Nmouts
Posts: 9
Joined: Tue Sep 05, 2017 7:00 pm

Mining and transaction fee is the same?

Thu Sep 07, 2017 12:55 am

Mining and transaction fee is the same?
Mining is keeping the ledger?

User avatar
bitkilo
Platinum Bitcoiner
Platinum Bitcoiner
Posts: 3210
Joined: Sat Sep 26, 2015 4:08 am

Donate BTC of your choice to 1DJcTrvdGsmKr7LdriVizkVmkcXWoG12nt

Re: Mining and transaction fee is the same?

Thu Sep 07, 2017 1:20 am

Mining and transaction fee is the same?
Mining is keeping the ledger?
Yes the transaction fee you pay goes to the miner who confirms your transaction into a block :)
Mining fee/Transaction fee = same thing.
Please help Ross and his family during this hard time by donating to the https://freeross.org/ fund. Play at the best provably fair Bitcoin games site here: games.bitcoin.com Need a fantastic Bitcoin wallet Pick up some great Bitcoin.com swag here

Nmouts
Posts: 9
Joined: Tue Sep 05, 2017 7:00 pm

Re: Mining and transaction fee is the same?

Thu Sep 07, 2017 1:32 am

So the total number of bitcoins remains the same across time
I thought miners somehow find new bitcoins and the number of bitcoins increases over time.

User avatar
bitkilo
Platinum Bitcoiner
Platinum Bitcoiner
Posts: 3210
Joined: Sat Sep 26, 2015 4:08 am

Donate BTC of your choice to 1DJcTrvdGsmKr7LdriVizkVmkcXWoG12nt

Re: Mining and transaction fee is the same?

Thu Sep 07, 2017 2:01 am

So the total number of bitcoins remains the same across time
I thought miners somehow find new bitcoins and the number of bitcoins increases over time.
The total number of bitcoins that will ever be produced is 21 million.

The miner who finds the next block is rewarded with the newly generated coins, at present they get 12.5btc per block.
Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.) The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence is not expected to exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.

This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners.
Please help Ross and his family during this hard time by donating to the https://freeross.org/ fund. Play at the best provably fair Bitcoin games site here: games.bitcoin.com Need a fantastic Bitcoin wallet Pick up some great Bitcoin.com swag here

Chris
Bronze Bitcoiner
Bronze Bitcoiner
Posts: 258
Joined: Tue Sep 22, 2015 10:57 am

Donate BTC of your choice to 16ByPxM5KqHUigBG1N3jm7cRVbFntH4yA9

Contact: Twitter

Re: Mining and transaction fee is the same?

Thu Sep 07, 2017 2:15 am

So the total number of bitcoins remains the same across time
I thought miners somehow find new bitcoins and the number of bitcoins increases over time.
The current block reward is 12.5 bitcoins, when a miner successfully mine a block get 12.5 bitcoin as reward and the transactions fees, block reward reduces 50% every 210000 blocks aprx 4 years
Image pgp
https://wallet.bitcoin.com [Choose your wallet]
https://buy.bitcoin.com [Buy bitcoin]

Nmouts
Posts: 9
Joined: Tue Sep 05, 2017 7:00 pm

Re: Mining and transaction fee is the same?

Sun Sep 10, 2017 6:23 pm

So when there will be no new bitcoins mined, the transaction fees are going to increase a lot, so that the miners will have enough motive to work.

User avatar
bitkilo
Platinum Bitcoiner
Platinum Bitcoiner
Posts: 3210
Joined: Sat Sep 26, 2015 4:08 am

Donate BTC of your choice to 1DJcTrvdGsmKr7LdriVizkVmkcXWoG12nt

Re: Mining and transaction fee is the same?

Sun Sep 10, 2017 10:09 pm

So when there will be no new bitcoins mined, the transaction fees are going to increase a lot, so that the miners will have enough motive to work.
By the time that happens the usage should be large enough for the miners to make enough of a heap of little fees per transaction.
Please help Ross and his family during this hard time by donating to the https://freeross.org/ fund. Play at the best provably fair Bitcoin games site here: games.bitcoin.com Need a fantastic Bitcoin wallet Pick up some great Bitcoin.com swag here

Return to “Beginners & Help”

Who is online

Users browsing this forum: Amazon [Bot] and 1 guest