Bitcoin Forum

a newbie question the fee charged  by the bitcoin network when sending payment who gets that

The miner that helping to guard Bitcoin

oh so in addition to the block reward miners get a piece of the transaction fees

The block reward is the sum of the block subsidy (currently 25 BTC) plus all the transaction fees from all the transactions that are included in the block.

The miner (or mining pool) that creates the list of transactions that will be in the block that they are solving gets to assign the block reward however they like.

Does anyone know what the highest tx fee reward has been for a single block? Fat fingered manually entered fee glitches aside.

I have seen miners getting 1+ bitcoin as a miner's fee. However I've never seen more than like 1.3+btc as a fee.

The miners who solve the block get the block reward along with transaction fees of every transaction included in that block.
When all the Bitcoins will be mined, they will get only the transaction fees.

i have been reading about people by mistake included a fee of 60btc? not sure how much exactly but is was a lot for sure.

Some wallets allow you to set your own fee which people have slipped up with. The most recent one was 85btc due to a fault in the wallet's code. The guy got it back from the pool.

Do you have a link to this story?  I would love to read it and what pool gave it back.  That is a heck of a customer service job.

https://www.reddit.com/r/Bitcoin/comments/33u2id/help_losing_over_85_btc_because_of_bitgos_flawed/

https://www.reddit.com/r/Bitcoin/comments/341xkr/all_lost_btc_returned_thank_you_to_bitmain_bitgo/

There you go.

The block subsidy is currently 25 btc.  This subsidy creates Bitcoin out of thin air.  It's not exactly sustainable to keep doing this.

Bitcoin is designed for the block subsidy to half approximately every 4 years.  Eventually miners will have to help guard the network with only the transaction fees as an incentive.  Hopefully the Bitcoin network will be able to grow enough so that these miners will be able to be properly rewarded.  And I think for the network to grow we'll need to have a bigger block size.

Because the number of Bitcoins that is created every 10 mins keeps halving it'll mean that there will be a maximum of 21 million bitcoins created.  This means that there is a scarcity in Bitcoin unlike US dollars.  Other than the transaction network, this gives Bitcoin value.

Thanks!  Wow that is very nice of bitmain.  Looks like they were the pool.

I think the average for TX fees right now is quite low.


That's really cool!  :)

In Bitcoin the miners fee that you pay is included in the block reward when a miner finds it.
I believe this is in place in order to have more incentive for mpeople to mine.
Remember, one day the miners will be paid strictly from transaction fees (although we will likely be dead by then).
Normally I set a .0001 fee, Unless of course the transaction has a bunch of inputs. Then I advise using more.

On blockchain.info, I once meant to send a .5 transaction with a .0001 tx fee.   I accidentally sent a .0001 transaction with a .5 fee.

There should acctually be a limitation built into the protocol to stop this from happening. {Let's say ... Only a maximum of 30% of the total amount you want to send}

Not everyone would be willing to pay back these coins, if this happens again.

If you want to be generous to the miners, you could transfer directly to their Bitcoin address.  ;)

In future this limit could be increased, when the rewards from the blocks goes down. {Just a silly suggestion.. but good for the consumer / user of Bitcoin}

no it is included otherwise they will get more than 25 and will be stupid

I dont think putting another arbitrary limit into the code is a good idea. Any rule you implement might become a problem down the line you will have to fix eventually. We currently see this with the 1 MB blocksize limit. It was a quick and dirty fix and now we are sitting on the problem. I dont think your suggestion is necessary anyway. It would just further limit bitcoin in its possibilities and a sanity check like you propose could be done be the wallet software. There might be a scenario where someone wants to pay >30% fee for whatever reason. E.g. the blocks are full and youd rather get 50% of your BTC than none.

One pool allowed zero fees for a time in the past. Something like that should come again. These transactions took their time, but worked. You had to manually configure the fee's hight inside the config.

The default settings for bitcoin core are still to reserve 50Kbyte (or KiB not 100% sure) for transactions without fee. Its just a matter of priority and time you are willing to wait.

that fees is called miner fees as becauee the miners are the one who are giving their computer effort to conform/to solve a block calculation which is generated by users like u.they just get a small amount of bits from everyone just for running their machines

"Bits"? Don't forget about 25 newly generated Bitcoins.

Mind saying the pools name? I guess most of the pools allow transactions with no fees to be inside the blocks. It's pretty much all about priority between transactions. You would have higher priority if you have higher coin age, fees and lower transaction size. But well, of course, the miners have the last say.