Miners are happy, while we suffer?

[Betwrong]

I'm personally surprised that blocks with lees number of transactions are getting higher fee rewards, but that's how it is.

Full blocks with fewer transactions mean wither a large number of inputs or output, since in this time no normal user is consolidating his wallet those mostly come from exchanges doing their payouts or moving their coins, and since for them time is essential and users already pay for these fees they afford to pay more. For example, one of my deposit waited for 12 hours before being confirmed at 10sat/b  but in the next blocks the exchange consolidated some 30-40 deposits and moved them with a fee of 50sat/b, more than triple what it would have taken to confirm it anyway.

Now I see. Thanks for the explanation!

But still ... I just checked the last 10 blocks, and most of them have around 1 BTC or above in transaction fees. So we can't say, at least these days, that "fees are just a small part of the reward", right?

I just wanted to draw attention to this fact, because normally, indeed, the coinbase transaction amounts to more than 95% of miner's cumulative reward. But not in the days like these, look at the Fee Rewards during the December 2017 crazy racing:

Block 500900 (2017-12-25)



Block 500036 (2017-12-19)

[supine]

Fees are high because volatility is too high. A lot of traders are sending bitcoin to and out exchanges... this always happens.

But you can still make transactions with low fees. I made a transaction recently with 10 sat/byte that was confirmed in a few hours. You just need to be patient.

Miners are not making a lot of money due to halving. Fees are just a small part of the reward:

look this block for example
https://www.blockchain.com/btc/block/0000000000000000000e64f2f8a06ffeb03cb4a597fdcb11f43ee9bf16decbc3

Block Reward
6.25000000 BTC
Fee Reward
0.13771274 BTC

The problem is that people nowadays couldn't tolerate the delay and wants to get their crypto instantly while complaining about high fee's.
Some of them doesn't want to wait so they wouldn't send their Bitcoin with a low transaction fee for a slower transaction.
The miners are the ones making it possible for us to do some transaction and we are the responsible for our transaction fee it is like we are the ones who would set up how much we like to pay them for each and every transaction that we would do.

[philanthropist67]

I still have no idea of how this fee system works in bitcoin. Sometimes minimum transaction fee is 1.1 usd while at times its 0.5 usd. It's very complex, will be happy if somebody can teach me this in simple words.

[FanatMonet]

Miners logically should slightly increase the commission, because their number has decreased after halving, which means that transaction processing may take longer than before. Therefore, the growth of the commission was quite expected.

[fullhdpixel]

Well, not really all the miners that are making a profit from what has just happened. There are so many of them that are no longer into business, because things stopped working for them after the halving. Some of them had miners that can't compete in the current market, so they had to change it. Those who couldn't change theirs and get a new one had no other option than to simply stop their mining business.

This happens all the time; last time there was a Halving the fee increased later, and to be sincere a lot of people were discouraged. I had to pay high fees for every transaction I made, and it was really annoying since I was doing transactions every week and paying the high fees.

[stompix]

~

Now I see. Thanks for the explanation!

But still ... I just checked the last 10 blocks, and most of them have around 1 BTC or above in transaction fees. So we can't say, at least these days, that "fees are just a small part of the reward", right?

Of course, it pales in comparison, for example the maximum in fees this month was around here

14 May from 00>24   114 Blocks > 145.5926338 in fees
Last 24h (this was on may 18th,                  127  Bloks > 123.5550215

Comparing with 2017, with 1276.387354 in 24 hours, 60% of the reward.
Now the best we did was around 10-15%

The only difference is that what was then a huge income on an already huge reward is now offering a breathing with hundreds of miners clicking to cents when it comes to revenue.

Miners logically should slightly increase the commission, because their number has decreased after halving, which means that transaction processing may take longer than before. Therefore, the growth of the commission was quite expected.

Miners don't have a commission and they have no way to impose one.

I still have no idea of how this fee system works in bitcoin. Sometimes minimum transaction fee is 1.1 usd while at times its 0.5 usd. It's very complex, will be happy if somebody can teach me this in simple words.

As simple as possible.
There is a limited amount of blocks that are mined daily with limited space for transactions.
When there are more transactions waiting to be confirmed than space the ones with higher fees get in, the ones with lower fees do not.

Think of it like the scalper thing, there are no tickets resellers when the stadium is empty, but at the Superbowl you pay three times the price to get in.

[Questat]

I still have no idea of how this fee system works in bitcoin. Sometimes minimum transaction fee is 1.1 usd while at times its 0.5 usd. It's very complex, will be happy if somebody can teach me this in simple words.

Check out this video : Bitcoin Fees Explained, short video explaining the fees, if you like to know more, there's a lot of related videos you can find in youtube, it's just too basic, everyone has to know about it.

disclaimer : video is not mind nor endorsing it for personal interest.