What does miner fee mean (miner fee expensive)?

What does miner fee mean? What does it mean when we talk about miner fees? Miner fees refer to the calculation of the number of transactions on the network. During the process of mining in the Bitcoin network, miners generate tokens that include rewards such as block production and confirmation time.

Due to the emergence of blockchain technology and the plummeting prices of cryptocurrencies, miners have been paying higher fees. As a result, many digital asset exchanges have started accepting payments from miners for mining. How does miner fees affect the users of these platforms? Let’s take a look at the specific details.

Miner fees expensive

According to CoinDesk, the Bitcoin mining difficulty has recently dropped by nearly 15%, to 18.88T (approximately 1.015 billion dollars). Currently, the total network hash rate is 114.7EH/s. However, due to network congestion and high electricity costs, miner fees are continuously rising. At the same time, block rewards are becoming smaller, putting pressure on the transaction prices of other cryptocurrencies. In the current market conditions, transaction fees on Ethereum remain high.