According to the Blockchain.info: Cost per Transaction, the latest "Cost per Transaction" value is 16 USD. Apparently, it's not the transaction fee, what does it mean then?
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1 Answer
On the chart overview page you find the description "Cost per Transaction: A chart showing miners revenue divided by the number of transactions.".
Meaning, it's the total value of the block reward of a block divided by the number of transactions confirmed on the network in that block.
Here is an example with made up numbers:
- Block reward is
25 BTC + 0.1 BTCin transaction fees. - There are
502transactions in the block. - Current exchange rate is
367.3 USD/BTC.
25.1 BTC / 502 transactions = 0.05 BTC per transaction
367.30 USD/BTC * 0.05 BTC per transaction = $18.37 per transaction
Concerning what will happen after the regular block reward is reduced/discontinued, check out:
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Got it，its the total transaction fee reward in one block .Only 16 USD ? it suprises me。Wondering what will miners do after 21million coins are uncoverd;– WillipmDec 8, 2014 at 9:15
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@Willipm, "what will miners do after 21million coins are uncoverd": They will just collect the transaction fees. Right now, if fees would be 0.1 BTC per block (worth 36 dollars) that might not be that much. But if 1 bitcoin is worth 1000 dollars, this would mean they can collect 100 dollars every block for handling transactions.– Mr JonesDec 8, 2014 at 12:47
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@MrJones I supposse what you actually mean is that 1 BTC will worth more than 100000 dollars so the mining pool will not shutdown most of their machines because they can get as much reward as today from a sigle block.I shall buy more coins :)– WillipmDec 9, 2014 at 1:57
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@MrJones: 100 dollars is still very little in comparison to the current revenue: Currently there are ~$9000 created per block.– Murch ♦Dec 9, 2014 at 14:35