Rob Golding [ARCHIVE] on Nostr: 📅 Original date posted:2015-05-10 📝 Original message:> How much will that cost ...

📅 Original date posted:2015-05-10
📝 Original message:> How much will that cost me?
> The network is hashing at 310PetaHash/sec right now.
> Takes 600 seconds to find a block, so 186,000PH per block
> 186,000 * 0.00038 = 70 extra PH
>
> If it takes 186,000 PH to find a block, and a block is worth 25.13 BTC
> (reward plus fees), that 70 PH costs:
> (25.13 BTC/block / 186,000 PH/block) * 70 PH = 0.00945 BTC
> or at $240 / BTC: $2.27
>
> ... so average transaction fee will have to be about ten cents ($2.27
> spread across 23 average-sized transactions) for miners to decide to
> stay at 600K blocks

Surely that's an *extra* $2.27 as you've already included .13BTC
($31.20) in fees in the calculation ?

Rob