What are bitcoin mining fees?
Bitcoin miner fees are small amounts of bitcoin given to bitcoin "miners", the specialized hardware units (and their operators) that confirm and secure transactions on the Bitcoin network.
What do bitcoin miner fees do?
Bitcoin miners confirm and secure transactions on the Bitcoin network by adding them in groups called "blocks" to Bitcoin's shared public record of transactions called the "blockchain" – the chain of past transaction blocks. These miners must add Bitcoin transactions to the Bitcoin blockchain for the transactions to be final and irreversible.
In order to prioritize transactions to include in new blocks, miners use prices from miner fees. A sufficient miner fee increases the likelihood that your transaction will confirm on the Bitcoin network in less time. If you do not include a miner fee or use one lower than the current recommendation, your transaction may take days or even weeks to confirm. Your transaction may be rejected altogether and returned to your wallet.
How do I send bitcoin miner fees?
Most true bitcoin wallets automatically include a bitcoin miner fee in outgoing transactions. A simple way to ensure that your transaction includes a correct miner fee is to adjust your bitcoin wallet settings to include a dynamically-calculated fee.
Web wallets with fee control
- Blockchain.info (recommended)
- Full control of fees
- Suggests normal & priority rates
- You own your bitcoin
- 5 tier Bitcoin Network Fee Policy based on your desired time estimate using suggested sat/b
- Can buy a Visa as a debit card
- Desktop and mobile environment
- Many security features
*If you use the bitpay card, please evaluate your bitcoin situation with their IRS reporting terms. Read more about it here
Please note that some bitcoin exchanges will not calculate and suggest bitcoin miner fees when they transfer funds, and they may deduct the miner fee cost from our outbound transaction.
Full information for Advanced Users - https://en.bitcoin.it/wiki/Transaction_fees