Bitcoin payouts delayed

Hi,

Bitcoin payouts are currently delayed because the bitcoin network is overloaded due to the 1MB transaction limit. Our payout transaction has been sitting unconfirmed for several hours. In addition, withdrawals are also not confirming from the exchanges.

Unfortunately, we don't know when a miner will include our transaction into a block, and since replace by fee is not implemented on the bitcoin network, there is no way to speed up the process. We'll keep people updated.

You can follow one of these transactions here: https://blockchain.info/tx/115fae014a57d143a7049314be71070923d6d9769bd973d8bc786115e517436d

Well, that one got confirmed.

I expect BTC transaction fees will be rising across the board and the mining markets will simply need to adjust. Smaller miners may want to consider looking for payouts in coins they believe in for the long-term which have tiny transaction fees.

We're looking into ways to deal with this problem.

For now, the cost of the transaction was only 25 cents. Our first step might be to raise the payout threshold, but that comes with its own problems in that the more money we have, the more vulnerable we are to hackers. We could also make bitcoin an exception and pass on payout fees to customers in all cases. Raising fees across the board creates negative incentives and I"m not sure that's the best solution.

There won't be any changes for now. We'll wait and see what happens.