In blockchain networks, miner fees (also known as transaction fees) are the fees paid by users when initiating transfers or executing smart contracts. The primary role of miner fees is to incentivize miners to process transactions while ensuring the security and normal operation of the blockchain network.
Why Do Miner Fees Suddenly Increase?
Market fluctuations may cause a surge in transaction volumes on the Ethereum network, leading to severe congestion. Since Ethereum's network can only process a limited number of transactions per second, users often raise their miner fees to ensure their transactions are processed quickly, which leads to an overall increase in miner fees.
As a decentralized hardware wallet, imKey directly pays all miner fees to miners, and imKey does not charge any fees. Therefore, the increase in miner fees is not caused by imKey, so we’re not responsible for that!
After the miner fees increase, many users encounter issues with transfers. This article summarizes the 9 most common transfer issues, and you can "prescribe the right solution."
1. Why Do I Have to Pay Miner Fees?
When we make a transfer on the blockchain, a group of people known as "miners" handle and record our transaction information. They are constantly maintaining the security and stability of the blockchain network, so they charge a fee, which is the miner fee.
2. Why Are Miner Fees So Expensive?
Miner fees on the blockchain are adjusted in real-time. If many people are making transfers, transactions will queue up in the block network. Since Ethereum can only process a limited number of transactions within a specific timeframe, users who want their transactions processed quickly will raise their miner fees to ensure they get packaged sooner. This leads to an increase in the average miner fee across the network.
Currently, there are 160,000 transactions waiting to be packaged on the Ethereum network, which is why the miner fees are high.
Source: Etherscan Transaction Spending
3. What Should I Do If I Set the Miner Fee Too Low, and My Transaction Hasn't Been Confirmed?
If you've already initiated a transaction and want it to be confirmed quickly, find the pending transaction in your transfer records and click "Speed Up Transaction." This will allow you to increase the miner fee and expedite the transaction.
4. What Should I Do If the Miner Fee is Insufficient?
All tokens in your Ethereum wallet require ETH to pay for miner fees during transfers. If your wallet does not have enough ETH, the transfer cannot be completed, and you'll need to deposit ETH.
5. Why Haven’t My Multiple Transactions Been Successful?
If one of your transactions is pending and hasn't been confirmed, subsequent transactions will be queued and await processing. For transactions from the same address, miners need to process them in the order they were initiated. Only after the first transaction is successfully confirmed will the subsequent transactions be processed.
6. Can I Cancel a Transaction That’s Stuck in the "Packing" Status?
Blockchain transfers are fundamentally different from regular transfers. Once a transaction is initiated on the blockchain, it cannot be modified or canceled.
If your transaction has been stuck in the "packing" status for a long time, you have two options:
- If you're not in a hurry, you can wait patiently. Once the congestion on the Ethereum network eases, the transaction will succeed.
- If you need your assets to arrive urgently, you can choose to speed up the transaction by adding miner fees to ensure it gets processed sooner.
7. If the Transaction Fails, Will the Tokens Be Returned to My Address?
Only after the transaction is successfully completed will the tokens be deducted from your address. If the miner fee was set too low, causing the transaction to be discarded by miners (i.e., transaction failure), the tokens will remain in your address. (Note: the miner fee will still be deducted.)
8. How to Adjust Miner Fees When Using DeFi Applications?
When authorizing a transaction in imToken, click on the miner fee to enter the miner fee customization mode.
Note: When using DeFi applications to initiate transactions, please exercise caution when customizing the miner fee. Improper settings may cause the transaction to fail, resulting in the loss of the miner fee.
9. How to Properly Set Miner Fees?
imToken automatically adjusts to the best miner fee setting based on the current blockchain network. By using the default setting, you can ensure a fast transaction.
If you feel the default transaction fee is too high, you can select the "Economic" option from the three-speed options to lower the miner fee. However, this may slow down the transaction confirmation time.
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