transaction gets stuck and might take a long time for it to confirm. Do not worry! Eco → means you'll pay a lower fee, but your transaction will take longer. Estimated confirmation time: minutes. · Fast → strikes the optimal balance. Meaning the long-running transaction has to be processed before any other transaction from that wallet has a chance to be processed. Or does it. UNDERSTANDING THE CRYPTOCURRENCY MARKET
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What a great question! Although such delays don't happen very often, they are very frustrating when they do. What if it's an urgent transfer? Can you use your wallet for other transactions while one is pending? Is the internet down? Is MEW broken? Is the blockchain broken? Usually, transactions sent via MEW will indicate 'Success' in Notifications within minutes, if not seconds, of confirming. Initially you will see that the transaction is 'Processing', and if that status isn't changing for a long time, you may wonder what has gone wrong.
The first thing to do is check transaction status with an Ethereum block explorer like Etherscan , where it is likely to show as 'Pending'. This means the transaction has not been picked up by miners yet. Your transaction will go through, and show 'Success' status on the block explorer, only when miners pick it from the pool of all signed transactions, put it into a new block, and add it to the blockchain.
How quickly the transaction will be picked up depends mostly on two factors — network congestion and the transaction fee, which in turn is determined by gas limit and gas price. Because miners receive the gas fees for the trouble of maintaining and growing the blockchain, it's in their interest to pick up transactions with the highest fees first.
With increased network congestion, gas fees go up throughout the Ethereum blockchain, and it takes a little more ETH to get to the front of the line. For a more detailed look at the transaction journey and the calculation of the fee, see our explanation of how Ethereum gas works. So, what can you do to make sure a transaction doesn't get stuck, and what action can you take if it does? Many wallets, including MEW, set the transaction fee for you automatically, but the automatic calculation does depend on your choice of Transaction Speed.
You can also find Settings under the identicon in the upper right corner of the screen. In MEW wallet app, you can also select the desired speed setting for every transaction by clicking on the Fee dropdown and choosing Economy, Regular, or Fast. Just like in MEW web, the fees will adjust according to current network conditions. Most of the time, the Economy setting works just fine. Network conditions can change quickly though, and gas prices that were great a few hours ago may become insufficient at a later moment again, these are rare cases we are talking about.
That's why, to prevent transactions from suddenly getting stuck during high network congestion, it's best to keep your Transaction Speed set to Regular or Fast. How do you know whether the network is congested and what transaction fees are good right now? A blockchain explorer is, again, the answer. In fact, block explorers are the answer to a lot of good crypto questions. On Etherscan, you can find a chart showing Daily Network Utilization. The higher the percentage, the busier the network, the higher the gas prices.
The rest of the time miners have to wait for their payouts hoping that the gas price in Ethereum goes down. Keep in mind that the pool set a limit of gwei. The chart can be roughly divided into two parts: 3 days to the left October 2—4 when the pool pays as usual and 4 days to the right October 5—8 when the pool payments are delayed. Users complain about it all the time, but what can we do?
We can only raise the gas limit even more. How much would a transaction cost then? You are a small miner with one graphics card and you want to get paid today, right away, without paying insane Ethereum Network fees. How can you do it? So we studied transaction fees and operation speed of popular coins.
Nano ticker: NANO turned out to be the most suitable cryptocurrency. What is this coin? Nano is traded on many cryptocurrency exchanges. Once the pool pays you, you can exchange Nano at any time for any cryptocurrency even Ethereum. In the end, you will have even more Ethereum this way than by getting paid in Ethereum directly. Pool payouts in Nano cost you nothing. That is why we came up with another solution: payouts in Bitcoin. What can be better? Now you can get payouts in the Ethereum pool for free every day even if you have only one graphics card.
Also, Nicehash and other mining rental platforms are supported. We currently use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are always exchanged at market price. Say, your payout threshold is 0. You accumulate 0. The pool sends your 0. As a result, you get the equivalent of 0. Say, you earn 0. We know that many users mine directly to an exchange. Exchanges often have a deposit threshold. For example, a minimum deposit on Kraken is 0.
That is why we set a threshold for payouts in NANO in the pool: the equivalent of 0. Even the weakest GPU that mines Ethereum can accumulate the required minimum in one day. Payouts are processed once a day at UTC. Payouts are not instant. Considering that your ETH must be transferred to an exchange, exchanged, and then transferred back, the whole process usually takes no more than two hours allowing for small delays.
We plan to process the payouts more than once a day in the future. The whole process is completely transparent. After the pool issues a payout and even during the payout process , you can monitor the operation status of an exchange system, check an exchange rate, track your money from the moment ETH is sent to exchange to the moment you get NANO. We made Bitcoin mining on GPU a reality. Payouts are issued once a day at UTC.
The whole process usually takes no more than two hours allowing for small delays like waiting for exchanged BTC withdrawn from an exchange. When miners get payouts from our payment gateway, they pay only a part of the transaction fee in the Bitcoin network.
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