coins collect them and add them to the block they're working on."

Thanks moa: this one paragraph I think made everything make sense. Thank you.

Yes thank you, I have been very confused about the fees, where they go and where they come from this makes total sense and is a fantastic idea!! THANK YOU.

twistmyarm

newbie

Activity: 12

Merit: 0

Quote from: marcus_of_augustus on March 21, 2011, 05:54:00 PM

The block you generated contains/encodes/verifies the transactions that occurred on the network during the time it took you to solve the block.
Some of those transactions included a fee so that they would get to the head of the transaction queue and get into the block you solved first.
Those fees go to the miner who solves the block and encodes the transactions.
There is a wiki, although no great detail about fees.
https://en.bitcoin.it/wiki/Blocks
"Bitcoin transactions are broadcast to the network by the sender, and all peers generating coins collect them and add them to the block they're working on."

Thanks moa: this one paragraph I think made everything make sense. Thank you.

theymos

administrator

Activity: 5222

Merit: 13032

Quote from: nextnonce on March 22, 2011, 01:36:52 AM

So then how will this work when there are no more blocks to generate (we're at 21 mil)?

Blocks are still generated, they just don't have any inherent value. Miners must be supported entirely by transaction fees.

kiba

legendary

Activity: 980

Merit: 1014

Quote from: nextnonce on March 22, 2011, 01:36:52 AM

So then how will this work when there are no more blocks to generate (we're at 21 mil)?

We will alway generate blocks. Just that the incentive to mine blocks will change to transaction fees.

nextnonce

member

Activity: 74

Merit: 10

www.minethings.com

So then how will this work when there are no more blocks to generate (we're at 21 mil)?

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

The block you generated contains/encodes/verifies the transactions that occurred on the network during the time it took you to solve the block.
Some of those transactions included a fee so that they would get to the head of the transaction queue and get into the block you solved first.
Those fees go to the miner who solves the block and encodes the transactions.
There is a wiki, although no great detail about fees.
https://en.bitcoin.it/wiki/Blocks
"Bitcoin transactions are broadcast to the network by the sender, and all peers generating coins collect them and add them to the block they're working on."

twistmyarm

newbie

Activity: 12

Merit: 0

Thanks for the feedback all. I'll be completely honest, I still don't understand it, but again to be honest, I'm not sure I really care.

Yes, I will take the bonus coins whenever and however they come

Jered Kenna (TradeHill)

sr. member

Activity: 420

Merit: 250

Quote from: theymos on March 19, 2011, 12:33:00 PM

Quote from: Jered Kenna (TradeHill) on March 19, 2011, 12:21:56 PM

When you pay a fee does it get divided among the first 5 or 10 people or just the first one to solve the block? Never heard much about how they get distributed.

Just the person who gets the block.

You can see a generation with a fee here:
http://blockexplorer.com/t/6my4zCgnVX
The fees are combined into the same output as the generation.

Awesome, thanks!

theymos

administrator

Activity: 5222

Merit: 13032

Quote from: Jered Kenna (TradeHill) on March 19, 2011, 12:21:56 PM

When you pay a fee does it get divided among the first 5 or 10 people or just the first one to solve the block? Never heard much about how they get distributed.

Just the person who gets the block.

You can see a generation with a fee here:
http://blockexplorer.com/t/6my4zCgnVX
The fees are combined into the same output as the generation.

Jered Kenna (TradeHill)

sr. member

Activity: 420

Merit: 250

When you pay a fee does it get divided among the first 5 or 10 people or just the first one to solve the block? Never heard much about how they get distributed.

twistmyarm

newbie

Activity: 12

Merit: 0

Hmm... just so that I understand this, please. I generated the coins, but when they were added to my account, they were added as 50.04. Before they were even confirmed, they were marked as 'generating' 50.04BTC.

So is it possible that that 0.04 fee came 'through' at the same time as I generated 50BTC, and they were just displaying as generating 50.04? Or are you saying that that 0.04 fee that I earned was somehow related to the 50BTC I generated?

Please excuse the confusion, but thanks for the help

TheKoziTwo

legendary

Activity: 1552

Merit: 1047

It's 50 BTC, but if people has entered a fee (to speed up confirmation) this amount will be added to the block. In other words, you got 0.04 BTC worth of fees.

twistmyarm

newbie

Activity: 12

Merit: 0

Hi all:

I was always under the impression that each 'block' mined (?) generated 50BTC. So imagine my confusion when the last block that I generated gave me 50.04BTC.

I'm just curious if this is normal or not and if so, can someone please explain to me how it is 'determined' how many coins are in that block?

Thanks!

Topic: Generated More Than 50 Coins in One Block? (Read 2034 times)