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Author Topic: How do I know when I've mined a block? Transaction fees?  (Read 417 times)
isnoop
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April 12, 2013, 06:33:56 PM
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HAO DO I KNOW I GOT COIN>?

Okay, I'm being facetious, but I've tried to inform myself through research and now I'm just going to bite the bullet and ask some very newb-ish of questions:

Using Litecoin-QT, how do I know when I've successfully mined a block?

Also, I understand that transactions often are often accompanied by verification fees.  Since I'm running the client, does that mean I am participating in the verification process?  Will I eventually start accumulating a small amount of fee revenue as well?

For bonus points:
I've read conflicting information as to whether the client needs to be open for me to receive coins.  It seems like I should be able to close it and when it catches up on the block chain, it will see I got paid.  So, which is it? Should I keep a client online if I'm expecting some coinage?
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MGUK
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April 12, 2013, 06:37:43 PM
 #2

HAO DO I KNOW I GOT COIN>?

Okay, I'm being facetious, but I've tried to inform myself through research and now I'm just going to bite the bullet and ask some very newb-ish of questions:

Using Litecoin-QT, how do I know when I've successfully mined a block?
You get monies. Unless you've got some major power, you're probably not going to find one soon if you're solo mining

Also, I understand that transactions often are often accompanied by verification fees.  Since I'm running the client, does that mean I am participating in the verification process?  Will I eventually start accumulating a small amount of fee revenue as well?
no, transaction fees go to the person that mines the block

For bonus points:
I've read conflicting information as to whether the client needs to be open for me to receive coins.  It seems like I should be able to close it and when it catches up on the block chain, it will see I got paid.  So, which is it? Should I keep a client online if I'm expecting some coinage?
all transactions are in the blockchain. Blockchain is distributed. Close your client and others maintain the blockchain. Blockchain is downloaded off others when you reopen your client. So no, you don't need to keep it open.
isnoop
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April 12, 2013, 07:12:10 PM
 #3

HAO DO I KNOW I GOT COIN>?

Okay, I'm being facetious, but I've tried to inform myself through research and now I'm just going to bite the bullet and ask some very newb-ish of questions:

Using Litecoin-QT, how do I know when I've successfully mined a block?
You get monies. Unless you've got some major power, you're probably not going to find one soon if you're solo mining
Thanks for your answers.  Agreed that mining will not yield much success, but that's why I'm curious about the actual experience of solving a block in this particular client.  At my hash rate, I'm looking at a block solving rate of one every four years, assuming the difficulty never changes (which of course it will).

Perhaps a better way of asking is this:
How does Litecoin-QT inform you that you've received funds?

I could beg for a fraction of a coin to find out, but that's not the objective here.   Smiley
roy7
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April 12, 2013, 08:09:15 PM
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I'm not sure it "notifies" you, but you'll see the funds in your balance and in your transaction history. The mining program you use would notify you when you have a block accepted (different message than a share being accepted by a pool).

RoyalMiningCo: Pools retired. Was fun!
isnoop
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April 12, 2013, 10:48:32 PM
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Thanks for the info!
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