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Author Topic: Mining Spike in December?  (Read 1174 times)
alan2here
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December 16, 2011, 08:43:02 PM
 #1

Whats the December spike all about?
http://blockchain.info/charts/transaction-fees
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December 16, 2011, 08:45:25 PM
 #2

Whats the December spike all about?
http://blockchain.info/charts/transaction-fees

Fees are so low that 2 wrongly made transactions by someone swamped all regular fees. I think it was 2 transactions with fees of ~42BTC and ~171BTC.

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December 16, 2011, 08:45:32 PM
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I think someone was trying some kinda new transaction and ended up paying astroinomical fees by accident. one block had 134BTC in it.
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December 16, 2011, 08:46:21 PM
 #4

Whats the December spike all about?
http://blockchain.info/charts/transaction-fees

Their mining for Bitcoin100 charities?

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alan2here
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December 16, 2011, 09:02:04 PM
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I thought fees were just a turm for how miners are paid in BTC for mining?
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December 16, 2011, 09:51:00 PM
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I thought fees were just a turm for how miners are paid in BTC for mining?

When a miner solves a block, they get 50 BTC.
In addition, they get fees paid by those whose transactions are in the block.
When i send someone money, I may include a fee so that my transaction is added to a block sooner rather than later.

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December 16, 2011, 09:57:09 PM
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I thought fees were just a turm for how miners are paid in BTC for mining?

Miner are paid by subsidies (block reward) & fee.
Currently fees are so low that subsidies (50 BTC per block currently) represents 99.9% of miner's income.

As block subsidy declines fees will need to represent a larger portion of miner's revenue.
alan2here
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December 16, 2011, 10:04:26 PM
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So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.
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December 16, 2011, 10:06:16 PM
 #9

So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.

It is definitely a mistake, the transaction was not very large and even a small fee nearly guarantees entry into the next block right now.

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December 16, 2011, 10:09:47 PM
 #10

So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.
It's a mistake, there were some threads about these fees and the unlucky person that paid them  Cheesy
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December 16, 2011, 10:38:11 PM
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So when I move bitcoins around I can pay a fee to speed up the transaction but don't have to. This fee then goes along with the 50BTC to the miner that helped me with the transaction by mining.

So that spike could indicate that somone needed a presumably very large transaction that a large fee would only be a small percent of to go though very quickly. Perhaps part of tranding.

It could ofc be a mistake, a somewhat expensive one.

It is definitely a mistake, the transaction was not very large and even a small fee nearly guarantees entry into the next block right now.

Some pools don't pick up no-fee transactions though, so it can take a while. I just pay a fee...I've got a nickel on bitcoin's success any day.

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