• BCsven@lemmy.ca
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    10 months ago

    So if it costs $65 for a transaction then why isn’t that the transaction fee? people would be loaing money if cost is more than the fees

    • FaceDeer@kbin.social
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      10 months ago

      Bitcoin is inflationary, it’s generating new Bitcoin with every block and issuing that to the miners. That new Bitcoin combines with the transaction fees to pay the miners.

      • BCsven@lemmy.ca
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        10 months ago

        So mining is the bulk cost not the transactions. because my last bitcoin fee was like $10 or something

        • FaceDeer@kbin.social
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          10 months ago

          Yes. If you’re wanting to know how many resources mining a transaction takes, that’s the value you need to look at. The block reward effectively goes into subsidizing the transaction fees that are being paid.