Way to Increase Mining Commissions in Bitcoin

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by CoinSpeaker Staff · 4 min read
Way to Increase Mining Commissions in Bitcoin
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Mining commissions are not a static value. They increase based on the demand that Bitcoin has when you make your movements.

The commissions for mining of Bitcoin usually generates many questions in users performing movements. Join us to solve the most frequent ones.

Why do Mining Commissions Increase in Bitcoin?

This is perhaps the question that most makes Bitcoin users think. Especially, those who in the middle of a transaction discover that the fee has suddenly grown.

Well, mining commissions are not a static value. Rather, they can increase or decrease according to the state of the BTC network at any given time. In other words, commissions increase based on the demand that Bitcoin has when you make your movements.

This subordination between both elements is simply due to the fact that the mined blocks are limited in size to contain operations.

Because of this limit, it happens that when there are several transactions at the same time the miners decide to prioritize those that offer a higher commission. Therefore, users begin to increase their operation, trusting that it will be confirmed earlier.

Meanwhile, people who decide not to increase the commission finish last on the mempool charts. Consequently, their operations may be there for hours or days in the worst case scenario before being finally confirmed.

Why Are Commissions Not Eliminated?

Commissions on mining have been and will continue to be maintained for the simple reason that they help keep miners motivated.

And it is that a good commission is a sufficient reason for a miner to continue dedicating himself to his work, without which no one could make movements within the blockchain. Therefore, commissions are something that we cannot do without.

Are there services to calculate mining commissions?

Many users experience great frustration when choosing a commission for various reasons. Among them, who do not know how saturated the blockchain is.

And so that you do not stay with the question of which services are reliable or which are the best, below we show you the most reputable.

Statoshis

This website is one of the first to work with Bitcoin mining commissions, and its long history demonstrates its degree of reliability.

In Statoshis, you can find out a lot of information related to the demand for BTC. But the most important value is the average fee, which will allow you to determine which commission is the most appropriate so that your operation is prioritized without spending all your funds.

As if that were not enough, the page also offers you a set of recommendations for using this average. With this, it manages to give you a more effective way of applying this value.

Bitcoinfees

On this website, you can see an exceptionally detailed graph of the number of movements that are made in the Bitcoin network.

The graph divides the information into different degrees of commission. This allows you to know how many operations are included in each one. Bitcoin Era changes the bitcoin trading in many ways and makes the things easy.

Similarly, you can get an idea of ​​how long it could take for your transaction to be confirmed, based on the number of transactions that precede yours. If the commission is very low, is the transaction with bitcoins not confirmed?

In the beginning, we discussed the reasons why mining commissions increase when carrying out an operation. Let’s get back to it.

We make it clear that the cause of the increase is demand. We also established that those operations with the highest commission or fee are the ones that are confirmed first.

However, many users wonder if their transaction will be returned or voided for having a small excess fee. The answer is simple: no, it will not happen.

Even if the commission that is invested in the operation is almost zero absolute (that is, negligible), at some point the movement will be confirmed.

And, after all, there is always a miner who has not been able to take advantage of transactions with high mining commissions, so he must settle for what is available.

In addition to the above, it is necessary to note that the Bitcoin system is not configured to return movements for its mining commissions. Therefore, there is no risk that your transaction will be bounced.

Bitcoin News, Blockchain News, Cryptocurrency news, News
CoinSpeaker Staff
Author: CoinSpeaker Staff

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