2. Why the Withdrawal Fee Goes Up and Down?
What is Miner Fee?
In cryptocurrency system, each single transition with detailed data is recorded in a “Ledger”, together with enter/output wallet address, amount, time, and so on.
This “Ledger” is called blockchain information, 100% clear and unique. The one who report the transaction the “Ledger” is named miner. In order to draw miners to hurry up the means of transaction confirmation, you’ll need to pay a sure amount of fee to miners when transferring belongings.
Why is Blockchain Network Congested?
Blockchain congestion is definitely the similar as visitors congestion. On the one hand, the street is simply too slender and not huge sufficient ( block capability is simply too small ). On the different hand, there are too many automobiles (transaction volume will increase very sharply).
The basic motive for congestion is expounded to the knowledge construction of blockchain. Due to the restricted capability of a single block and comparatively fastened time of each block technology, the number of transactions that may be accommodated can also be restricted. If there are too many transactions, you possibly can solely wait in line or enhance the miner fee to chop in line.
Currently, BTC network can course of 7 transactions per second, whereas ETH network can course of 30-40 transactions per second. Users can verify the present finest miner fee right here:
BTC Current Best Miner Fee
ETH Current Best Miner Fee
Why the Withdrawal Fee Goes Up and Down？
To assure immediate confirmation of your transaction, CoinEx will calculate and readjust to optimum miner charges primarily based real-time crowdedness of blockchain network accordingly.
Kind Reminder: When withdrawing to an address in CoinEx, [Inter-user Transfer] is advisable. By getting into its CoinEx account (Mobile or Email), your belongings might be transferred inside CoinEx system immediately with out want of on-chain confirmations or charges