process particular payment | Bitcointalksearch.org

ThirdPrize2

jr. member

Activity: 79

Merit: 1

Quote from: HeRetiK on May 10, 2018, 04:52:56 AM

Quote from: Xynerise on May 10, 2018, 03:29:59 AM

Quote from: ThirdPrize2 on May 10, 2018, 03:21:05 AM

Does a block have to have a certain size, or amount in it? I am not talking about mining for profit, i'm thinking about mining for my own convenience. say i want to accept $100 and pay out $100 in btc in $10 chunks. Give em low fees so no one else touches them. Then just stick them in a block and mine it.

That's not how it works at all.
If you want to mine a block -- no matter the transactions in it -- you'll have to mine at the same difficulty as EVERYONE ELSE.
If anyone could mine a block easily then bitcoin's security model would be broken.

Put differently, there's only 1 block roughly every 10 minutes world wide. You can't just mine for your own convenience. You can't just make transactions and "stick them in a block and mine it."

Your transaction has to be placed in one of these global blocks. And there's only one block every 10 minutes. And all the miners in the world are competing for it. And there's a lot of miners.

Thanks.

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

Quote from: Xynerise on May 10, 2018, 03:29:59 AM

Quote from: ThirdPrize2 on May 10, 2018, 03:21:05 AM

Does a block have to have a certain size, or amount in it? I am not talking about mining for profit, i'm thinking about mining for my own convenience. say i want to accept $100 and pay out $100 in btc in $10 chunks. Give em low fees so no one else touches them. Then just stick them in a block and mine it.

That's not how it works at all.
If you want to mine a block -- no matter the transactions in it -- you'll have to mine at the same difficulty as EVERYONE ELSE.
If anyone could mine a block easily then bitcoin's security model would be broken.

Put differently, there's only 1 block roughly every 10 minutes world wide. You can't just mine for your own convenience. You can't just make transactions and "stick them in a block and mine it."

Your transaction has to be placed in one of these global blocks. And there's only one block every 10 minutes. And all the miners in the world are competing for it. And there's a lot of miners.

Xynerise

sr. member

Activity: 322

Merit: 363

39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Quote from: ThirdPrize2 on May 10, 2018, 03:21:05 AM

Does a block have to have a certain size, or amount in it? I am not talking about mining for profit, i'm thinking about mining for my own convenience. say i want to accept $100 and pay out $100 in btc in $10 chunks. Give em low fees so no one else touches them. Then just stick them in a block and mine it.

That's not how it works at all.
If you want to mine a block -- no matter the transactions in it -- you'll have to mine at the same difficulty as EVERYONE ELSE.
If anyone could mine a block easily then bitcoin's security model would be broken.

ThirdPrize2

jr. member

Activity: 79

Merit: 1

Does a block have to have a certain size, or amount in it? I am not talking about mining for profit, i'm thinking about mining for my own convenience. say i want to accept $100 and pay out $100 in btc in $10 chunks. Give em low fees so no one else touches them. Then just stick them in a block and mine it.

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

Quote from: ThirdPrize2 on May 09, 2018, 12:44:30 PM

Say you had a business that paid and accepted BTC but it had very low fees. Could you set up some miners to purely handle your transactions? I mean, you know which are your payments. Running the miners becomes a business expense, low fees means greater take up, which means more profit. As long as you process the payments correctly, does it matter?

I think you are underestimating the amount of hardware, infrastructure and electricity you would require to attain enough hashrate to have even the slightest change of accelerating your own transactions within the next, say, 6 blocks. Or rather, the amount of profit such a mining operation would make all by itself.

Let's do the math.

If you can reasonably expect to mine every 6th block on average (ie. 1 block an hour) you are running an operation that mines 12.5 BTC in block rewards + fees per hour. At the current exchange rate of roughly USD 9,000,- that's USD 216,000,- a day, of which a significant amount will be spent on electricity. If that's your side business just to save on transaction fees, I don't even want to know what your main business would be.

ThirdPrize2

jr. member

Activity: 79

Merit: 1

Say you had a business that paid and accepted BTC but it had very low fees. Could you set up some miners to purely handle your transactions? I mean, you know which are your payments. Running the miners becomes a business expense, low fees means greater take up, which means more profit. As long as you process the payments correctly, does it matter?

btc_enigma

hero member

Activity: 691

Merit: 569

When receiving payment, you can use segwit address. This way you can save upto 38% on fees

https://blog.blockonomics.co/saving-transaction-fee-using-segwit-how-to-be-a-bitcoin-ninja-78d8416375db

HCP

legendary

Activity: 2086

Merit: 4361

Assuming that pure income is the miners goal... Although, given the competition in the mining world, we end up with the situation where some miners may choose to mine empty blocks as getting the (current) 12.5 BTC block reward is better than not getting 13.1 BTC total reward because they were too busy figuring out which transactions needed to be included in a block to maximise their return.

Mining is a very complicated business... and isn't quite as "black and white" as "just include all the transactions with the largest fees".

butka

full member

Activity: 434

Merit: 246

Quote from: ThirdPrize2 on May 09, 2018, 02:39:34 AM

So do the miners decide which transactions go into the block they are going to mine?

Yes, indeed they do. Each miner does that on their own when trying to solve the next block hash. Or, one can say that their software automatically chooses the transactions for them. Naturally, in order to make more money, they will choose the transactions that have higher fees over the lower fee ones.

ThirdPrize2

jr. member

Activity: 79

Merit: 1

So do the miners decide which transactions go into the block they are going to mine?

vit05

hero member

Activity: 672

Merit: 526

Quote from: cellard on May 08, 2018, 11:57:34 AM

You can use RPF (replace by fee) if your wallet supports it. Bitcoin Core supports it for sure but im not sure about the rest.

Im not sure if you could mine a particular transaction unless you are a big miner.. you would need to solve a block.

I think you are stuck with either RPF, using push services like:

https://pool.viabtc.com/tools/txaccelerator/
https://pushtx.btc.com/#/

Or drop your transaction (I know how to do this with Bitcoin Core, not sure what you are using).

You can do RPF (replace by fee) on Electrum too, just enable it if it is not already.
Tools menu > Preferences > Fees tab and set “Propose Replace-By-Fee” to “Always”

teddy5145

hero member

Activity: 714

Merit: 528

Quote from: ThirdPrize2 on May 08, 2018, 10:40:14 AM

In the past i have seen people offering to help when payments get stuck in block limbo. i had a payment with a 50p ten fee on it which took months to get processed. I guess there is some way to point a mining rig at a particular payment/transaction/block is there? If i have a stuck payment and a miner, how do i set it up? In before RTFM.

For now you have either wait until your transaction get confirmed or double spend it by using RBF Feature, I assume you are using Desktop Wallet.
Using your mining rig won't get any result, your transaction needs to be included in a block, you can't mine a block with your mining rig and neither you can guarantee that mining pool you are joining will put your transaction immediately.
If you see any service claiming that they can accelerate your transactions, those are fakes especially the paid ones.
The only miners who has that features are Viabtc, even them has their own limit on how many transactions that they can include each hour.

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

As pointed out by the others, that's not something you can simply set up yourself. It's a service provided by some of the larger miners / mining pools -- to earn a bit on the side, I suppose. Even then it might still take a few blocks until your transaction gets included, since it all depends on when the mining pool providing said services is lucky enough to find the next block.

Quote from: ?? on ??

Those transaction "accelerator" can't do much and have potential to de-anonymous or scam (if it's paid service) users.

It depends, the free acceleration service of viabtc can come in handy at times and you don't leave much of a data foot print. It's hard to get queued up for one of the free spots sometimes, but when you get in it really helps to move things along.

Any paid accelerators I would indeed avoid though, especially since there appears to be a good amount of scams out there.

cellard

legendary

Activity: 1372

Merit: 1252

You can use RPF (replace by fee) if your wallet supports it. Bitcoin Core supports it for sure but im not sure about the rest.

Im not sure if you could mine a particular transaction unless you are a big miner.. you would need to solve a block.

I think you are stuck with either RPF, using push services like:

https://pool.viabtc.com/tools/txaccelerator/
https://pushtx.btc.com/#/

Or drop your transaction (I know how to do this with Bitcoin Core, not sure what you are using).

ThirdPrize2

jr. member

Activity: 79

Merit: 1

In the past i have seen people offering to help when payments get stuck in block limbo. i had a payment with a 50p ten fee on it which took months to get processed. I guess there is some way to point a mining rig at a particular payment/transaction/block is there? If i have a stuck payment and a miner, how do i set it up? In before RTFM.

Topic: process particular payment (Read 263 times)