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Author Topic: How does one accumulate transaction fees at mining?  (Read 1679 times)
Serge
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May 12, 2011, 05:21:09 PM
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I'm puzzled about TX FEEs

I have a fair understanding of Bitcoin concept along with mining, difficulty, transfer priorities, etc.

What I'm wondering about are the TX FEEs - where do they go and how are they get distributed?   
'Mining' is a backbone of processing transactions that keeps the system alive and moving. When minting new coins will become not so profitable I hear mining will continue on due to paid/collected transfer fees - how does that work? how much one could expect making by processing transactions at that time?
I heard somewhere in other threads that some miners even now won't process free transactions, but i'm failing to see how or where it is controlled - is it a privilege of pools only or anyone mining can collect fees as well?
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coffeetablesex
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May 12, 2011, 05:43:19 PM
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I believe the fees are attached to the 50bct blocks randomly. The first block my pool got was 50.04, but I don't know what determines what blocks get what fees.
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May 12, 2011, 05:49:08 PM
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See the wiki: https://en.bitcoin.it/wiki/Transaction_fees

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May 12, 2011, 05:49:58 PM
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1. You set, in your client options, the fee you will include with your transaction. This fee goes to whichever miner includes that transaction in a block.

2. Miners set, in their mining software, the policy for which transactions to include in their blocks. They can set a minimum fee per transaction, or a minimum total fee per block, or whatever they want.

3. The market takes its course. If your offered fee is quite high, the transaction will probably be included in the very next block. If it's typical, it still might be, but if the network is very busy you'll have to wait in line with everyone else. If it's very low, you may wait a long time for one of the few permissive miners to finally generate a block with your transaction in it.

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