Estimation of transaction fees in Bitcoin: How Bitcoin Core
works
Bitcoin, like most cryptocurrencies, relies on a complex mechanism to ensure the integrity of the network and prevent spaming or “cheating” others with false transactions. One of the key aspects of this mechanism is the transaction fee, which encourages miners to validate transactions before being incorporated into the blockchain. In this article, we are immersed in Bitcoin Core estimates the transaction fee, what factors are taken into account and the formula used by Bitcoin Core.
What is the transaction fee?
The transaction fee is the sum of the cryptocurrency (such as Bitcoin) that is charged a new transaction on the blockchain. The purpose of this fee is to compensate for miners to enforce all blocks of the blockchain and to involve the transactions it contains. The miners are used to solve complex mathematical puzzles that require significant energy consumption to control transactions.
How does Bitcoin Core estimate the transaction fee?
Use a combination of Bitcoin Core factors to estimate the transaction fee, including:
1
Block Reward : The block reward is the amount of cryptocurrency that has been awarded to the miner who successfully solves the puzzle and adds the block to the blockchain. This reward decreases over time when new miners compete for the reward.
- Difficulty Level
: The difficulty is determined by the Bitcoin Mag Code Base using a mathematical formula that includes the current block number, difficulty goal and other factors. The harder it becomes to solve the puzzle, the higher the transaction fee.
- Quantity of Transaction : The full value of all transactions broadcast on the blockchain is used as proxy for the expected demand for validation services (ie, computing power).
- Network congestion : Bitcoin Core Monitors is the network congestion by monitoring the number of transactions radiated and the size of the average block. Higher congestion indicates a larger competition, which increases the transaction fee.
- Block Size : Block size sets all 2016 blocks to take into account the reduction of network bandwidth and reduction time.
The formula:
Although I did not find an official Bitcoin basic documentation on how to estimate the transaction fee using a particular formula, this is probably based on a combination of these factors. However, we can try to reverse the process:
Suppose the transaction fee is represented by “T”. Using the following factors, we need to calculate “T”:
B: Block Reward (in bytes)
D: Difficulty level
V: quantity of transaction (total value of all transactions)
C: Network congestion
BS: Setting Block Size
The estimated transaction fee can be calculated as follows:
T = b \* d + v / bs
This formula takes into account the block reward, the level of difficulty, the amount of transaction and the network congestion to estimate the expected demand for validation services.
Bitcoin Basic Reference:
To access the actual Bitcoin Core code base, you must download it from Github Bitcoin Core Repository. Bitcoin’s base code also contains a short review of “Git Log” or “Git Diff” of the “InstaltettetTanktionfee” function in the Bitcoin base code.
Here is a detail from the src/lib/transaction.h file:
`c
int estimationtransectionfee (
uint256 blocknumber,
uint256 heavy turret,
CONST UINT8* Transactions,
SIZE_T TRANSACTIONCOUNT,
int32 network coating,
int64_blocksize);
`
Keep in mind that this is just a simplified explanation and the actual realization can be more complex. I suggest you check the Bitcoin base code for more details.
Ethereum Bitcoin Core Blockchain
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