[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 20.

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Quote from: LoyceV on April 30, 2023, 12:46:11 PM

Quote from: NotATether on April 30, 2023, 09:39:33 AM

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

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That poor sap will learn the cheapest lesson possible: don't act on headlines but actually read and understand before doing

If he learns this lesson here instead of in "invest your pension in cloud mining", I call that a win.

It's rare for fees to go up in the weekend though. It looks like many people started consolidating after mempool was empty for the first time in months.

In fact, I suspect mempool grows at the end of each month and today is the last day of the month. Maybe just a coincidence, but I send coins on 30th or 31th of each month on a regular basis and mempool is almost always congested. Need to check the graphs to make sure though.

LoyceV

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Quote from: NotATether on April 30, 2023, 09:39:33 AM

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

.

That poor sap will learn the cheapest lesson possible: don't act on headlines but actually read and understand before doing

If he learns this lesson here instead of in "invest your pension in cloud mining", I call that a win.

It's rare for fees to go up in the weekend though. It looks like many people started consolidating after mempool was empty for the first time in months.

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Quote from: NotATether on April 30, 2023, 09:39:33 AM

Maybe someone's mining farm got hit with an outage or other electrical failure.

[...]

Anyways, transactions are taking days to confirm, I see. Bad news for folks who tried to pay for something to payment gateways with an expiration date.

If one sets a high enough fee, it still takes 10-20 minutes to get mined.
But I think that you've visited mempool.space in one of the (rather often lately) moments its data is off and it shows like there was nothing mined for a day. In such cases it's healthy to double check with another explorer...

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Quote from: LoyceV on April 26, 2023, 11:21:38 AM

Quote from: Poker Player on April 26, 2023, 11:15:48 AM

A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

Bitcoin went up 8% today, I guess that's the reason for more transactions. The Bitcoin Difficulty Estimator indeed confirms less blocks than expected are being mined.

Maybe someone's mining farm got hit with an outage or other electrical failure.

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

.

Anyways, transactions are taking days to confirm, I see. Bad news for folks who tried to pay for something to payment gateways with an expiration date.

LoyceV

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Quote from: Poker Player on April 26, 2023, 11:15:48 AM

A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

Bitcoin went up 8% today, I guess that's the reason for more transactions. The Bitcoin Difficulty Estimator indeed confirms less blocks than expected are being mined.

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A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

LoyceV

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Quote from: Timelord2067 on April 20, 2023, 07:53:56 PM

If there ever is an inevitable uptake by the wider community, they are going to switch off very quickly if they can't confirm their morning coffee purchase (notwithstanding LN).

On-chain morning coffee is a thing of the past, unfortunately. But you can still pay on-chain when you order an espresso machine Wink

It's all about making the payment worth the fee, and $0.50 fee per coffee adds up quickly. I'm much more worried that opening a LN-channel will be too expensive too at some point. Even though I'm not against custodial LN, I wouldn't want that to be the only viable option. If it costs 0.001 BTC to open a LN channel (that's how expensive a transaction was at the peak in 2017), you need to open a very large channel to be worth it.

Quote

I think bitcoin might end up as a niche crypto being used for interbank style transfers of larger sums - which can be a good thing.

In a way, Bitcoin has always been a niche payment system Wink

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Quote from: LoyceV on April 20, 2023, 03:01:46 AM

Quote from: Timelord2067 on April 19, 2023, 10:12:10 AM

Hopefully the few remaining lightning channels I had that I've now closed with be cashed out soon.

They should be confirmed by now, mempool is empty for the first time in almost 2 months (ignore the drop on April 10, I think Johoe's mempool got reset).
My transaction that I created on March 4 just got confirmed! I guess this means the ordinal spammers gave up their little ponzi.

I wasn't awake when it did get to zero, but I did see it down to just four blocks at one point:

If there ever is an inevitable uptake by the wider community, they are going to switch off very quickly if they can't confirm their morning coffee purchase (notwithstanding LN). I think bitcoin might end up as a niche crypto being used for interbank style transfers of larger sums - which can be a good thing.

LoyceV

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Quote from: Timelord2067 on April 19, 2023, 10:12:10 AM

Hopefully the few remaining lightning channels I had that I've now closed with be cashed out soon.

They should be confirmed by now, mempool is empty for the first time in almost 2 months (ignore the drop on April 10, I think Johoe's mempool got reset).
My transaction that I created on March 4 just got confirmed! I guess this means the ordinal spammers gave up their little ponzi.

Timelord2067

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Down to just ten blocks after it was bumped back up a few hours ago. (10,000 TX floating around just now)

https://mempool.space/

Hopefully the few remaining lightning channels I had that I've now closed with be cashed out soon.

LoyceV

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Bump: mempool status is the about the same as last week. Read my previous post

LoyceV

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April update: Fees are quite low, compared to the previous weeks. Mempool is far from empty, but it looks like 3.1 sat/vbyte is enough for a not-so-slow confirmation. You may get away with 2.1 sat/vbyte today, but if it doesn't get confirmed, you'll probably have wait at least another week.
I don't expect anything lower than 2 sat/vbyte to get confirmed today.

LoyceV

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Even this month, fees have been low, although mempool keeps growing. But fees haven't been at the minimum, so don't go for 1 sat/vbyte. I did that a week ago, it's still unconfirmed (but I don't mind for that transaction).
It looks like you'll need at least a few sat/vbyte if you want to have any chance to get a confirmation this weekend.

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Quote from: flexor on February 25, 2023, 08:32:49 AM

Quote from: ?? on ??

Aside from everything which mentioned on first page, i can avoid bad scenario about paying very high fee when mempool is congested and i have tens or hundreds UTXO.

You don´t need more inputs if you have plenty of UTXOs with the variety of different values that allows to choose single one (or at least couple of them) to cover your current need. This is the key OP´s point.

Assuming fees were always equal, it wouldn't matter whether you consolidate UTXOs now or whenever you make a payment and select multiple inputs.
However, the point is that fees are not always equal, so if you need to make a big payment in a full mempool situation, it will be pretty expensive to spend hundreds of inputs in a transaction. If you would have consolidated your outputs earlier when mempool was empty, you'd maybe only need to combine 1 or 2 UTXOs when spending your Bitcoin, and create a much smaller and cheaper transaction, as high sat/vB prices will not impact you as much.

LoyceV

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Quote from: flexor on February 25, 2023, 08:32:49 AM

This is the key OP´s point.

I don't get it: first, you ask what for what I've already explained in the OP, then you try to explain what my point is.
It's very simple: if you don't want or need to consolidate small inputs, it's not for you. Good for you. But it works very well for others, including myself.

flexor

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Quote from: nc50lc on February 25, 2023, 07:42:23 AM

Quote from: flexor on February 25, 2023, 06:56:25 AM

-snip-

Because of the reason written in the OP.
More inputs produce higher transaction size which makes the fee higher, so small inputs that can't be used alone in your typical transactions are recommended to be consolidated.
So if most of your coins have good amount, there's no need for consolidation.

Privacy issue is also covered in the OP.

Quote from: ?? on ??

Aside from everything which mentioned on first page, i can avoid bad scenario about paying very high fee when mempool is congested and i have tens or hundreds UTXO.

You don´t need more inputs if you have plenty of UTXOs with the variety of different values that allows to choose single one (or at least couple of them) to cover your current need. This is the key OP´s point.

nc50lc

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Quote from: flexor on February 25, 2023, 06:56:25 AM

-snip-

Because of the reason written in the OP.
More inputs produce higher transaction size which makes the fee higher, so small inputs that can't be used alone in your typical transactions are recommended to be consolidated.
So if most of your coins have good amount, there's no need for consolidation.

Privacy issue is also covered in the OP.

flexor

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Why should I bother with UTXOs consolidation? Isn't it better to spend them separately when it is needed and the real necessity occurs? In my view the separate and dedicated UTXOs utilization for spending leads to improved privacy and saves your time. I can still understand the benefits of consolidation for tangible fiat bills that may occupy place in you pocket but this is not the case applicable to BTC.

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Quote from: LoyceV on February 23, 2023, 02:49:39 AM

The reason for which part? The "mountain"? Probably just spam with very large transactions. The 1.1? Miners take that before they take 1 sat/vbyte.

Yes, I was referring to that. I know it's sometimes due to casinos or exchanges consolidating, but it had been curious to me when making transactions recently that among the unconfirmed ones there were a lot with the minimum fee.

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Quote from: JayJuanGee on February 23, 2023, 03:38:55 AM

For me, I would not mind seeing a bit of a sustainable bump in the bitcoin fees and the use of blockspace, yet the fact of the matter seems to be that bitcoin seems to be already largely prepared to handle these kinds of spikes in usage and able to expand quite a bit beyond the various ways that it is currently being used.... because the mempool is continuing to clear without too many sustainable fee increases (so far) and whether the whole hashing power of the network is overbuilt or not, we have had a lot of increases in the hashrate too in the past week or two (perhaps partly inspired by cardinals/inscriptions, but also just seemingly that hashrate is just constantly going up.. "going up forever Laura.")..

Ordinals and their hype had no direct effect on the hashrate, the hype started so recently that it wouldn't have been time even for the gear to be ordered, less much already received and installed to make for the increase. Plus the timing is not there, the mempool was flooded by them by the 7th, the last difficulty retarget happened on the 12th and was negative.

It's most likely an incredible amount of gear that was ordered a month prior and was still stuck in deposits or farms that at prices below 20k were running their gear in low mode, plus even some farms that were offline in the previous two weeks (we had a -0.49 adjusted prior). A combination of factors, but ordinals are not one of them.

Quote from: LoyceV on February 23, 2023, 03:59:01 AM

That 11% increase in hashrate is going to lead to 11% less blocks. Considering the full blocks, I expect fees to go up a bit tomorrow.

Not necessarily, it depends a lot on where the growth was concentrated, even if it's a bit random and a lot of luck involved the first days saw a higher time block than the last ones, so it is possible the currently installed hashrate is still growing by a bit, a few 1-4%, so we might still have extra blocks even in this period.
Anyhow the hype is dying down, the weekend is coming and we only have 4vMb worth of tx in the mempool, most likely it's going to be empty next morning, and a lot of free space during the weekend for 1sat/b consolidations.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 20. (Read 83767 times)