To claim interest you must spend the utxo related to the interest. Since coin control evades most people and it is not easily done I suggest you send the entire balance. This guarantees you are including said utxo in the transaction which in turn claims your interest. Use the guide we published in supernet.org.
Thanks, where can I learn more about sending just the utxo related to the interest? I am much more comfortable sending .001 KMD multiple times then my entire balance. I double check my address but, one mistake and everything could be gone!
Since I filled my wallet with 3 different purchases, they must be under different utxo's. Is interest collect also a differnt utxo?
each utxo accrues interest independently
you can do a listunspent command to find out how many utxo you have
then do that many 0.001 tx one after the other before the previous ones get confirmed
that way all the utxo will get used up.
the rules are quite simple, i have stated them many times, i guess I can again:
1. must be over an hour old
2. must be for 10 or more KMD
3. must have nLockTime set
accrues up to 5% of utxo amount at a rate of 5% per year
when you spend that utxo you are able to collect the accrued interest for that utxo.
Just actively using your funds will have the effect of collecting most of the interest. but to be sure to collect, you can do any variety of methods that ends up using the utxo with accrued interest.
you could even make a special program that identifies all the utxo with enough meaningful interest accrued and specifically spend only those utxo. Using standard createrawtransaction, signrawtransaction and spendrawtransaction will be sufficient.
If somebody wants to write such a utility, my guess is he would get quite a lot of donations and maybe even a bounty can be created
So I found a way of collecting interest, just by sending .001 KMD instead of my entire balance. The key is to make sure your smallest transaction has accumulated 10 KMD in interest (as required by the KMD protocol). In my case I had sent KMD to my wallet 3 times, with the smallest transaction being ~8900 KMD. It takes about 8.2 days for 8900 KMD to accumulate 10 KMD. So I simply wait 9 days and then send .001 KMD and I see virtually all the interest is sent.
Here is the formula for knowing how long it takes to collect 10 KMD:
# of days to collect 10 KMD = 10/((#KMD of smallest transaction in wallet x 5%)/365 days in the year)
So in my case:
10/((8900 x .05)/365) = 8.202