Quote from: Amph on February 04, 2016, 03:36:47 PM

Quote from: davejh on February 04, 2016, 03:07:52 PM

Quote from: Amph on February 04, 2016, 08:34:41 AM

Quote from: davejh on February 03, 2016, 09:40:13 PM

Quote from: Amph on February 03, 2016, 07:59:06 PM

what is the number of the "miners reward per transaction graph" on the y axis?

Oops- forgot to add a label this. I just updated the graphic. The value is in USD.

is this correct, because it would mean that they are earning $2M for the total sum of the transaction per day on average? 225k tx per day x $10

it's more than their reward from mining...

The 28-day moving average is the red dashed line and is running at about $8 at the end of the chart, while the 28-day moving average for the number of transactions (just updated the graphic in the article to show that) is running at 200k, so that's $8x200k = $1,600,000. Here's the graph of mining rewards per day (I didn't end up using it when I wrote the article): http://hashingit.com/images/articles/20160203/rewards-per-day-usd.png

well my point stand, at present they basically earn the same amount of their mining reward, in fee, this is crazy...because basically they doon't need to mine

then somethign comes in to my head, why on blockchain.info it say "Total Transaction Fees" 39 btc is that value per block? i don't think it is per day, too small...

The 39 BTC per day are the direct fees. The fees and the mining rewards per block are different though. The total mining reward per day depends on the number of blocks mined (currently we're at about 160ish per day rather than the nominal 144 per day) so if we say the number is actually 160 then the total mining reward would be 4039 BTC per day. The majority of the mining reward comes from the block subsidy of 25 BTC per block. Obviously in July this drops to 12.5 BTC per block.

The intent was always that as the block reward continued to halve then a fee market would arise that would compensate the miners with fees instead of compensating them with the block reward. The problem is that after 7+ years the fees per block aren't anywhere close to the block rewards.

In theory if there was a shortage of useful capacity in the blocks then we'd actually see fees increase as users paid more to ensure that their transactions got mined rather than someone else's. The fact that this isn't happening raises questions about how many of the current transactions are really things that their senders actually cared about because even with the stress tests, etc., there doesn't appear to have been a major need for people with transactions that they do care about to have had to increase their fees to get things mined quickly.

davejh

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