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Statement on stuck transactions from August 8th payments

Dear users,

On August 8th, 2017 we issued the regular weekly payments to our hashing power sellers. More than 850 bitcoins, valued over USD 2,800,000 at the time of payment, were paid out. In total there were more than 480 transactions however unfortunately some of them are still left unconfirmed. The issue was that the transaction fee, which is automatically determined by BitGo - our wallet provider, was set at optimal level accordingly to the bitcoin transaction fees market at the time of the transactions. However soon after transactions were created the spamming of Bitcoin network began once again and bitcoin transaction fees significantly increased – making the applied transaction fee too low for the payment transactions to be confirmed fast. This significantly increased the time, needed for particular transactions to get confirmed. At the moment of this press release only approximately 5% of the total number of August 8th payments transactions are still left unconfirmed.

Please note that we are working around the clock with BitGo as well as with some major Bitcoin pools to make sure that all transactions will get confirmed. We kindly ask you to be patient, we will make sure that all transactions will be confirmed, but it might take a few more days for all transactions to get through fully.

You’re also welcomed to read about the background of the root cause of these kind of issues with troubling bitcoin fees market.

Thank you for understanding and thank you for using our services.

Best regards,
NiceHash team.

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