What are mining fees?
Mining fees are fees paid by Coins.ph for miners to write transactions to the blockchain. Each time you send funds to an external wallet, we pay a small mining fee to facilitate the wallet transfer.
The higher the fee, the faster miners will write the transaction to the blockchain.
Why should I pay a fee for sending Bitcoin to an external wallet?
Some of our customers require faster Bitcoin payments to external wallets. By adding fees, we are giving these customers the ability to pay a higher mining fee to have their transactions processed faster.
Which transactions are subject to mining fees?
The fee options only apply when sending Bitcoin from your Coins.ph wallet to an external wallet.
How is the fee amount decided?
The fees paid to the network are set based on the current market rates being charged by miners to write transactions to the blockchain (https://bitcoinfees.21.co/). Our team will monitor these rates closely and update fees periodically in order to have our transactions remain competitive.