1

With so many confirms on any one bitcoin trade, how do the multiple miners make any money. do they split the fee between them until it's so minuscule it's ridiculous?

  • The fee for a given transaction is kept by the first miner who confirms it. Subsequent miners don't get a share. – Nate Eldredge Feb 18 '17 at 23:21
1

The number of confirmations a transaction has is a measure of how many blocks make this transaction permanent. The number of confirmations a transaction has minus one is a measure of how deep a transaction is in the blockchain.

The deeper a block is in the blockchain – that is: the bigger the difference between its block number and the highest block number in the longest blockchain it is apart of is. –, the exceedingly less likely it is that it is ever going to not be part of the longest blockchain.

For a transaction, this means that they are more permanent the further down they are because it then becomes exceedingly unlikely that the block it's in is ever going to not be part of the longest blockchain.

In any valid blockchain, a transaction can only appear at most once.

If a transaction is not part in any block of the longest blockchain, it has 0 confirmations. If it is included in the newest block, it has 1 confirmation. Once there is another block on top of that block, it has 2 confirmations. Another block on top of that one, and it has 3 confirmations, etc.

A transaction's fee can only be collected my the miner of the block it is included in. And it usually is collected by that miner, of course.

    Your Answer

    By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

    Not the answer you're looking for? Browse other questions tagged or ask your own question.