If you have sent a bitcoin payment or requested a withdrawal of Bitcoin, you may have noticed that your transactions are taking much longer than usual to process.
We are currently working through a backlog of ~18 thousand support emails, and we want to thank you for your patience. Since we have been receiving a large number of tickets about transaction confirmation delays, we are making this short announcement to explain, what is going on with the transaction confirmation time at the moment.
Please understand, that HashFlare does not control or affect the transaction confirmation time directly in any way. Transactions on the Bitcoin network are grouped into blocks and added to the historical records of the blockchain by miners. High traffic on the blockchain and competition among users to have their transactions included in the next block will inevitably cause some transactions to get stuck in a queue for transaction confirmation. This queue is known as the Mempool. You can monitor the current size of the Mempool, as well as some other stats here.
If your bitcoin transaction to or from HashFlare has not confirmed yet, you will need to wait for it to be confirmed by the miners. Hashflare does not control the confirmation time and hence, cannot affect the speed of these transactions. However, don't worry, if you see the Transaction hash or TxID, your transaction has been broadcast to the network and will eventually collect the required number of confirmations to complete the transfer.
Why is the commission being increased?
At the moment, the withdrawal commission is consistent with the network average. We calculate the optimal average commission for the period. In addition to the fee for confirming each unique transaction, the commission also includes the cost of servicing the processing system.
Since we calculate the average commission for a period, this means that for a particular transaction, it can be both higher and lower than the network average.
What if my final balance is lower than the current minimum withdrawal amount?
Remember, that we change the minimum withdrawal amount and transaction fee reactively based on external factors. Should the situation on the network improve, we will lower the minimum withdrawal amount.
Currently, we are looking for a solution for those, whose total balance is smaller than the minimum withdrawal at the end of their contracts. At the moment, we can confirm that users will still be able to make a withdrawal in case if their balance will be lower than the minimum withdrawal amount by the time when their contract expires.
Once again, we would like to thank you for your patience and understanding!