What are mining fees?
Coins.ph pays a small mining fee each time we send funds to an external wallet in order for miners to write the transaction to the blockchain. 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 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.