Topic: Transactions and mining some general questions (Read 92 times)

Thanks for the reply and the information,  i wasn't really aiming directly at a faucet and after some more research ya it not really worth doing it even for as something in the spare time i just didn't realize how much adds i would have to spam in users faces which we all hate and what i had in mind wouldn't be exactly like a faucet. i did find your information very helpful, and helped clear a few things up i was misunderstanding.

i did find a website finally for help calculating TX fees,  which just takes input addresses and output addresses and estimated time input for how long you want it to take, and the gives you a suggested TX fee

right now i'm trying to come up with a good way to be able to pay users even in small amounts, once a week payouts  seem to be the best option. i was also consider doing payout rounds, EX. min withdraw would be 5,000 satoshi and once 25 user request a payout i would then do the payout, and according to the calculator im using for 1 input address and 25 output addresses and a confirm time of 24 hrs, it would cost me 61,488 satoshi, leaving me with  around 30,000 satoshi for myself to do what ever with, those statistics where also calculated using a webminer called coinhiv. but im not to sure about this method cause i know those fees arent exact and i didnt realyl want to use a webminer, just some thoughts i had rolling around up in my head.

I really don't have anything deadest on what i will be doing i just have a general idea of what i might want to do and just trying to get some information to make a decision. and sorry for not going into to much detail on what i do have in mind its just one of those things where if it is a good idea and isn't out there, a good programmer could do what i have in mind in a few days where it will take me a couple months do to lack of knowledge and its just a spare time hobby.

Thanks again!

i suggest spending your time in a different way instead of trying to waste it by creating a faucet or anything like it.

it depends.
first of all you should think of fee in terms of amount you pay per size in byte or kB. usually reported as satoshi/byte.
second, for example if you pay 100 satoshi/Byte it can be too much or too little depending on how many unconfirmed transactions are currently out there in the mempool and how much they are paying. right now there are more than 100,000 of them and most of them are paying more than 400 s/B so 100 is too low.

no. it is because block space is limited and there are more transactions than there is space in the blocks and that creates a competition (a fee market) that is increasing because people compete with each other to get that scarce space.

if you can generate enough hashrate to be able to find a block then you can include anything in it that you want. you can only include your own transactions all with zero fee and ignore everything else.
but we are talking about a lot of hashrate and that will cost a lot.

- do not receive lots of small transactions like 5000 satoshi!
- combine all payments in one transaction instead of paying every single person separately. that reduces the size of the tx and with it the fee you pay.
- use a good wallet that is capable of suggesting fees correctly. Bitcoin Core (Full node) or Electrum (SPV) are good for this.

Hi there i'm new to the forum mostly do to these question i got, just some thoughts i have had about it and i can't seem to find to many answers on my own, i have been looking into hosting a pool website or even a faucet for starters mostly just for something to do with my spare time.

First question, i understand the less you pay for a transaction fee for bitcoin the longer it will take for the transaction to process, and from what i found it is due to the miner ignoring the block or what ever it is  to not processes them, my question is can i set up my own miners to do these transaction with these small fees? yes i know it would cost more than what i would make but my computer is on and running anyways so i'm burning power either way. can this be done? and any major reasons to not due it outside of costs?

next question. transaction fee's what the best way to handle them and are there any suggestions on what i should use like a website, the blockhain , i understand the fees are based on the size of transaction and not the amount of btc to send, but how can i actually calculate this? and what would be the best way going about sending multiple small transactons say like of 5000 satoshi?

thanks for reading and any info!