Transaction fees - page 2. | Bitcointalksearch.org

kano

legendary

Activity: 4592

Merit: 1851

Linux since 1997 RedHat 4

Quote from: rasgbonyo on May 15, 2015, 03:04:21 AM

Quote from: tspacepilot on May 14, 2015, 05:27:02 PM

Quote from: rasgbonyo on May 14, 2015, 03:24:12 PM

Is it possible to mine just for the fees?

Consider this as well: once all the 21 million bitcoins are distributed, there won't be any coinbase in the new blocks and at that point, the miners will indeed be mining only for the fees.

I am beginning to understand it. So during mining the transactions will be piling up then when a block is found the pool operator decides to add to the block.

OK, I am going to start my own pool. Which is the best pool software?

Hmm ... think of it this way:

OMG I can start a small airline and make millions in profit each year.

... and yet almost no one seems to do that ... I wonder why Tongue

rasgbonyo

newbie

Activity: 15

Merit: 0

Quote from: tspacepilot on May 14, 2015, 05:27:02 PM

Quote from: rasgbonyo on May 14, 2015, 03:24:12 PM

Is it possible to mine just for the fees?

Consider this as well: once all the 21 million bitcoins are distributed, there won't be any coinbase in the new blocks and at that point, the miners will indeed be mining only for the fees.

I am beginning to understand it. So during mining the transactions will be piling up then when a block is found the pool operator decides to add to the block.

OK, I am going to start my own pool. Which is the best pool software?

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: rasgbonyo on May 14, 2015, 03:24:12 PM

Is it possible to mine just for the fees?

Consider this as well: once all the 21 million bitcoins are distributed, there won't be any coinbase in the new blocks and at that point, the miners will indeed be mining only for the fees.

kano

legendary

Activity: 4592

Merit: 1851

Linux since 1997 RedHat 4

Some pool operators use the standard bitcoin to decide - like me

Other pools (like eligius) black list addresses coz they think gambling sites are a ddos on bitcoin
and add hidden rules about what transactions they will ignore ...
and had agreements with companies like MtGox to accept their transaction through a special interface ...
(and send their miners blocks with empty transactions to speed up their slow pool software ...)
who knows what they will black list next ...

If you mine to a pool, consider if they have hidden agendas and hide what they do, or are open and use the standard bitcoin rules

-ck

legendary

Activity: 4088

Merit: 1631

Ruu \o/

Pool operators choose what transactions they'll include in their block candidate work.

jonnybravo0311

legendary

Activity: 1344

Merit: 1024

Mine at Jonny's Pool

Quote from: rasgbonyo on May 14, 2015, 03:33:00 PM

Yep, figured that out. WHO adds? blockchain or pool operator

Neither. People who send transactions add a fee when they send that transaction. When a block is found all transaction fees are added and included with the block reward. Not all pools distribute those fees back to miners. Some keep them.

rasgbonyo

newbie

Activity: 15

Merit: 0

Yep, figured that out. WHO adds? blockchain or pool operator

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: rasgbonyo on May 14, 2015, 03:24:12 PM

When a block is found by a pool, transaction payments from verification of online transactions (0.00001 BTC) are added to the block so that the block is more than 25 BTC. Who does this addition? the blockchain or the pool operator.

How will the blockchain know how much to add. If it is the pool operator then it means some "revenue", however small, is being generated all the time.

Is it possible to mine just for the fees?

Fees are added to the 25BTC and are given to whoever finds the block

rasgbonyo

newbie

Activity: 15

Merit: 0

When a block is found by a pool, transaction payments from verification of online transactions (0.00001 BTC) are added to the block so that the block is more than 25 BTC. Who does this addition? the blockchain or the pool operator.

How will the blockchain know how much to add. If it is the pool operator then it means some "revenue", however small, is being generated all the time.

Is it possible to mine just for the fees?

Topic: Transaction fees - page 2. (Read 2195 times)