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From what I understand about crypto such as Ethereum or Bitcoin, Miners are verifying transactions and being awarded for doing so.

Right now Ethereum has some really high gas prices. (Price of transfering eth).

I have also found out that it's not really profitable to be a miner anymore unless you have a very high end machine. This is because it is awarded to the first person to authorize the transaction.

So the fees are going up because there is a lot of transactions and your transfer will get picked up quicker if the miner sees it's worth more money.

What I don't understand though is why can't a miner just accept say 15 cents instead of the going rate of 5 dollars. Sure they would rather take the highest pay. But for slower machines that will never win, why can't I take that transaction and process it?

I don't understand why I can't setup my machine to mine and grab the fees no one else is taking.

Or if I can, why is no one doing it? Does the cost of electricity outway the gains?

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    $\begingroup$ I’m voting to close this question because this has nothing to do with Cryptography. $\endgroup$
    – kelalaka
    Aug 10, 2020 at 22:37

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Bitcoin mining is not something you "make progress" on. It's something where you make a bunch of attempts and most of them fail. The more attempts you make the higher your probability of one of those attempts succeeding but previous failed attempts do not do anything to make future attempts more likely to succeed.

When you succeed in mining a block you get the block reward for the block plus any transaction fees for transactions in that block. There is a limit to the data size of the block, so it pays to put in the transactions that offer the best fees for their size.

I have not looked into Ethereum to see if it's the same.

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  • $\begingroup$ Ah ok I get it, so you have the same shot as everyone else so you might as well go for the higher fees? Is that what your saying? Does a better computer not get more tries per second due to processing power? $\endgroup$
    – marsh
    Aug 10, 2020 at 22:43
  • $\begingroup$ Yes a better mining rig gets more tries per second, which means more overall chance of a win, but you don't increase your chance of winning by including lower value transactions in the block. $\endgroup$ Aug 10, 2020 at 22:46
  • $\begingroup$ What if you pick a block so low value that no one else is even trying? Then you are the only one solving it? Aren't you guaranteed the block with enough time $\endgroup$
    – marsh
    Aug 10, 2020 at 22:47

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