Nicehash increased withdrawal fees | Bitcointalksearch.org

rdluffy

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Quote from: rikuu on July 24, 2020, 07:46:34 AM

...

Thank's, I need to learn how to read this chart because I don't have a clue about Cheesy

Quote from: Sy on July 25, 2020, 02:24:52 AM

I agree but, when we are withdrawing small amounts like $10-$15 which I do quite often that time converting is very helpful especially when the withdrawal fees are shot up toward .0005 BTC lol.

I usually wait to have at least 20 dollars to withdraw
But right now it's almost normal, fees are 0.00003012 BTC, pretty much acceptable

I'll try to use Lighning Network for my next withdraws

Sy

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Bounty Detective

Quote from: rdluffy on July 24, 2020, 07:12:51 AM

Quote from: Sy on July 24, 2020, 01:10:19 AM

Both Ethereum and Bitcoin networks are heavily congested hence the high withdrawal fee. That why I am always converting my coins to XRP first then transferring because in most of the exchanges withdrawal fee for XRP is much lower.

Right now the fees are 0.00006947 BTC per withdraw and slowly reducing
it's more than 10x lower than the fee I saw last week Cheesy

I'll wait a little more, as I said I always prefer BTC because my goal is to have as much BTC as possible, and I prefer to avoid other fees to convert BTC to XRP and then XRP to BTC for example

I agree but, when we are withdrawing small amounts like $10-$15 which I do quite often that time converting is very helpful especially when the withdrawal fees are shot up toward .0005 BTC lol.

rikuu

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I use this webpage to know the current state of Bitcoin fees: https://jochen-hoenicke.de/queue/#0,1w

Only the last chart is actually relevant (mempool state in MB taking into account segwit)

rdluffy

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Quote from: Sy on July 24, 2020, 01:10:19 AM

Both Ethereum and Bitcoin networks are heavily congested hence the high withdrawal fee. That why I am always converting my coins to XRP first then transferring because in most of the exchanges withdrawal fee for XRP is much lower.

Right now the fees are 0.00006947 BTC per withdraw and slowly reducing
it's more than 10x lower than the fee I saw last week Cheesy

I'll wait a little more, as I said I always prefer BTC because my goal is to have as much BTC as possible, and I prefer to avoid other fees to convert BTC to XRP and then XRP to BTC for example

Sy

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Activity: 1484

Merit: 1003

Bounty Detective

Quote from: rdluffy on July 23, 2020, 07:09:57 AM

Quote from: nicehash on July 23, 2020, 02:35:24 AM

We’re using BitGo’s Enterprise wallet and we are utilizing their integrated algorithm for dynamically applying the optimal amount for transaction fee according to bitcoin network past and present status.
We only cover operating costs and if fees are high this is due to blockchain conditions.
Please note that you can convert BTC to XRP for example and you will greatly reduce the cost of withdrawal.
Also, Coinbase withdrawals are still free or you can use Lightning Network to withdrawal the BTC.
https://www.nicehash.com/support/general-help/nicehash-service/fees

Thanks for explain, I didn't know that fees could rise too much due to blockain condition, but it makes sense
Right now the fees reduced to 0.00016598 BTC, it's more acceptable
Maybe I'll try another coin, but I'll wait for a couple of days to see if fees reduce more

I didn't know about LN working on Nicehash, I'll try to find this option

Both Ethereum and Bitcoin networks are heavily congested hence the high withdrawal fee. That why I am always converting my coins to XRP first then transferring because in most of the exchanges withdrawal fee for XRP is much lower.

rdluffy

legendary

Activity: 2366

Merit: 1408

Quote from: nicehash on July 23, 2020, 02:35:24 AM

We’re using BitGo’s Enterprise wallet and we are utilizing their integrated algorithm for dynamically applying the optimal amount for transaction fee according to bitcoin network past and present status.
We only cover operating costs and if fees are high this is due to blockchain conditions.
Please note that you can convert BTC to XRP for example and you will greatly reduce the cost of withdrawal.
Also, Coinbase withdrawals are still free or you can use Lightning Network to withdrawal the BTC.
https://www.nicehash.com/support/general-help/nicehash-service/fees

Thanks for explain, I didn't know that fees could rise too much due to blockain condition, but it makes sense
Right now the fees reduced to 0.00016598 BTC, it's more acceptable
Maybe I'll try another coin, but I'll wait for a couple of days to see if fees reduce more

I didn't know about LN working on Nicehash, I'll try to find this option

nicehash

legendary

Activity: 885

Merit: 1006

NiceHash.com

We’re using BitGo’s Enterprise wallet and we are utilizing their integrated algorithm for dynamically applying the optimal amount for transaction fee according to bitcoin network past and present status.
We only cover operating costs and if fees are high this is due to blockchain conditions.
Please note that you can convert BTC to XRP for example and you will greatly reduce the cost of withdrawal.
Also, Coinbase withdrawals are still free or you can use Lightning Network to withdrawal the BTC.
https://www.nicehash.com/support/general-help/nicehash-service/fees

rdluffy

legendary

Activity: 2366

Merit: 1408

Quote from: jgonzi on July 22, 2020, 09:51:28 AM

you should try another coin with lower fee… I had the same problema in another Exchange...

They start with low fee in BTC and now is 4 times … in only 3 weeks...

I prefer to withdraw BTC to avoid any other fees and my goal is to have as much BTC as possible, but it's a good alternative to have another coin to withdraw, maybe LTC

I searched today and found another people complaining about: https://www.reddit.com/r/NiceHash/comments/hu9e5j/high_withdrawal_fee/

jgonzi

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you should try another coin with lower fee… I had the same problema in another Exchange...

They start with low fee in BTC and now is 4 times … in only 3 weeks...

rdluffy

legendary

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Merit: 1408

Anyone noticed this?

I used to make withdraws every week from nicehash to my regular wallet (not coinbase), and paid last three withdraws:
0.00000247 BTC
0.00000133 BTC
0.00000603 BTC

And this week I'm trying to withdraw, but the fees are very expensive, today in this exact moment is:
0.00040192 BTC
Yesterday was 0.00080192 BTC

I don't know if this is only because of blockchain mempool or they increased all fees Huh

Topic: Nicehash increased withdrawal fees (Read 279 times)