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Wait is my whole calculation wrong then? I thought miners only got paid for receiving bitcoins. They also get additional payments in fractions of a bitcoin for

• dragonwriter 6y ago
  > They also get additional payments in fractions of a bitcoin for transactions and this is in addition to the costs I wrote above? Yeah, the basic design of bitcoin is for the block rewards to dominate early on with no/low transaction fees, but transaction fees to gradually take over as the main reward for miners maintaining the network.
  • graeme 6y ago
    Ah interesting. Any estimates of how transaction costs scale? Currently iirc it is 100 million transactions per year at $20-$30 each, so adds about 10-15% to network upkeep costs at that transaction volume.
• rantwasp 6y ago
  miners are getting payed for every transaction. if you don’t include transactions fees your transaction will spend a lot of time in limbo and may actually never be mined. the way it works, let’s say you have A bitcoins and you want to pay someone B bitcoins. you create a transaction that say: I want to move A to B and A-B-fee the miners see it and see the fee. it gets included (ie mined) in a block. actual example 50BTC -> 20BTC + 29BTC when the miner mines it, it will send the tx fee to its own wallet also, most miners sort transactions by the most profitable to less profitable and mine only the most profitable ones