Fee for BTC payout

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whitenoise
Posts: 19
Joined: Sun Aug 13, 2017 12:29 pm

Fee for BTC payout

Post by whitenoise » Fri Aug 18, 2017 5:17 am

Maybe someone know, what fee will be for custom payout BTC?

Now i have 0,31 BTC, default treshold for BTC is 0.05864539.

If i want make payout in 0.04, how many BTC i recieve, when i use a custom treshold?
raptor
Posts: 11
Joined: Fri Sep 08, 2017 6:45 am

Re: Fee for BTC payout

Post by raptor » Fri Sep 08, 2017 8:48 am

I am also interested in this, could someone answer this please?
hashingpro
Posts: 207
Joined: Fri Aug 18, 2017 1:14 am

Re: Fee for BTC payout

Post by hashingpro » Fri Sep 08, 2017 12:05 pm

By default, mature balances will be paid out only for coins whose mature balances exceed the payout thresholds. The default payout method, using the deafult payout thresholds, is free. You can choose to customize the payout threshold by checking the "custom payout threshold" boxes on the settings page.

If you choose to customize the payout thresholds, and your custom payout threshold is lower than the default payout threshold, you will be charged whatever transaction fees the coin networks charge to pay out your mature balances. Therefore, if you earn more than the deafult payout threshold each day, or if you are willing to wait multiple days until your balance reaches the threshold, it is recommended that you save money by not selecting this option. Please note that even if "custom payout threshold" is selected, you will not receive a payout if the payout amount would be below the minimum transaction amount allowed by the coin network. If you choose a custom payout threshold higher than the default payout threshold, payouts will be forced to occur once the mature balance exceeds the equivalent of $5.00, regardless of the custom payout threshold (excluding Bitcoin). The thresholds for Bitcoin are much higher than those of other coins because Bitcoin's network is blocksize limited and overloaded. The current Bitcoin thresholds are regularly posted to the Prohashing forums as they continue to rise.

More info can be found here: https://prohashing.com/help.html#payouts-threshold
raptor
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Joined: Fri Sep 08, 2017 6:45 am

Re: Fee for BTC payout

Post by raptor » Fri Sep 08, 2017 3:23 pm

Thank you for your answer. However I have already read that in help section. I found it not specific enough. I want to know specifically how much I will pay for paying out under threshold. How can I calculate the cost?
hashingpro
Posts: 207
Joined: Fri Aug 18, 2017 1:14 am

Re: Fee for BTC payout

Post by hashingpro » Fri Sep 08, 2017 5:38 pm

Between... https://bitinfocharts.com/comparison/bi ... es.html#3m
and https://bitinfocharts.com/comparison/tr ... tc.html#3m
you should be able to take the value of how much was moved per day, how much was spent on transaction per $ moved, and come up with a number for a few days to detect a pattern.

Then convert the USD payment to BITCOIN to see what .0000# will be subtracted.


Example...if the Transaction value average for the day was 100 dollars, and the transaction fee average paid was 1 dollar, then .01 X whatever value you were going to move on that day.
raptor
Posts: 11
Joined: Fri Sep 08, 2017 6:45 am

Re: Fee for BTC payout

Post by raptor » Fri Sep 08, 2017 7:46 pm

Now that's an answer I needed :) thanks man
grfullerton
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Joined: Sun Aug 13, 2017 5:39 pm

Re: Fee for BTC payout

Post by grfullerton » Sat Sep 09, 2017 2:37 pm

hashingpro wrote:Between... https://bitinfocharts.com/comparison/bi ... es.html#3m
and https://bitinfocharts.com/comparison/tr ... tc.html#3m
you should be able to take the value of how much was moved per day, how much was spent on transaction per $ moved, and come up with a number for a few days to detect a pattern.

Then convert the USD payment to BITCOIN to see what .0000# will be subtracted.


Example...if the Transaction value average for the day was 100 dollars, and the transaction fee average paid was 1 dollar, then .01 X whatever value you were going to move on that day.
I don't think that's really a good metric, fees aren't a percentage of the transaction value, it's based on the size of the transaction and the mempool size. What makes me concerned is that a lot of fee calculators used in many wallets tend to overestimate "suggested fees". It would be really helpful if Steve and Chris could comment on how the fee is calculated. I would imagine they use an API to automatically choose fees, if they could let us know what API they use, it would be very helpful.
hashingpro
Posts: 207
Joined: Fri Aug 18, 2017 1:14 am

Re: Fee for BTC payout

Post by hashingpro » Sat Sep 09, 2017 6:27 pm

Yeah, I was reaching, but after 10 mins poking around trying to find a simple page with straight up numbers, or a calculation formula you could plug in variables and get some kind of number out of...was the best I could find to come up with.

If anyone does know of a place that has up to date info on current miner charged fees to transfer bitcoins on the bitcoin network please post a link.
grfullerton
Posts: 2
Joined: Sun Aug 13, 2017 5:39 pm

Re: Fee for BTC payout

Post by grfullerton » Sun Sep 10, 2017 4:37 pm

Well there are a few different places that give suggestions.
https://bitcoinfees.21.co gives a suggested 240 sat/byte
https://blockchain.info/charts/mempool- ... -fee-level suggests 5sat/byte for a "normal" transaction, and 200 for a priority one.

That's why it really helps to know what the fee is, or at least what source they're using to calculate it. That's a huge range from 5 - 240, although I suppose it would be much worse a few weeks ago when a ton of the miners were hopping between BCH and BTC, causing periods of very slow block generation and fees that were well above 240.

I might just gamble it and hope for the best. If I do before we get an official answer, I'll post the result here so everyone else can get an idea of what to expect.
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Steve Sokolowski
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Location: State College, PA

Re: Fee for BTC payout

Post by Steve Sokolowski » Mon Sep 11, 2017 1:06 pm

Right now, we pay about $50 per day to pay out 25 miners.

This fee is going to rise in the future because the Bitcoin Core isn't allowing the blocksize to increase, but if you ignore the payout threshold, you'll probably be charged about $2.

A better choice is to be paid in litecoins, which is the default. Ignoring the threshold will cost about a cent, the network is faster, and you can sell them for dollars equally well or spend them in many places where bitcoins are accepted.
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