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Author Topic: Transaction Fees  (Read 387 times)
MachineZero
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April 21, 2017, 05:45:45 PM
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https://blockchain.info/tx/5355c143b90b5d199b8d3899806e0e554b3254344dfe7178ecb74a2af0f9dab9?show_adv=true

In transaction 5355c143b90b5d199b8d3899806e0e554b3254344dfe7178ecb74a2af0f9dab9

did 5.7718206 BTC (1JzQeeg9KzpyL6GEayQcwtGEa9EhrZTUGA) get a fee free ride on 0.232 BTC (1AsDFkiPctUW4AsWxfJhvNzkdiKgSzZXro)?

Fees   0.0004068 BTC
Fee per byte   180.8 sat/B

or was that the balance left from 19VVvF3AN8CmPe3AiZimae2wroxmyZ8kSo (6.0042274 BTC)?

Thanks in advanced.

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April 21, 2017, 07:58:31 PM
 #2

https://blockchain.info/tx/5355c143b90b5d199b8d3899806e0e554b3254344dfe7178ecb74a2af0f9dab9?show_adv=true

In transaction 5355c143b90b5d199b8d3899806e0e554b3254344dfe7178ecb74a2af0f9dab9

did 5.7718206 BTC (1JzQeeg9KzpyL6GEayQcwtGEa9EhrZTUGA) get a fee free ride on 0.232 BTC (1AsDFkiPctUW4AsWxfJhvNzkdiKgSzZXro)?

Fees   0.0004068 BTC
Fee per byte   180.8 sat/B

or was that the balance left from 19VVvF3AN8CmPe3AiZimae2wroxmyZ8kSo (6.0042274 BTC)?

Thanks in advanced.

Transactions have inputs (which supply value to the transaction) and Outputs (which encumber the value that the was supplied to the transaction with requirements).

Inputs and Output have sizes (in bytes), and there is about 10 bytes of overhead for the transaction.

So, you are pointing out a single transaction with 1 input and 2 outputs.

The input is a 147 byte reference to the first output of transaction 8fd1369f5f13163b0ac169cba7f42f2d43fc3000df3d33ac2ac2a2c635f9ce94
This input supplies 6.0042274 BTC of value to the transaction.

The first output of the transaction you have indicated is 34 bytes encumbering 0.23200000 BTC of the 6.00422740 BTC supplied to the transaction with a requirement to supply an ECDSA signature for the public key associated with 1AsDFkiPctUW4AsWxfJhvNzkdiKgSzZXro.

The second output of the transaction you have indicated is 34 bytes encumbering 5.77182060 BTC of the 6.00422740 BTC supplied to the transaction with a requirement to supply an ECDSA signature for the public key associated with 1JzQeeg9KzpyL6GEayQcwtGEa9EhrZTUGA.

Together with the 10 bytes of overhead, this results in a transaction of size:

10 + 147 + 34 + 34 = 226 bytes.

The total value included in the outputs is:
0.23200000 + 5.77182060 = 6.00382060 BTC

This leaves 0.00040680 BTC of the value supplied to the transaction unaccounted for in the outputs:
6.00422740 BTC of inputs - 6.00382060 BTC of outputs = 0.00040680 BTC

The protocol allows the miner (or pool) that includes the transaction in their solved block to pay this unaccounted-for value to themselves as a "transaction fee".

Since the transaction was 226 bytes in size and it paid a fee of 0.00040680 BTC, the fee per byte was:
40680 satoshis / 226 bytes = 180 satoshis per byte.

It looks like all 226 bytes were paid for (at a rate of 180 sat per byte).  No free rides here.

MachineZero
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April 21, 2017, 10:17:05 PM
 #3

Thanks. Solid explanation. So good, it should be pinned!

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