Topic: Who gets the miners fee? (Read 1217 times)

Its just the variation in time decides the transaction fees. In blockchain.info you can see a separate function which asks which transaction need to be done. Free, paid with limited time access and fast transfer which has little high transaction fees. The miners receive it as a reward.

Antpool is the biggest pool out there that does this.  They keep all transactions fee's which would add up being such a huge pool.   F2 gives it out and does merged mining, but there is a higher PPS fee.

So in a way either of those pools kinda get profit just in different way's.   And a pool that does give it out and has gotten more and more popular is Kano's pool.  It has had impressive growth.

The person who mines the block gets the fees. Some pools who mine the block however, will not give their miners the fee, and keep it to themself. They will only share the coinbase with the miners.

Currently the miners get:

• 25 BTC from inflation
• Total transaction fees divided by hash power

Is this problem related with block time, 10 minutes is long time?
How this can be fixed?

 I paid 0.0001 miners fee like suggested.

 It took 625 minutes (10 hours 25 minutes!) for it to reach where it should.

Depends what you mean by delayed. Sometimes you can set a really high fee and no blocks are found for over 30 minutes. Meaning your transaction will take a "long" time to confirm.

Using the recommended tx fee in Bitcoin Core (updated) will rarely lead to problems.

I have always used Bitcoin core for my wallet.

I have always sent transactions using core's recommended tx fee (whatever it may be when I sent the tx).

I have never once experienced a delayed transaction.

Am I just lucky?

I have read about this somewhere else. I think everything will be ok but need more time.
 Unconfirmed btcs are sent to new address and waits confirmation .. Something like this. It will be ok i guess.

 It has been 4 hours and still couldn't send my coins. I paid 0.0001 for 4 hour delay here, now I will sleep and when I wake it will probably be completed but I was waiting since its bitcoin and the transaction could occur in 30 minutes or less. 4 hours and I have paid the 0.0001!! Miners fee is killing 'fast transaction' part of blockchain.

https://blockchain.info/tx/ea471b0d5e1278bd9a9a844d5deeadcdc33df06641bedd54ded276b521d531f2

Thanks this was very good answer.

But none of those possibilities are something i will try to do. Probably this is going to solve by itself ,just need time i guess.
Miners gets reward of 25 bts no matter what, i guess so they will mine it at the end.

I would guess your dealing with a lot of dust type payments.  When your talking about lot's of transactioons and amount is for cent's... yes dust is not so great.

I look at sending in a larger sense though as I don't gamble or do really any tiny payment's that I can think of.  Gambling I don't see the fun in on most of it.   

 I don't know if it is my luck or general but I send around 40 cents to a dice website and paid 4 cents for it to go and right now it has been 3 hours or so and it hasn't arrived. 0.0001 was default fee that I 'should' pay if I want everything to be fast , I paid the 0.0001 that is basically taken from me by force (if I don't pay it it may take days!) and still takes more then 3 hours?

 Bitcoin transactions becoming more and more like western union with miners fee.

Yes it is possible.

Your options are:

• Solo mine (not in a pool). Your transaction will confirm (and you'll get the 25 BTC block reward too!) when you solve a block.  If you don't have a LOT of hash power, it might take you hundreds of years (or possibly even millions) to solve a block.
• Create your own pool, and convince miners to join your pool. Your transaction will confirm (and your pool will get the 25 BTC block reward) when you solve a block.  The amount of time it will take to solve a block will depend on how much hash power you can convince to join your pool.

I do not think this is possible.

If you have some unconfirmed transaction where fee was not included (forgot to be added) .
Can i manage, point mine mining-rig to mine this exact  block with this transaction?
Or this is impossible?

Well, that is the answer to the question in the Subject line of your post.


Currently there is a 25 BTC per block subsidy of brand new bitcoins that are available when a block is solved by a miner or pool.  If the block is solved by a pool, then those are split up into tiny pieces and shared by all the participants in the pool.


You don't have to.  But if a miner (or pool) is choosing between either confirming your free transaction, or someone else's fee paying transaction, which one do you think they are going to choose?  If you were a miner and you had to choose between confirming a transaction that wasn't going to earn you any extra revenue, or a transaction that would increase your revenue, which one would you choose?


Pay whatever you want.  Bitcoin is a voluntary system.  If you want to pay a 1 satoshi fee, go ahead.  If a miner wants to ignore your cheap transaction, and confirm one that will earn them more revenue, they are free to do so.  You can't force them to choose yours, and they can't force you to pay a higher fee.  You decide how quickly you want your transaction confirmed, and then provide an incentive to the miner to choose to confirm your transaction.


Nope.

Average sum of transaction fees per block is 0.3125 BTC (or about $140 at the current exchange rate).

Block subsidy is 25 BTC (or about $11,250 at the current exchange rate).

Then that reward (25 BTC + 0.3125 BTC) is split up among hundreds or thousands of miners.


Sure, but if you are paying more than $11,000 worth of equipment, electricity, cooling, and maintenance per block that you solve, and the block subsidy is only worth $11,250, then that extra $140 worth of transaction fees increases your net profit per block from $250 to $390.

I do not understand why you think 4 cents is too much? Are you trying to send 10 cents transactions around or something?

Any other form of transmitting money will cost way more than 4 cents per transaction. As far as the incentive, yes it is currently 25 BTC per block, soon to be 12.5 BTC around June 2016. At some far off date (2140 I believe) this will be reduced to 0 and the miners will at that point be totally reliant on fees for their income. I would assume long before that fees start to become a larger and larger portion, especially as usage increases.

Still overall this is cheap compared to say VISA, which averages about 3% of the transaction. You might not see the VISA fee on the front end of a transaction as a consumer, but you still pay for it on the back-end via higher prices as the merchant needs to pass along the costs to cover his expenses. Some merchants transacting in BTC will give a discount to reflect this, so purchases made with BTC are the same as those made directly with cash.

Around the year 2140 the block reward is gone. The years before that, it's like 4 satoshi only.
The design includes for more and more transactions, hence and increasing miners fee, to replace the block reward. Currently the miners fee is around 1% of what the miners get, in the future it will be a larger percentage.

It's an open market: miners are free to pick the transactions with high fees first.

On costing to much try to send money around the world.  I think bitcoin as far as fee's is going to be one of the cheapest.  Paypal, western union, etc all have substantially higher fee's.

I myself have not had a problem thinking fee's are to high.  Although if someone had a wallet full of dust it might seem like it.