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Topic: Bitcoin transfer (Read 558 times)
weatherman
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Bitcoin transfer
November 05, 2013, 10:16:28 PM
#1
Hey guys,
I'm part of a mining pool - and I've set my threshold at 0.01 for my transfers - is there any benefit from keeping it lower or making it higher?
is there a higher transaction fee for lots of small payments rather than a large one or whats the deal with all of this?
Cheers
cc
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Re: Bitcoin transfer
November 05, 2013, 10:55:58 PM
#2
0.01 is good. 0.05 even better.
weatherman
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Re: Bitcoin transfer
November 05, 2013, 10:56:18 PM
#3
how come?
cc
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Re: Bitcoin transfer
November 05, 2013, 11:02:33 PM
#4
Higher input amounts are always better. Cheaper to spend it.
monbux
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Re: Bitcoin transfer
November 05, 2013, 11:33:10 PM
#5
Quote from: weatherman on November 05, 2013, 10:56:18 PM
how come?
Well, there is a transaction fee, on most pools.
Which pool are you using? It wouldn't matter that much, unless your pool is crazy xD
Also, it depends on your mining gear. If it takes you weeks or months to get to 0.01 BTC, I suggest you put it there. If you mine 0.05 easily in a week or two, put it higher.
weatherman
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Re: Bitcoin transfer
November 05, 2013, 11:55:05 PM
#6
Im with Slush pool
I get around 0.05 each day if not a bit more than that
Wipeout2097
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Re: Bitcoin transfer
November 06, 2013, 12:03:11 AM
#7
On (most?) pools you don't pay transfer fees when auto-payout is used. The pool absorves those fees because they pay out to multiple outputs on a single transfer.
Correct me if I'm wrong, though...
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Gerald Davis
Re: Bitcoin transfer
November 06, 2013, 12:06:50 AM
#8
Quote from: Wipeout2097 on November 06, 2013, 12:03:11 AM
On (most?) pools you don't pay transfer fees when auto-payout is used. The pool absorves those fees because they pay out to multiple outputs on a single transfer.
Correct me if I'm wrong, though...
Many pools may cover fees from their operation profits but multiple outputs doesn't have that much of an effect on fees. Fees are per kb and more outputs = larger tx = larger fee.
Still getting paid in larger increments is better (even w/ no withdrawal fee) because everything else being the same having 1x 0.1 BTC ouptut to spend is better than having 100x 0.001 BTC outputs to spend.
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