Bitcoin Forum

Gas price is more than 70 gwei for several days. Anybody knows why?

This is because a new exchange Fcoin has adopted a new list system.
Then charge each account with a certain amount of tokens, and when the number of accounts with tokens meets the requirements, you can get a free list.

I think that this may be due to new integrations in ETH, because Vitalik Buterin recently said that they will try to do something similar, that the transitions will accelerate, but if this way, then this is absurd.

The reason is the token listing criteria of a new Asian exchange fCoin which claims a trading volume of 15 Billion$ daily.

It requires you to vote from unique ETH accounts in a set timeframe and hence is driving the gas prices up.

I also do not know why some days this gas fee increased sharply, just ane have a feeling that the increased gas is due to the market that again lethargic I think.

Thanks a lot

I think there's a problem with the ethereum blockchain as of now, and even how much gwei you cost, your transaction will be delayed, I have a transaction yesterday, and as of now, it is still processing.

That really crazing, one transaction need 70 gwei/ more than $1, I still have pending transaction and wait for ethereum network stable again to complete my transaction, so I think ethereum dev need to fix this issue, if not ethereum how to become top1 cryptocurrency in the future ?

Ive been transferring some tokens from mew to exchange and other wallets.
the gas i am having is the same as before.
i didn't see any problems.

It will be fixed soon because sharding development is on the way and i will be expecting it will be deployed at this year and remember POS will come at the same time as sharding. But there is another reason there is a lot of new contract has created and there was so many spam transaction that using very high gwei to spam the network

Transfer function require just about 21000 gas. Problem will occur if you want to execute more gas wasting function, contact deploying for example. It can take more than million gas.

Mostly some of the investor who buy and sell into there crypto coins would notice this unusual happen of processing fee or in MEW transaction have high gwei,and this situation now im also wondering,what is the means reason why those transaction have a high rates and not only happen to this in MEW transaction hash,its been also happen into different trading site's like bancor,etherdelta,hitbtc,and more,thats mostly there transaction rates would become constantly higher.

For this reason, fCoin has risen rapidly in the short term and has used its unique mining model to attract a large number of users, and these users have made a lot of transactions in order to let their tokens listed on this exchange.

Don't know fundamentals about what is going on with Ethereum and it's team with Vitalik Buterin, but it's a normal thing from a trader's point of view. Trend is changing, thanks God!

i read a news about that there is too much new exchange that make ethereum so busy. But cleary i dont know . I suggest you all to not send your coins right now cause it might become a problem, i got my friend send their coin to exchange and now he should fill the report cause the transaction take too long and the coin not appear on his account but indeed the coin are sent on exchange.

What's funny is, not along time ago, Vitalik Buterin said that fees in Bitcoin were "too high" past five cents:


Now delusional Vitalik is having to deal by himself with massive block sizes while trying to keep everyone happy with fast and cheap transactions. Let's see what he can do about it. So far ETH blocksize growing past 1TB...

Absolutely op, This is not the way to accelerate transaction or anything. Just increase the fees by name of any type of upgradation.  :-X

Every cryptos fee is increasing day by day, if it's happen all the time. Crypto will never be the main payment of this world.
I hope one day there are a crypto who has low and stable fee and very fast transaction speed

70 gwei holy moly, thats quite a great day for miners!
Also, it is a new high that I've experienced in transaction costs in gwei.

luckily, it decreased to 40 gwei with ~10min waiting time. But

I did not pay attention at the cost of gas several last days. It is quite interesting information I will monitor it because it is possible that investors are coming into market and we will likely see a new uptrend soon although it is just my assumption.

It is just due to network congestion and no doubt this has been the biggest challenge for ethereum network to get rid of, for mass adoption eth network needs to be quick with cheap transaction cost, the developer team should come up with the solution as soon as possible.

I do not know how things are with the transaction price of other people. I do not pay a very large amount for the transaction

Ethereum is just suffering like the other altcoins, the price of bitcoin is down which is why the prices of all of the other coins are down and ethereum is no exception. Although it does look like someone somewhere is manipulating the price of ethereum. That could explain why the price of the coin is moving the way that it is now. We just have to wait and see what happens

The price of a transaction can also grow with any large-scale ico, or with the appearance of projects such as cryptokitties . But it will diminish with time. I believe that the Buterin will solve this problem.

I heard that the FCOIN exchange is now conducting a listing of tokens, which will have the most amount on the balance sheet. I think everyone is now trying to get there and because of the multitude of transactions, the network Ethereum raised the price.

Wouldn't it much better if people read the comments within the thread before repeating things or asking the same questions that have already been answered higher up the thread! OMG!

oh well, I do not care much about gwei prices, this proves eth network is overloaded? It could also be due to the rising demand for ETH

Mining problems in far east countries may have adversely affected Ethereum. This problem needs to be resolved as soon as possible.

I found one of the reasons congestion in the Ethereum network in recent days. The reason is to make jam and increase gas on ethereum. https://bitcoinist.com/is-a-new-exchange-to-blame-for-the-ethereums-network-congestion/

I think its price has dropped so much that Etherium has increased its gas fee. But I do not understand why they charge now, when so many other altcoin are in the position of ETH.

There can be many reasons associated with it. The root or the source of the cause is very unclear. Given that the market was in a dip and it is now slowly but is recovering, it is hard to tell what could be the cause behind it at the moment. 

The problem of network jam is a bit serious, but I don't know what happened.
It's hard for me because most of my tokens can't be transferred. :(

Huge volatility + huge usage from a few icos, that is what is causing the huge amount of gas price, today i spent more than 0.002 for a single transaction, and that is huge for a TX

Did he proposed something new about ETH that can make the transactions faster and cheaper for ETH's network?

I forgot what that is but IIRC he said something new about it few months ago.

There can be many reasons. This is on the grounds that another trade Fcoin has embraced another rundown framework. At that point accuse each record of a specific measure of tokens, and when the quantity of records with tokens meets the necessities, you can get a free rundown. This can be happened due to integration in eth.

Don’t upset. Because price fluctuation may occur anytime. We know ethereum is 2nd position in the market and their market position is also good. That’s why I believe in near future ethereum price will increase.

I dont see what so strange happening to Ethereum.

It is normal way IMO. Price will grow in autumn, i am sure. And as ICOs will become more and more popular, ETH price will only raise.

Yes, the gas price is more right now in the market. This dramatic increase in prices due to the congestion in the market. Let's wait to hear the truth from Ethereum regarding this.

it's going down hahaha

I think you are being a little too harsh here. Yes, bitcoin fees of 5 cents is high if you think about the fact that it was meant for cheap micro-transactions. But to be on topic, ETH will need to fix this casper and sharding because it is at non-tenable level right now.

I don't care much about it because for me I still think that ETH transaction fee at the moment is still really cheap :). Beside I think it's the result of so many ICO projects choose ETH blockchain as a source to depend on. Maybe we can't count how many ICO projects developed on ETH blockchain until now. Maybe it's the main reason for this case IMO.