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Isn't there a way to pay a higher txn fee and get it processed faster? Or could you run a dedicated miner to only process your own txns (or does mining not wor
by tocomment 14y ago
Isn't there a way to pay a higher txn fee and get it processed faster?
Or could you run a dedicated miner to only process your own txns (or does mining not work that way?)
- xur17 14y agoIf I understand it correctly: The higher txn fee ups the chances of your txn being in the next block (it's up to the miner that wins the block which txns are included - some set a minimum fee). Once your txn is placed in a block, it is included in the future blocks too. A confirmation is generated by each block your txn is in, and a block is generated every ten minutes, so for 6 confirmations, you still need an hour. Running a dedicated miner wouldn't help since you'd have to be the one to win the next block to be able to process your txns.
- cuu508 14y agoA block is generated on average every 10 minutes. Higher txn fee makes sure your transaction gets into the block, but there is still wait time. Running dedicated miner is not practical, as you would need huge mining power to mine a block faster than in 10 minutes.