You mined $50 worth of Bitcoin, but when you withdraw it, you only receive $45. Where did the money go?
Welcome to the world of Mainnet Transaction Fees.
In this article, we explain why fees exist and how to configure your Gokby payout settings to save money.
Why does sending Bitcoin cost money?
Block space is limited (1 MB to 4 MB). To get your transaction into a block, you must pay a fee to the miners (yes, you are paying your colleagues!).
When the network is busy (high congestion), fees rise. When it is quiet, fees drop.
The "Dust" Trap
Imagine you set your payout threshold very low, for example, every 0.001 BTC (~$60).
If the network fee is $5, you are losing nearly 10% of your revenue on every single payout!
This is called creating "Dust"—small amounts of Bitcoin that become expensive to move later.
Optimizing Your Threshold
To maximize profit, you should withdraw less frequently but in larger amounts.
- Bad Strategy: Payout every day. (30 transaction fees per month).
- Good Strategy: Payout once a month. (1 transaction fee per month).
Example:
- 30 daily payouts @ $2 fee = $60 lost per month.
- 1 monthly payout @ $2 fee = $2 lost per month.
- Savings: $58 per month just by changing one setting!
How to Change It on Gokby
- Go to your Dashboard.
- Navigate to Settings / Payouts.
- Increase your Minimum Payout Threshold.
- Tip: If you are a small miner, set it to accumulate at least 0.01 or 0.02 BTC before withdrawing.
Conclusion
Don't feed the network unnecessary fees. Be patient. Let your balance grow in the pool (which is secure with Gokby) and withdraw in larger chunks. Your wallet will thank you.
