Wondering if someone could help me understand the exact model on how the transfer/miner fees for transactions are handled.
To clarify, I am not talking about the new ZEC generated each time a block is found, but specifically the fee I pay when transferring my ZEC from one wallet address to another.
How exactly does this change hands in the whole scheme of mining? Who collects that fee, who does it go to next, who does it go to after that, and ultimately who does it end with? Is there specific documentation anyone can point me to for this information?
The fee is included in addition to the block reward. So say for sake of argument there were 1000 transactions all to be included in the next block all paying the default fee then the miner would collect 10 ZEC for the mining reward but also 0.1 ZEC in fees.
You can see this on the block explorer as all mining fees and rewards are transparent. Take the latest block:
You’ll see two outputs for the mining reward 10.00775024 ZEC and 2.5 ZEC (which is the founder’s reward). So in this case 0.00775024 were the fees paid to send those transactions.
perfect, thank you. That was just what I was looking for.
hey gareth, correct me if I’m wrong, but as I understood it, it’s: in the mining rewards you receive all tx fee of that block, but mining payments are not included. Pools use the sendmany function that allows you to pay many addresses with different ammounts having you pay only one time the tx fee.
I’m not entirely sure what you mean here. All transaction fees are paid to miners and are included in addition to the block reward.
If you are talking about pool mining then the pool owner will recieve the block reward (plus fees) then they distribute the proceeds of the block to all participating miners via
z_sendmany (after shielding) and yes it’s only the one fee to send but that fee will be included when the transaction is mined and the miner of that next block will pick up the fee.
I misread @Tonic1080 's question and associated for some reason to how pool’s make payouts, i’ve been working to many hours latly… I’m cooked!
Anywhos: thanks for your extended anwsers, I really appreciate how you easly explain (and share knowledge)!