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1  Bitcoin / Pools / Re: Transaction fees on: May 16, 2015, 12:11:13 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?

It's not about "deciding" to add a block.  If you're mining, you are in a race with many other people to "add a block".  This answer has more detail:

The transaction fees are calculated by the pool when they decide to add the transactions into a block they are trying to mine. The fees are not specified by a number tagged on to a transaction. It is actually the difference between the inputs and outputs, the unused amount of the inputs.

So the fees are in there when you find a block.  As the mining computer (or pool), you get to keep the difference between inputs and outputs in the transactions which are in the block.  You can make decisions about which transactions to try to include in the block as you go looking for a block and receiving transaction broadcasts on the network.

About starting your own pool, you're going to be in tough competition.  Since you're just learning the very basics here right now, it's doubtful that you're ready to compete with the big players out there.  But nice enthusiasm tho!

I installed a pool for myself. I was wondering if it made sense to bother adding bitcoin. I use it to solo mine alt currencies after I got shanked by a pool operator. When I mine bitcoin I do use a "public" pool.

I really wonder why everyone thinks someone is learning basics. Everyone has other skills and might not have got on the crypto currency bus because they were busy sending a man to Mars or something exotic. The person might come in late a then leave us behind or even set standards that we will follow and applaud. Its just like arriving late at the party and pulling the best broad.

I wont be a "public" pool operator, not because of the competition but rather because I do something else in the "real world" but I quite like the idea.

Hey, what about me launching my own currency? Will you mine it?
2  Bitcoin / Pools / Re: Transaction fees on: May 16, 2015, 12:01:02 PM
I see. So that transaction fee is added on to a block which contains 25 Bitcoins already to make it 25.95 BTC. So unless that block is mined your transaction is not "approved" ?
Sort of... let me try to explain it a bit more clearly.

People are constantly creating transactions to move coins around.  These transactions contain inputs and outputs.  The inputs are what you as the sender are combining together to come up with the desired amount of coin you wish to send.  The outputs are the receiver(s) of those coins and change addresses.  The difference between the inputs and the outputs are the fees.

Using my example above, I had two inputs, each of 1BTC and only one output for 1.05BTC.  Because there was 0.95BTC leftover, that becomes what we refer to as the fee.

Now, pools - and individual miners if they're going at it solo - are taking some number of those transactions, and attempting to find a hash that satisfies the network difficulty, so that those transactions can be added to the public ledger known as the blockchain.  When a miner is successful in doing so, a new block is created and added to the chain.  The reward for creating that new block is the generation of 25 brand new coins.  Additionally, because there is a difference between the inputs and outputs (in our example, 0.95BTC), that is also awarded as part of that transaction which creates the 25BTC.  So, assuming our transaction was the only one included in a block, the end result you would see by looking at the blockchain is a block with TWO transactions.  The first transaction is the 25.95BTC of generated coins, the second is our transaction sending 1.05BTC.

There really is no "approval" here, but rather "confirmation".  Your transaction, once it gets included into a block becomes confirmed.  Those 25.95BTC are referred to as generated coins and you must wait 101 confirmations before they become spendable coin.

Make sense?

Yep.
3  Bitcoin / Pools / Re: Transaction fees on: May 16, 2015, 11:54:40 AM
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
Ah, but I do have the planes. (Have my own servers in a reputable hosting centre and spare rack space).

OK, what else do I need? Go on, tell me -- best pool software is...

Since you didn't even understand how tx fees are handled I'll go out on a limb and say you do not know enough to run your own pool.  No one is going to hold your hand with that one.

Let me chop down your limb QUICKLY.

I can do it.

BTW - did you, newbie that you are, know that you are running my code on whatever OS you are using? You cant hold my hand..
4  Bitcoin / Pools / Re: [ANN] SoloMining.com - 0.5% fee, Charts, Stats, NOMP, Alts. on: May 15, 2015, 07:31:25 PM
so no action on this front?
5  Bitcoin / Pools / Re: Transaction fees on: May 15, 2015, 07:23:02 PM
It's not about "deciding" to add a block.  If you're mining, you are in a race with many other people to "add a block".  This answer has more detail:

The transaction fees are calculated by the pool when they decide to add the transactions into a block they are trying to mine. The fees are not specified by a number tagged on to a transaction. It is actually the difference between the inputs and outputs, the unused amount of the inputs.

So the fees are in there when you find a block.  As the mining computer (or pool), you get to keep the difference between inputs and outputs in the transactions which are in the block.  You can make decisions about which transactions to try to include in the block as you go looking for a block and receiving transaction broadcasts on the network.

About starting your own pool, you're going to be in tough competition.  Since you're just learning the very basics here right now, it's doubtful that you're ready to compete with the big players out there.  But nice enthusiasm tho!
Zetaray makes a very good point, and I've bolded it to add some emphasis.  We constantly talk about including fees with our transactions, and that higher fees tend to lead to transactions being included in blocks sooner.  The reality is that the fees are nothing more than the difference between the inputs and the outputs.  For example, if I use two inputs of 1BTC each and my output is only 1.05BTC then I have generously given 0.95BTC as a fee to whoever includes my transaction in a block.  Unless you're creating your own raw transactions, that stuff is hidden from you.  You just say, "Send XX BTC to some address and pay YY BTC as a fee for doing it."

I see. So that transaction fee is added on to a block which contains 25 Bitcoins already to make it 25.95 BTC. So unless that block is mined your transaction is not "approved" ?
6  Bitcoin / Pools / Re: Transaction fees on: May 15, 2015, 12:59:18 PM

Does that mean that if I solo-mine and don't get a block I will get transaction fees?
7  Bitcoin / Pools / Re: Transaction fees on: May 15, 2015, 10:03:56 AM
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
Ah, but I do have the planes. (Have my own servers in a reputable hosting centre and spare rack space).

OK, what else do I need? Go on, tell me -- best pool software is...
8  Bitcoin / Pools / Re: Transaction fees on: May 15, 2015, 08:04:21 AM
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?
9  Bitcoin / Pools / Re: Transaction fees on: May 14, 2015, 08:33:00 PM
Yep, figured that out. WHO adds? blockchain or pool operator
10  Bitcoin / Pools / Transaction fees on: May 14, 2015, 08:24:12 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?
11  Bitcoin / Pools / Re: [ANN] SoloMining.com - 0.5% fee, Charts, Stats, NOMP, Alts. on: March 28, 2015, 09:02:56 PM
Today the pool will be out of service to launch a major upgrade, remain inaccessible until further notice, no specific date.

Sorry for the inconvenience.

Still waiting...
12  Bitcoin / Mining speculation / Re: Are you feeling lucky, Punk? on: January 29, 2015, 08:47:54 PM
1-2 PHs. The electricity could power a city and the heat will probably cause a tsunami. Bad news.

OK, what about 1 block per week <--- maybe too hopeful  Huh

if I had 50 Ths (now have 30+, so not far to go) can I hope for a block per month?
13  Bitcoin / Mining speculation / Are you feeling lucky, Punk? on: January 29, 2015, 06:04:38 PM
Ok, so how many Th/s do I need before I dare to go solo mining?

30? 50?
14  Bitcoin / Armory / Re: Armory is Offline on: December 06, 2014, 10:00:13 AM
For anyone else who has this problem.

Solution was to change file permission on the file bitcoin.conf in the bitcoin data folder. For me: e:\bitcoin\bitcoin.conf
15  Bitcoin / Armory / Armory is Offline on: November 30, 2014, 08:37:58 PM
I have installed bitcoin core to drive E:\program files. It is now up to date and I use e:\bitcoin as the directory for blocks and chain.

Now I have installed Armory. First it instructed me to shut down Bitcoin so I did so. It then couldn't find bitcoin core. OK, I then selected e:\program files\bitcoin as my location and used e:\bitcoin as my bitcoin home directory. Still offline.

Tried with e:\program files\bitcoin\daemon - no joy. Have tried many combinations. I know I am offline because I can start this thread. (Just wish Armory could decide the same!)

Please help me.

(Sorry if cross posting - found this board later)
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