Author

Topic: Mining Spike in December? (Read 1355 times)

sr. member
Activity: 448
Merit: 250
December 16, 2011, 05:38:11 PM
#11
So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.

It is definitely a mistake, the transaction was not very large and even a small fee nearly guarantees entry into the next block right now.

Some pools don't pick up no-fee transactions though, so it can take a while. I just pay a fee...I've got a nickel on bitcoin's success any day.
legendary
Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
December 16, 2011, 05:09:47 PM
#10
So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.
It's a mistake, there were some threads about these fees and the unlucky person that paid them  Cheesy
legendary
Activity: 1246
Merit: 1016
Strength in numbers
December 16, 2011, 05:06:16 PM
#9
So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.

It is definitely a mistake, the transaction was not very large and even a small fee nearly guarantees entry into the next block right now.
hero member
Activity: 1778
Merit: 504
WorkAsPro
December 16, 2011, 05:04:26 PM
#8
So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.
donator
Activity: 1218
Merit: 1079
Gerald Davis
December 16, 2011, 04:57:09 PM
#7
I thought fees were just a turm for how miners are paid in BTC for mining?

Miner are paid by subsidies (block reward) & fee.
Currently fees are so low that subsidies (50 BTC per block currently) represents 99.9% of miner's income.

As block subsidy declines fees will need to represent a larger portion of miner's revenue.
full member
Activity: 176
Merit: 100
December 16, 2011, 04:51:00 PM
#6
I thought fees were just a turm for how miners are paid in BTC for mining?

When a miner solves a block, they get 50 BTC.
In addition, they get fees paid by those whose transactions are in the block.
When i send someone money, I may include a fee so that my transaction is added to a block sooner rather than later.
hero member
Activity: 1778
Merit: 504
WorkAsPro
December 16, 2011, 04:02:04 PM
#5
I thought fees were just a turm for how miners are paid in BTC for mining?
member
Activity: 84
Merit: 10
December 16, 2011, 03:46:21 PM
#4
Whats the December spike all about?
http://blockchain.info/charts/transaction-fees

Their mining for Bitcoin100 charities?
sr. member
Activity: 369
Merit: 250
December 16, 2011, 03:45:32 PM
#3
I think someone was trying some kinda new transaction and ended up paying astroinomical fees by accident. one block had 134BTC in it.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
December 16, 2011, 03:45:25 PM
#2
Whats the December spike all about?
http://blockchain.info/charts/transaction-fees

Fees are so low that 2 wrongly made transactions by someone swamped all regular fees. I think it was 2 transactions with fees of ~42BTC and ~171BTC.
hero member
Activity: 1778
Merit: 504
WorkAsPro
December 16, 2011, 03:43:02 PM
#1
Whats the December spike all about?
http://blockchain.info/charts/transaction-fees
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