What are miner fees?

Blockchains require so-called miners or validators to process transactions. For this service, they take a fee.

Is there anything I need to do?

No, Bitpanda automatically calculates the appropriate fee for you to ensure smooth processing in any market situation, hassle-free.

How high is the fee?

This can vary depending on the blockchain and current market conditions. Miner and network fees can spike significantly during periods of high traffic on the blockchain. Bitpanda takes great care to balance cost and speed effectively for you, to ensure your withdrawal arrives fast and at low cost.

Why do miners receive fees?

Miners play a vital role in validating cryptocurrency transactions and keeping the whole blockchain up and running. These network fees are used to compensate them for their time and energy spent to keep the network secure and to ensure that all transactions are processed in a timely manner.

I’d like to learn more

This is great! We have an informative article about network fees and how the blockchain works in our Bitpanda Academy.