Cryptocurrency News / 09 June 2017 / Kraken to Charge Almost $7 for Bitcoin Withdrawals

The effect of Bitcoin fee increases on businesses continues. This time, in a circular to customers on Thursday, Kraken, announces BTC withdrawals will now cost $7, a fee that “brings the withdrawal fee more in line” with costs. However, the new withdrawal fee will be a fixed 0.0025 BTC per transaction, currently equivalent to around $6.75 which is extremely high, given that an optimal transaction fee is currently around 0.00094920 per avg. transaction.

“Kraken always pays a miner fee that is sufficient to ensure transactions are processed quickly.However, the average miner fee required to prioritize and confirm Bitcoin transactions has been increasing for some time without a corresponding increase in the fee we charge to clients.”