What is the miner fee of Bitcoin?
Users need to pay a fee when using SuperEx BTC wallet to transfer BTC, and
this fee is the miner fee. Bitcoin miner fees encourage cryptocurrency
miners to process transactions, ensure the normal flow of tokens, and at
the same time protect the security of the Bitcoin network from abuse.
How the miner fee is calculated?Before understanding how to calculate miner fees, we need to know the
following three concepts.
Transfer transaction volume (byte)
The essence of Bitcoin transactions is a data structure, and its basic
organization is an unused transaction output, referred to as UTXO
(unspent transaction output). UTXO is required to initiate a transfer to
form a transaction input for a new transfer, and at the same time, a new
UTXO is created as the transaction output. As a result, Bitcoin is
transferred between different owners, and UTXO is continuously consumed
and created in the block. The balance that we see in the wallet is
accumulated by these UTXOs that are connected to the wallet address.
So what is the relationship between UTXO and transaction volume?
Generally speaking, UTXO is the main factor affecting transaction volume.
There are two transfers:
Transaction A consumes 3 UTXO and creates 13 UTXO, the transaction
volume is 803 bytes.
Transaction B consumes 2 UTXO and creates 4 UTXO, the transaction
volume is 379 bytes.
Under the premise that the miner fee rate is consistent, the miner fee
required for transaction A is 2.1 times that of transaction B.
Miner fee rate (sat/byte)
Satoshi (sat) is the smallest unit of measurement for Bitcoin, 1 sat = 10^(-
8) BTC. The miner fee rate refers to the sat that needs to be consumed by
the transaction volume per bit.
The miner rate depends on the congestion of the Bitcoin network. When
the network is congested, we can set higher rates to process the
transactions faster, and as more people do this, the miner fee rates will
continue to increase. At this time (2019.5.28), if the transaction is to be
processed as soon as possible, the miner fee rate has increased to 200
sat/byte.
Calculation formula
Bitcoin miner fee = transfer transaction volume (byte) * miner fee rate
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs)
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs)
Before understanding how to calculate miner fees, we need to know the
following three concepts.
Transfer transaction volume (byte)
The essence of Bitcoin transactions is a data structure, and its basic
organization is an unused transaction output, referred to as UTXO
(unspent transaction output). UTXO is required to initiate a transfer to
form a transaction input for a new transfer, and at the same time, a new
UTXO is created as the transaction output. As a result, Bitcoin is
transferred between different owners, and UTXO is continuously consumed
and created in the block. The balance that we see in the wallet is
accumulated by these UTXOs that are connected to the wallet address.
So what is the relationship between UTXO and transaction volume?
Generally speaking, UTXO is the main factor affecting transaction volume.
There are two transfers:
Transaction A consumes 3 UTXO and creates 13 UTXO, the transaction
volume is 803 bytes.
Transaction B consumes 2 UTXO and creates 4 UTXO, the transaction
volume is 379 bytes.
Under the premise that the miner fee rate is consistent, the miner fee
required for transaction A is 2.1 times that of transaction B.
Miner fee rate (sat/byte)
Satoshi (sat) is the smallest unit of measurement for Bitcoin, 1 sat = 10^(-
8) BTC. The miner fee rate refers to the sat that needs to be consumed by
the transaction volume per bit.
The miner rate depends on the congestion of the Bitcoin network. When
the network is congested, we can set higher rates to process the
transactions faster, and as more people do this, the miner fee rates will
continue to increase. At this time (2019.5.28), if the transaction is to be
processed as soon as possible, the miner fee rate has increased to 200
sat/byte.
Calculation formula
following three concepts.
Transfer transaction volume (byte)
The essence of Bitcoin transactions is a data structure, and its basic
organization is an unused transaction output, referred to as UTXO
(unspent transaction output). UTXO is required to initiate a transfer to
form a transaction input for a new transfer, and at the same time, a new
UTXO is created as the transaction output. As a result, Bitcoin is
transferred between different owners, and UTXO is continuously consumed
and created in the block. The balance that we see in the wallet is
accumulated by these UTXOs that are connected to the wallet address.
So what is the relationship between UTXO and transaction volume?
Generally speaking, UTXO is the main factor affecting transaction volume.
There are two transfers:
Transaction A consumes 3 UTXO and creates 13 UTXO, the transaction
volume is 803 bytes.
Transaction B consumes 2 UTXO and creates 4 UTXO, the transaction
volume is 379 bytes.
Under the premise that the miner fee rate is consistent, the miner fee
required for transaction A is 2.1 times that of transaction B.
Miner fee rate (sat/byte)
Satoshi (sat) is the smallest unit of measurement for Bitcoin, 1 sat = 10^(-
8) BTC. The miner fee rate refers to the sat that needs to be consumed by
the transaction volume per bit.
The miner rate depends on the congestion of the Bitcoin network. When
the network is congested, we can set higher rates to process the
transactions faster, and as more people do this, the miner fee rates will
continue to increase. At this time (2019.5.28), if the transaction is to be
processed as soon as possible, the miner fee rate has increased to 200
sat/byte.
Calculation formula
Bitcoin miner fee = transfer transaction volume (byte) * miner fee rate
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs).
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs).
Before understanding how to calculate miner fees, we need to know the
following three concepts.
Transfer transaction volume (byte)
The essence of Bitcoin transactions is a data structure, and its basic
organization is an unused transaction output, referred to as UTXO
(unspent transaction output). UTXO is required to initiate a transfer to
form a transaction input for a new transfer, and at the same time, a new
UTXO is created as the transaction output. As a result, Bitcoin is
transferred between different owners, and UTXO is continuously consumed
and created in the block. The balance that we see in the wallet is
accumulated by these UTXOs that are connected to the wallet address.
So what is the relationship between UTXO and transaction volume?
Generally speaking, UTXO is the main factor affecting transaction volume.
There are two transfers:
Transaction A consumes 3 UTXO and creates 13 UTXO, the transaction
volume is 803 bytes.
Transaction B consumes 2 UTXO and creates 4 UTXO, the transaction
volume is 379 bytes.
Under the premise that the miner fee rate is consistent, the miner fee
required for transaction A is 2.1 times that of transaction B.
Miner fee rate (sat/byte)
Satoshi (sat) is the smallest unit of measurement for Bitcoin, 1 sat = 10^(-
8) BTC. The miner fee rate refers to the sat that needs to be consumed by
the transaction volume per bit.
The miner rate depends on the congestion of the Bitcoin network. When
the network is congested, we can set higher rates to process the
transactions faster, and as more people do this, the miner fee rates will
continue to increase. At this time (2019.5.28), if the transaction is to be
processed as soon as possible, the miner fee rate has increased to 200
sat/byte.
Calculation formula
following three concepts.
Transfer transaction volume (byte)
The essence of Bitcoin transactions is a data structure, and its basic
organization is an unused transaction output, referred to as UTXO
(unspent transaction output). UTXO is required to initiate a transfer to
form a transaction input for a new transfer, and at the same time, a new
UTXO is created as the transaction output. As a result, Bitcoin is
transferred between different owners, and UTXO is continuously consumed
and created in the block. The balance that we see in the wallet is
accumulated by these UTXOs that are connected to the wallet address.
So what is the relationship between UTXO and transaction volume?
Generally speaking, UTXO is the main factor affecting transaction volume.
There are two transfers:
Transaction A consumes 3 UTXO and creates 13 UTXO, the transaction
volume is 803 bytes.
Transaction B consumes 2 UTXO and creates 4 UTXO, the transaction
volume is 379 bytes.
Under the premise that the miner fee rate is consistent, the miner fee
required for transaction A is 2.1 times that of transaction B.
Miner fee rate (sat/byte)
Satoshi (sat) is the smallest unit of measurement for Bitcoin, 1 sat = 10^(-
8) BTC. The miner fee rate refers to the sat that needs to be consumed by
the transaction volume per bit.
The miner rate depends on the congestion of the Bitcoin network. When
the network is congested, we can set higher rates to process the
transactions faster, and as more people do this, the miner fee rates will
continue to increase. At this time (2019.5.28), if the transaction is to be
processed as soon as possible, the miner fee rate has increased to 200
sat/byte.
Calculation formula
Bitcoin miner fee = transfer transaction volume (byte) * miner fee rate
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs).
(sat/byte).
Therefore, Bitcoin miner fees are paid in BTC.
Instructions
As a miner, every mining income is a UTXO. When the mining income has
accumulated to a certain extent and needs to be transferred, there will be
a situation where the miner fee is too high due to the large transaction
volume (too many UTXOs).