Can you explain what this is? is this a mining reward, you providing liquidity for transactions or it’s the fee for sending money across the bitcoin network?
Discussion
Just to be clear this wasn’t my transaction. I just noticed it. But yea the transaction fees go to whichever miner mines the block with your transaction in it. Paying a higher fee will get your transaction mined sooner, but this was way too high. This was like 150X more than the “high priority” fee at the time. Someone probably goofed up when sending it.
Why would someone pay multiples above the actual price to move the transaction faster? What’s the incentive to be a few minutes quicker instead of waiting for the next block
%20-%20Profi.png/:/cr=t:7.63%25,l:7.63%25,w:84.75%25,h:84.75%25/rs=w:1536,cg:true,m)
There's no incentive to pay way over like that. No matter how much you pay though, the fastest it can ever confirm is when the next block is found. Blocks are found every 10 minutes on average, however the next one could be found in 10 seconds or an hour...
Transactions are charged a fee in sats/vbyte. Miners are incentivized to choose transactions based on how many fees they can fit into