Transaction Fees & Newly Generated Coins

Coding Enthusiast

legendary

Activity: 1039

Merit: 2783

Bitcoin and C♯ Enthusiast

An example:
This transaction from 2016 cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d has 200BTC fee to which are in the coinbase transaction d717489881978796c5aae8552965b20e2f12346102d0635ad5a10bc4829082d4 send to this address 155fzsEBHy9Ri2bMQ8uuuR3tv1YzcDywd4

If you want to see if it was "washed" you can watch this UTXO d717489881978796c5aae8552965b20e2f12346102d0635ad5a10bc4829082d4 be spent. Which already happened here:

https://blockchain.info/tx/58c46a7a6d093d2b8eb2e971e421dd4f77701dd072db34f5d7467c3b95dfdeaf

You can continue following the coins to see where they end up.

You can also use google to find this particular transaction and see there is a whole lot of drama circling it Wink

http://www.coindesk.com/accidental-136000-bitcoin-mining-pool/
https://bitcointalksearch.org/topic/bitclubs-fake-offer-to-return-fee-blunder-1452787

Quickseller

copper member

Activity: 2870

Merit: 2298

Quote from: shorena on January 13, 2017, 01:53:03 PM

Keep in mind that a 100 BTC fee is also an incentive for another large pool to ignore the block and try to confirm it themselves[1]. This incentive increases with every halfing.

[1] at the latest you have to broadcast it with the block.

Even if pools do not intentionally orphan this kind of block, there is still the possibility for a block to otherwise get orphaned and the signed transaction will be public information once the block is published

So a pool could try to include a tc with a 100 BTC fee in block "n" and another pool could find a compeating block "n" at nearly the same time. The 100 BTC fee tc will be public information and a pool operator mining on the compeating chain could include said tc in their block "n + 1".

shorena

copper member

Activity: 1498

Merit: 1499

No I dont escrow anymore.

Keep in mind that a 100 BTC fee is also an incentive for another large pool to ignore the block and try to confirm it themselves[1]. This incentive increases with every halfing.

[1] at the latest you have to broadcast it with the block.

achow101

staff

Activity: 3374

Merit: 6530

Just writing some code

Yes, transaction fees, regardless of size, always appear as newly generated coins.

If someone sent a 100 BTC transaction fee (or even one greater than 0.01 BTC), it would be very noticeable and relatively easy to figure out which transaction sent that.

altcointalk14

sr. member

Activity: 751

Merit: 251

Just an observation, curious if this is correct?

Looking at the newly generated coins in block 447947
https://blockchain.info/tx/30a18539613de8e49ecb3fc63c94c5ba138caf791566df2b51b0f71dfe800c91

All transaction fees show up as "Newly Generated Coins"

If someone wanted to "wash" The history of their coins, in combination with help from a large pool operator, said person could send 0.001 transaction with 100BTC transaction fee. Would that large of a transaction fee still show up as "Newly generated coins?"

Also, someone trying to do this would not want to do it all in one block, but with F2Pool or Antpool they could easily add 0.5 btc extra fees in their blocks and wash 100BTC/day.

The history of where those fees came from and how it was distributed would still be in the blockchain. But, on first glance thru coin tx history, the end point would appear to be newly generated coins, erasing previous coin history.

Topic: Transaction Fees & Newly Generated Coins (Read 658 times)