6

I am a little puzzled about how miners choose transactions, are the people who want to transfer Bitcoin sending their transaction to miners asking them to validate them, or are they put somewhere and then the individual miners can aggregate the ones they like?

I tried to find some information on google about this but it didn't really illuminate the problem well enough for me.

7

https://www.coindesk.com/information/how-do-bitcoin-transactions-work/

She then sends them from her bitcoin wallet out to the wider bitcoin network. From there, bitcoin miners verify the transaction, putting it into a transaction block and eventually solving it.

Transactions are broadcast over the P2P network, which miners are also a part of, so they receive the transactions from their peers.

Miners are completely free to do choose which transactions to include in the blocks they mine, but generally prefer to maximize revenue by collecting fees from transactions.

2
  • Just want some clarification. If a transaction comes with no extra bonus fees, will the miners have no incentive to include it in the next block? Will there by any benefits of including that transaction with no bonus fee? – ZEWEI CHU Feb 16 at 1:08
  • @ZEWEICHU: I think that Bitcoin nodes don't relay transactions that don't have a transaction fee - so such transactions don't reach miners. During mining, miners have to vary the contents of their block (to find a set of contents that produce a low hash value) - so there might occasionally be some benefit to them for selecting a low-fee transaction - after they have tried everything else. – RedGrittyBrick Feb 16 at 9:44

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.