Custom Python Fee Calculator
Custom Python Fee Calculator
In this final guide, we will build a Python script that calculates the Total Fee and the Feerate of a transaction. Since the fee is implicit, we must simulate the process of looking up input values from the UTXO set.
The Python Fee Auditor
def calculate_transaction_fees(input_values, output_values, vsize):
# 1. Sum all input satoshis
total_in = sum(input_values)
# 2. Sum all output satoshis
total_out = sum(output_values)
# 3. Calculate implicit fee
fee = total_in - total_out
print(f"--- Transaction Fee Audit ---")
print(f"[*] Total Input Value: {total_in:,} sats")
print(f"[*] Total Output Value: {total_out:,} sats")
print(f"[*] Calculated Fee: {fee:,} sats")
# Check for invalid transaction (outputs \u003e inputs)
if fee \u003c 0:
print("[ERROR] INVALID TRANSACTION: Outputs exceed inputs!")
return
# 4. Calculate Feerate
feerate = fee / vsize
print(f"[*] Virtual Size: {vsize} vBytes")
print(f"[*] Feerate: {feerate:.2f} sats/vB")
# 5. Interpretation
if feerate \u003e 100:
print("[STATUS] High Priority / Urgent")
elif feerate \u003e 10:
print("[STATUS] Standard Priority")
else:
print("[STATUS] Low Priority / Economy")
# --- Simulation ---
# Scenario: Spending two UTXOs to one recipient and one change address
inputs = [5000000, 2500000] # 0.075 BTC total
outputs = [7000000, 480000] # 0.07 BTC to recipient, remainder to change
vsize = 141 # Standard P2WPKH transaction size
calculate_transaction_fees(inputs, outputs, vsize)
How to Run the Calculator
-
Ensure you have Python 3 installed.
-
Copy the code into a file named
fee_calculator.py. -
Run it using
python3 fee_calculator.py.
Technical Takeaways
-
Implicit Audit: Nodes must verify every input's value by looking at the previous transaction's outputs. This is why running a full node is essential for verifying you haven't been cheated.
-
Satoshi Precision: Notice how we perform all calculations in satoshis, not BTC. This prevents floating-point rounding errors that could invalidate a transaction.
-
Miner Selection: Your
feerateis the only "resume" a miner looks at when deciding whether to hire your transaction for their next block.
Congratulations! You have completed the Transaction Fees module. You now understand the economic engine of the Bitcoin network.
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