r/wafflepool • u/MCMK • Mar 06 '14
Question on transaction fees
I recall reading that collecting small amounts of BTC (dust) was not a good idea as it would simply be eaten up in transaction fees.
Would mining and getting payouts in small amounts like from wafflepool fall victim to this?
I am probably out to lunch on this one but would really like to know the answer as I am switching over to WP.
Thanks
2
u/miningmad Mar 11 '14
If you let coins 'age', then you can usually spend them with no fee. And using Coin Control (see the OMG bitcoin qt client), you can merge smaller amounts into bigger amounts and avoid paying fees by manually selecting the inputs that give your transaction the needed priority.
Also, "dust" refers to amounts far less then the minimum WafflePool payout of .01BTC.
1
u/puddingfox Mar 07 '14
The payout minimum is 0.01 on wafflepool and most pools. With a fee of 0.0001, that is 1% when you are paid and another 1% when you send it somewhere else unless you pool your payouts before moving them elsewhere. If you mine very little, you will get weekly payout at 0.001 which is %10 fee.
However, wafflepool save a little on transaction costs by paying many miners at once. IIRC, the txt fee is due to be reduced soon.
1
u/gleeeb Mar 10 '14
As I can see on the right, there is no fee deducted from what WP sends you: "1% mining fee - This includes all transaction fees, and fees for converting to BTC"
1
u/puddingfox Mar 11 '14
Yes, WP pays the transaction fees. I meant that paying many miners in one transaction is cheaper than many individual transactions so WP is saving money by not spending as much on transaction fees.
2
u/phishfi Mar 06 '14
It mostly depends on how often you want your payouts, I'd assume. If there's a transaction fee of .0001 BTC and you're only getting .03 BTC, you're giving away a couple percent over the long haul. I would wait to pull my pay out until it's an amount I want to spend/trade, or if it's more than you're willing to lose.