I'm trying to figure out how the transaction fees are distributed to the miners.
We pay an incredibly high amount of money to send bitcoins, but where does all the money go? Are they shared out equally among all the miners? My first thought was that the node that confirm the transactions is going to get the fees, but it's all a blur.
Thanks a lot!
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1 Answer
Each ~10 minutes, a "block" containing transaction gets crafted and broadcast. Miners choose which transactions to include in their block -highest fee/Kb transactions, to maximize their earnings- and they collect the transaction fees of the transactions they've chosen when they find and publish a block.
Consider this transaction:
You can see the:
Included in Blocks: 499089
If you browse to that block in the block explorer...
So, the transaction fees of that transaction are collected by the mining pool ViaBTC.
