2017 and will hit the mainstream in the near future. So as such, it is in their interests to maximize the amount of money they make when they create a block. What drives transaction fees? The amount is arbitrary. The mining reward also acts as the means by which the. What Is The Current Status Of Bitcoin Fees? The outgoing payment (assuming it's only to one place) is always going to be the same size.

It's because a high-fee paying transaction depends on it, and reprioritizes. Imagine if you walk into a candy store and are told that a candy bar is 35 cents, but then when they rang you up, they tacked on a 15 cent fee.

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The chart is generated by dumping the mempool and doing some smart sorting. That's completely dependent on how your funds are structured. To find out, we will first have to understand why Bitcoin fees are charged. A few other interesting reads: Contents 94 shares). Those numbers result in a fee of 221480 satoshis,.e 31! Competition among users, however, pushes up the limits because people want their transactions to be given priority.