Bitcoin 80 bytes to kb
You can get realtime transaction fees calculated for you on the Bitcoin Fees website. If you are interested in how those numbers are calculated, read below.
First, when we quote a "Bitcoin transaction fee", we will usually quote one of two numbers:. It's important to note that the total bitcoin amount of your transaction doesn't matter for the purposes of fee calculation! For example, if your transaction is bytes, you'll have to pay the same fee whether you're transferring 0. For a transaction that you've already sent, you'll find either one of the numbers above or both numbers above on a block explorer.
For transactions you haven't sent yet, you probably want to find the best fee-per-byte to ensure your transaction confirms quickly. The problem with miners selecting a smaller maximum block size is that if the network is heavily loaded then our miner is effectively leaving transactions waiting when they declare a block "full" at some level below 1M bytes. Far from the 3. With good historical data we can estimate the actual block size limit for various miners. If we look at the largest block mined by specific pools in given weeks we can estimate the upper limits that they were actually using.
If we multiply these by the fractions of the numbers of blocks each found then we can estimate the actual block size capacity of the network over time:. This isn't a perfect approach. Smaller pools will see their results skewed because they don't find enough blocks, but the effect is interesting. Over the last two years the effective block size has steadily been growing, and if anything has, until a few months ago, slightly outpaced the growth in actual block usage.
The raw data is also a source of some interesting discoveries. Individual pool operators sometimes try to optimize things in interesting and quite different ways. Here are some examples for some of the larger pools:. This is quite striking, even more so if we realize that in late and early we were seeing huge hash rate expansions which in turn reduce the confirmation times as blocks were being found much more quickly than one per 10 minutes.
The implications of these results are intriguing. We can certainly see that the current network can't actually handle even the modest transaction rates we originally assumed, although it's easy for mining pool operators to adjust for this. That this is up to the majority of mining pool operators is potentially the most interesting realization. In practice, such a risk seems unlikely as that would damage the very ecosystem that supports mining. A subtlety, however, is that GHash were only actually allowing k bytes per transaction.
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