Hi there i'm new to the forum mostly do to these question i got, just some thoughts i have had about it and i can't seem to find to many answers on my own, i have been looking into hosting a pool website or even a faucet for starters mostly just for something to do with my spare time.
i suggest spending your time in a different way instead of trying to waste it by creating a faucet or anything like it.
First question, i understand the less you pay for a transaction fee for bitcoin the longer it will take for the transaction to process,
it depends.
first of all you should think of fee in terms of amount you pay per size in byte or kB. usually reported as satoshi/byte.
second, for example if you pay 100 satoshi/Byte it can be too much or too little depending on how many unconfirmed transactions are currently out there in the mempool and how much they are paying. right now there are more than 100,000 of them and most of them are paying more than 400 s/B so 100 is too low.
and from what i found it is due to the miner ignoring the block or what ever it is to not processes them,
no. it is because block space is limited and there are more transactions than there is space in the blocks and that creates a competition (a fee market) that is increasing because people compete with each other to get that scarce space.
my question is can i set up my own miners to do these transaction with these small fees? yes i know it would cost more than what i would make but my computer is on and running anyways so i'm burning power either way. can this be done? and any major reasons to not due it outside of costs?
if you can generate enough hashrate to be able to find a block then you can include anything in it that you want. you can only include your own transactions all with zero fee and ignore everything else.
but we are talking about a lot of hashrate and that will cost a lot.
next question. transaction fee's what the best way to handle them and are there any suggestions on what i should use like a website, the blockhain , i understand the fees are based on the size of transaction and not the amount of btc to send, but how can i actually calculate this? and what would be the best way going about sending multiple small transactons say like of 5000 satoshi?
- do not receive lots of small transactions like 5000 satoshi!
- combine all payments in one transaction instead of paying every single person separately. that reduces the size of the tx and with it the fee you pay.
- use a good wallet that is capable of suggesting fees correctly. Bitcoin Core (Full node) or Electrum (SPV) are good for this.
