A miner fee is the fee that a blockchain charges to process and confirm transactions on the network.
What Is Miner Fee?
When you transfer cryptocurrency to other parties, it takes computational power to execute and validate the transaction on the network. To account for this power consumption, each transaction incurs a small fee that goes to the miner who validated the transaction. This transaction cost is known as the miner or mining fee.
A miner is a contributor to a proof-of-work blockchain responsible for processing transactions, creating new blocks, and including them in the blockchain using specialized hardware. As compensation for their service and computational resources, they are rewarded with miner fees. Miner fees were originally designed to discourage fraudulent activities that may disrupt part of the Bitcoin network’s operations. They also prevent the network from clogging up or overloading as miners compete to process transactions first to receive the fees as part of their reward.
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