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Home Bitcoin

On average what percentage of the total block reward comes from transaction fees?

Moussa by Moussa
January 27, 2024
in Bitcoin
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peer discovery – how to obtain the IP addresses of nodes for mining pools?
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The block reward consists of two parts, the block subsidy and the transaction fees. The block subsidy is currently 6.25 ₿ per block and will halve at block 840’000 in about three months. The transaction fees depend on the current demand for blockspace and can therefore be fairly variable. The average feerates collected in the last 24h were 0.33 ₿ per block. About a month ago, miners briefly collected block rewards with transaction fees of over 7 ₿ per block:

A screenshot of the blocks with the highest fees collected since December 1st 2023.

via blockchair.com

If you know the average feerate in a block, you can easily estimate the transaction fees:

The two most recent blocks and the next upcoming block on mempool.space with the average feerate in the block pointed out

via mempool.space

Since blocks can have up to 1’000’000 vB in virtual size, 1 s/vB translates to 10 m₿ of transaction fees. So, ~38 sat/vB here indicates that the block collected about 380 m₿ = 0.38 ₿ in fees.



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