What is a Miner? What are Miner Fees?

Created by Ethos Support, Modified on Wed, 08 Feb 2023 at 07:05 PM by Ethos Support

 A miner uses computational power to solve cryptographic puzzles for a Proof of Work (PoW) blockchain. As transactions are sent out to nodes in the network, miners collate these transactions into a transaction block. These collated transactions can be analogized to a page of transactions in a ledger book. The goal of the miner is to add this block of transactions, or page, to the blockchain, or global ledger.

Miner fees are small amounts of a cryptocurrency that are awarded to miners. The miner fees offset the costs (electricity, hardware, etc.) needed to process transactions on a PoW protocol, and serve to incentivize miners to continue solving those unique cryptographic puzzles. This allows for the continued creation and addition of unique blocks to the blockchain.

*Ethos will never charge you to send crypto from one wallet to another. However you may be required to pay a mining fee.*


Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article