Mining Fee questions (very basic)

Hey Sam,

I was in the same situation a couple of months ago during the defi craze.

What really happens is a constant problem with the ethereum network. When the network is heavy loaded with many transactions, the miners increase the amount of gwei (a small denomination of ETH) in order to give priority to important transactions.

What I suggest is connecting to compound with MetaMask or any non-custodian wallet that allows you to set the amount of gwei you’re willing to pay.

Another thing that you can do is to withdraw your funds when transactions fees are low, you can use this website to check the current prices:

The current 15 gwei is around 22 cents per transaction (~21K gas) just remember that compound requires a few amount of transactions (gas) to interact with the smart contract and your wallet.

Another cheaper option if you’re a bit tech savvy is interact directly with the contract in etherscan and withdraw the funds from there.

PS: Hopefully when ETH2 is released, your grandkids will ask you about the time you spent six dollars to withdraw three dollars from compound.

Also beware of scams in google, don’t click in ads and always check the authenticity of the websites you’re visiting.

1 Like