How Long Does an Ethereum Transaction Take?

Ethereum and Transaction Confirmation Time

Cryptocurrencies offer a convenient and fast way to transfer funds. However, the transaction speed varies across different blockchains. Some are faster, while others are slower. In this article, we’ll explain what factors influence Ethereum transaction time, the average time for an Ethereum transaction, and how to speed up the process when sending cryptocurrency.

What Affects Ethereum Transaction Time?

To confirm a transaction on the Ethereum blockchain, users need to pay a fee to validators, known as gas. Transactions with higher fees are processed faster, as validators prioritize those willing to pay more. Thus, the gas price is the main factor influencing how quickly funds are sent. If you need your transaction to go through faster, you can manually increase the gas fee.

Gas prices rise when the network is highly congested, with many people competing for faster confirmation. In periods of high demand, speeding up transactions can become costly. At the time of writing, the fee is $1.9, but it reached as high as $30 in May 2024.

Average Ethereum Transaction Time

Depending on network congestion, the processing time can range from 13 seconds to five minutes. To avoid overpaying for gas and waiting too long, it's wise to choose times when the network is less busy.

For individuals making occasional transfers, managing gas manually is feasible. However, businesses handling dozens or even hundreds of transactions daily need a more efficient solution. That's where specialized business crypto wallets come in, offering tools that automate routine processes. Let’s look at some examples using BitHide.

Bulk Payments and Auto Withdrawals in BitHide Business Wallet: What They Are and Why They Matter

Even the most secure hot wallets shouldn’t hold large sums of money for too long. Funds need to be regularly moved to cold wallets. BitHide offers auto withdrawal features for this purpose. Users can set up regular or one-time withdrawals to multiple wallets or just one. Once the specified amount is accumulated in the BitHide wallet, it will automatically be sent to the designated address. With this functionality, there's no need to constantly monitor when to withdraw funds.

Another useful automation tool is bulk payments. For businesses needing to send funds to dozens, hundreds, or even thousands of addresses, bulk payments are indispensable. Users only need to prepare an Excel sheet with the addresses and amounts, upload it into the BitHide wallet, and the wallet will process the information, checking for duplicates. Once verified, the user can click a button, and the cryptocurrency will be sent to all recipients.

Conclusion

We hope this article has clarified how long Ethereum transactions take, what gas is, and why gas prices fluctuate. Monitor blockchain congestion to save on transaction fees. And if you’re a business owner, consider using specialized tools that allow you to handle multiple payments with just one click.