994 USD fees (30 Sat/byte) | Bitcointalksearch.org

stompix

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Quote from: Catenaccio on January 10, 2024, 09:25:20 PM

Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.

You must have many UTXOs as inputs to get $994 as transaction fee with fee rate is 30 sat/vbyte. More than 1300 inputs and your transaction size must be more than 132 000 bytes.
https://coinb.in/#fees

It's actually right there in the screenshot 72kb and 488 inputs, what's the point of using some calculator that anyhow goes only to 100?

nc50lc

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Quote from: _act_ on January 11, 2024, 03:05:38 AM

-snip- but what about other addresses that are not using bytes but virtual bytes instead like segwit? Let us say the input is 750, having over 110 kb but the virtual size is 51044 vkb. Will such transaction be able to broadcast until it reaches 100 vkb?

For that, refer to "policy.h": https://github.com/bitcoin/bitcoin/blob/master/src/policy/policy.h#L26-L27C1

After SegWit upgrade, they've set the value in 'weight' instead of raw Bytes, that's 400000WU or 100000vB.
So, refer to the transaction's weight or virtual bytes instead.
Your example is still within standard range (if you meant 51.044 vkB).

LoyceV

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Quote from: _act_ on January 11, 2024, 03:05:38 AM

Yes it is 100 kb. But I have a question that I wanted to have asked in the past. For legacy address, it is 100 kb, but what about other addresses that are not using bytes but virtual bytes instead like segwit? Let us say the input is 750, having over 110 kb but the virtual size is 51044 vkb. Will such transaction be able to broadcast until it reaches 100 vkb?

I'm not sure. If I ever have that many inputs to consolidate, I'd probably do it in more smaller transactions anyway.

NotATether

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Quote from: Charles-Tim on January 10, 2024, 03:35:26 AM

The transaction inputs (which will be high) would be the reason. The best would be to wait until the mempool become less congested. There is nothing that can be done.

If OP has many UTXOs, that is the most likely reason. Although I doubt that fees will get any lower than this. I guess it's bet to move funds incrementally I guess, if that is an option.

What OP should not do is try to transfer them into a Lightning Network wallet. It's not designed to handle such large balances and might be drained through channel liquidity.

Quote from: _act_ on January 11, 2024, 03:05:38 AM

Yes it is 100 kb. But I have a question that I wanted to have asked in the past. For legacy address, it is 100 kb, but what about other addresses that are not using bytes but virtual bytes instead like segwit? Let us say the input is 750, having over 110 kb but the virtual size is 51044 vkb. Will such transaction be able to broadcast until it reaches 100 vkb?

Segwit addresses will use less fees because their transaction data is stored in Witness section which has discounted rates.

_act_

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Quote from: LoyceV on January 11, 2024, 12:11:46 AM

Quote from: Little Mouse on January 11, 2024, 12:07:05 AM

Say I have thousands of inputs and the total size exceed the block size. What will happen? I can't sign the tx?

As far as I know, the limit per transaction is 100kB. Obviously the block size is a hard limit.

Yes it is 100 kb. But I have a question that I wanted to have asked in the past. For legacy address, it is 100 kb, but what about other addresses that are not using bytes but virtual bytes instead like segwit? Let us say the input is 750, having over 110 kb but the virtual size is 51044 vb. Will such transaction be able to broadcast until it reaches 100 vkb?

LoyceV

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Quote from: Little Mouse on January 11, 2024, 12:07:05 AM

Say I have thousands of inputs and the total size exceed the block size. What will happen? I can't sign the tx?

As far as I know, the limit per transaction is 100kB. Obviously the block size is a hard limit.

Little Mouse

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Off topic although it's relevant-

Say I have thousands of inputs and the total size exceed the block size. What will happen? I can't sign the tx? Excuse me, I don't have the option to check that. After watching this topic, I was thinking about this above possible picture.

kuriboh

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Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.
Is there any cheaper option? For example importing the addresses to a wallet with lightning channel?

Transactions will be high at this time. It would be best to wait until the mempool is less congested.

Otherwise:
You have THREE options:
1: Pay a high fee if very urgent,
2: If you have the mindset to wait, then wait.
3: Expect lower fees later on.

You can withdraw a small amount from your fund and withdraw the rest later. It will be good for you, and the fee will be less.

Quote from: livelarry on January 10, 2024, 03:29:39 AM

Screenshot: image

I saw your screenshot. You have 500 input. There is nothing to do but wait for it to subside.

You can see this post by LoyceV brother to get a more clear idea. You will understand better.

You should read: https://bitcointalksearch.org/topic/aug-2022-mempool-empty-use-this-opportunity-to-consolidate-your-small-inputs-2848987

Catenaccio

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Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.

You must have many UTXOs as inputs to get $994 as transaction fee with fee rate is 30 sat/vbyte. More than 1300 inputs and your transaction size must be more than 132 000 bytes.
https://coinb.in/#fees

Quote

Is there any cheaper option? For example importing the addresses to a wallet with lightning channel?

You only can wait for mempool to drop deeper to lower fee rates than 30 sat/vbyte. Wait till this weekend and find chances to move it with like 25 or lower but not to 20 sat/vbyte.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Quote

Screenshot:

Just my 2 cents head up.

Don't store even screenshot of your wallet balance, transaction in Dropbox. You are doxing yourself that you are a Bitcoin investor.

It will potential bring more troubles to you and your devices, wallets.

dkbit98

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OP I would not touch anything if I was in your place, and it's better to plan ahead and do consolidation during bear market when fees are much lower.

Check out this open source tool made by Jameson Lopp.
This is Economically Unspendable Bitcoin UTXO Calculator, and it can show you correct value if you enter right address type and number of keys:
https://jlopp.github.io/unspendable-utxo-calculator/

hosseinimr93

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Quote from: un_rank on January 10, 2024, 10:07:33 AM

The 30 sats/vB you saw is lower than the purging rate, so you would have not been able to make the transaction without increasing the fee.

The purging fee rate for any node with default mempool size is now around 23 sat/vbyte and almost all nodes should accept and relay transactions paying 30 sat/vbyte.

If you make a transaction paying 30 sat/vbyte now, it would be around 50 vMB from the tip of mempools.
If you pay 1 sat/vbyte more and use the fee rate of 31 sat/vbyte, your transaction would be only 3 vMB from the tip of mempools.

un_rank

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- Jay -

The 30 sats/vB you saw is lower than the purging rate, so you would have not been able to make the transaction without increasing the fee.

You should be more careful when sending screenshots if you want to control how much information you let out. A lot can be discovered from the bits of information you share online, and once shared to the internet, it cannot be unsent.

As for the transaction, LoyceV has given the best options for the situation. If you are simply consolidating with no real urgency to send the bitcoins, it will be best to wait for a lower feerate. If it is really urgent, prioritize the higher inputs and send that waiting for a better time to consolidate the rest.

If it is a matter of a compromised wallet, then pay the fee and secure your funds.

- Jay -

satscraper

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Quote from: LoyceV on January 10, 2024, 04:16:45 AM

Why? Is it really necessary to do this now? You have 488 inputs,

Wow, 448 inputs, that is a quite big number. Wouldn't be better for him to leave half of them at the old address and spend them as deemed necessary. The remaining half could be waited for appropriate moment to be consolidated at reduced fee. At least, if I were in his shoos. I would behave this way.

Findingnemo

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Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.

First, you need to understand why it shows 994 USD as the fee, the fee of your transaction depends on a number of inputs/outputs/address types.

Which is explained by Charles-Tim

Quote from: Charles-Tim on October 16, 2023, 06:11:42 AM

Formula:
For legacy address: vbyte= Input*148 + output*34 + 10 plus or minus input
For nested segwit: vbyte= Input*93 + output*32 + 10 plus or minus input
For segwit version 0: vbyte= Input*68 + output*31 + 10 plus or minus input
For pay-to-taproot: vbyte= Input*57.5 + output*43 + 10 plus or minus input

If you consolidated your 500 inputs when fee was cheaper then you can send the same transaction with a fee of 2-3 USD.

Quote from: livelarry on January 10, 2024, 03:29:39 AM

Is there any cheaper option? For example importing the addresses to a wallet with lightning channel?

You can't do anything, just wait for the fee to get cheaper or just move the coins only you want to move at the moment using coincontrol feature so you no need to spend all your 500 UTXOs which is what making the transaction size bigger so does the fee as well.

LN needs opening and closing channel which requires onchain transaction so its not really an option.

LoyceV

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Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet

Why? Is it really necessary to do this now? You have 488 inputs, which means you're going to have a very large transaction. You should read my topic on consolidating inputs. You basically have 3 options: pay the high fee, wait and hope for lower fees later on (this can take months, there is no guarantee), or move only a part of your funds now and leave the rest for another time.
To move a part of your funds, manually select which inputs to use (this is called Coin Control). By selecting only a few large inputs your transaction size (in bytes) is smaller and you pay less in fees.

I checked your address from your screenshot: you even have a 547 sat dust input. That's not worth the fee, freeze it and don't use it. Other small inputs are barely worth the fee.
If you select for instance the 30 largest inputs from that address, you can already send 35% of your Bitcoins but pay only 6% of the transaction fee.
Image loading...

Also: if you use Segwit addresses from now on, it would save a lot on fees in the future!

stompix

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Quote from: livelarry on January 10, 2024, 03:29:39 AM

I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.
Screenshot:

You have 77 kb and 500 inputs? Grin

At that size there is absolutely nothing you can do other than waiting and praying for cheaper fees during the weekend.

Alternatively, you might use coin control and move only the higher inputs, ignoring the dust (everything under 0.003-0.001 in this case) and make one tx with fewer inputs for which you pay the 30sat/b and move the bigger and more concerning amount, then wait for the dust another day.

Zaguru12

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This simply looks like someone consolidating their inputs which at the current mempool congestion is definitely bad to do except if the wallet in question is currently compromised or it is an airgapped wallet that you think might have gone online and you don’t want to take chances. With the much of a fee i think you should look into opening a channel maybe it will be cheaper (although I strongly doubt it) or maybe try wallets like Muun with their own lightening nodes. But if the current wallet you’re transferring is not compromised then I advice you just free it for now and consolidate later when the congestion has reduced

mocacinno

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Just a heads up, importing your keys into a wallet that also has lightning support won't do you any good.

If you had moved your funds to a wallet supporting the lightning protocol BEFORE those ordinal guys started spamming, and you had opened some channels back then, you could have used your open lightning channels to send and receive funds right now... But since that's all hindsight, it won't do you any good now... The fact the fees are so high is probably due to the fact you're trying to consolidate a ton of very small valued unspent outputs, if you'd use those funds to open a lightning channel, the fee would probably be about the same...

Charles-Tim

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The transaction inputs (which will be high) would be the reason. The best would be to wait until the mempool become less congested. There is nothing that can be done.

livelarry

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I want to move my wallet, and need to transfer all my coins. Electrum shows me 994 USD transaction fee to reach 30 Sat/byte.

Is there any cheaper option? For example importing the addresses to a wallet with lightning channel?

I already tried sunday morning with 200 USD, but it gets rejected by the mempool.

Screenshot:
https://www.dropbox.com/scl/fi/1w8cg2jngeb1enaccs4xg/btc-transaction-fees.png?rlkey=9ltcpqadsagqj2it8dgym0pjc&dl=0

Topic: 994 USD fees (30 Sat/byte) (Read 261 times)