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Saturday, March 31, 2018

I'm trying to figure out how the coinspace transaction fees work.

From what the coinspace help page says, the transaction fee is 10,000 satoshi, or 0.0001 BTC when the transaction is less than 1KB in size.

According to the source I read, the median transaction size, or the most common transaction size, is 225 bytes. Almost all transaction sizes are that large based on the formula.

Also, the amount of bitcoins you pay does not affect the transaction fee at all. Whether you send 0.0001 BTC or 0.1 BTC is not a factor in changing the transaction size

Therefore, there is about a 90percent chance that my transaction fee for my hashflare hash rate is 10,000 satoshi, or 0.0001BTC. This also means that almost all transactions done on coinspace will also have this 10,000 satoshi transaction fee and it is almost always the standard.

So I've calculated that I am supposed to pay a 10,000 satoshi transaction fee when buying cloud hashes on hashflare. However, the minimum I need to pay there now is around 420,000 satoshi because of the payments that I now owe due to canceling around three transactions. I am not sure how I will pay for that.

After figuring this out, I am now open to buying hash rates on hashflare. I am just not sure how I am going to pay for the extra fees that come with my canceled transactions.

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