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I am using the blockchain.info iOS wallet. I am trying to send a small amount of ETH. However, the fee “suggested” by the wallet is a whopping 0.003234 (~ 6 USD). If I changed the amount of ETH i want to send, this suggested fee didn’t change. Is this more or less fixed? When I think about it, the miners probably don’t care much about the amount of ETH I want to send, it will be the same processing to them. So the fee is more or less fixed?? is this right? Or this is just some weird behavior of this particular wallet. This doesn’t seem to make sense if you only want to send a ~$100 USD worth of ETH and have to pay $6 fee.

Could someone kindly explain? It’s been a long time since I sent ETH, and last time, I don’t ever remember the fee being this high.

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No, the fee of a transaction is not related to the size of the transferred ETH amount. What matters are the following two factors:

  • How much computation does a transaction need (= how much gas does it use, e.g. 21000 for a regular ETH transfer)
  • How much is the sender willing to pay for each unit of computation (= gas price, at the moment around 100 gwei on average)
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  • So does that mean i have to live with $6 fee. I think its a bit too steep even for a few thousands of $$. Maybe i should HODL until $6 becomes peanut to the main sum? – kawingkelvin Mar 10 at 21:19
  • Yes, if you want your transactions to take up space inside a block, you need to pay a high enough gas price to get included in it. It's based on supply and demand; the fee might become lower, when there are fewer transactions. – pwagner Mar 10 at 22:35

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