Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 20. (Read 88307 times)

My wondering was about that case where ther'll be too much UXTOs that makes the fees too huge !!  Then the UXTO to the scond transaction will count as single input, so the fees would not be too high even if settling at maximum!






Maybe, but I don't think that it will be always the case!

But in this way, you would have to pay more fee. It would be better to make a single transaction with high fee.
Take note that miners would prioritize CPFP transactions based on their effective fee rate, not based on the fee rate used for the child.

The effective fee rate is equal to the total fee paid for the transactions divided by their total (virtual) size.

First transaction fees could be set as low as 1Sat/Byte ...  the UXTO on the scond would be from the unconfirmed first Tx, so spending it with high fees is to accelerate and promote its confirmation, and its confirmation will entangle with it the confirmation of the first tx..  as the first is a parent transaction!



My bad that could work as well with client wallet that change adresses.. but needs wallet with customisable blockchain explorers to set an explorer that recognize the low fees transaction.  !

What will you achieve by making that extra transaction?
In that way, you would have to pay fee for two transactions and you would waste more money on fee.  


Nodes can have their own settings and there should be nodes that allow you to broadcast transactions with lower fees.

I've tried about 2 ~ 3 years ago by signing tx offline and broadcasting it manually.. there was still some broadcasters that were allowing spreading it! The new transaction too doesn't show in all explorers, of course, there were only few that were displaying the new tx...

Assuming it is still working, the method would be as follows:

1/ To export the (single address) wallet and import it to a wallet that allow reusing it..

2/ Spend like ~97% of the bitcoins in a single transaction for getting back 3% to the same wallet.

3/ Finally spend the 3% with very high fees to prioritize the tx confirmation ! ? ??



Obviously it need first to verify if there is still nods that will allow broadcasting tx with fees bellow the minimum!!

he could do ⅓ of them now.

You can't see this information in Trezor Suite app, but you can turn on coin control, select UTXO you want, and set custom fees double checked on mempool.space.
Try using this UTCO calculator that was made by Jameson Lopp to get more accurate size values:
https://jlopp.github.io/unspendable-utxo-calculator/

This is little bit utopian thinking.
It's more realistic to say that fees are more likely to go up in near future, especially with halving coming soon.
My prediction is that we wont see fees below 10 sat/vB any time soon, but I could be wrong.

so 100 under 0.001 = under 0.1 in total which is 5000 bucks.

do a full consolidation with a high fee option of 3 sats. do not execute it .

here is an example it is way cheaper then you would pay as it is 1 or 2 getting merged not 100 edit it is 1 as   3 x 134 = 402




you can see the cost to do it all at any fee

by setting up like I did on my trezor wallet.

in my case it is 20 cents  doing 3 sats. in your case at 3 sats you would be over $200 (I think)

Me too And more importantly: large Bitcoin companies (exchanges/casinos) are no doubt waiting too. In the past, we've seen large dumps of low-fee transactions in mempool once fees are low. It'll take a few days to confirm them all, after which they'll dump the next batch.

I agree with LoyceV. Fees will get lower some day (and it might not take months, but less). The mempool used to have about 280k transactions (when fees where 300-500 satvB), now it has only about 140k.

I am waiting. I am spending larger inputs now,  but I made an 11 sat vB tx yestertday. I am waiting for less than 2 sat vB for my big consolidations.


If somehow your tx get stuck,  you can always rebroadcast it or even use RBF

That's a terrible assumption It's much more likely fees will either go up or down. And, looking at this graph, I assume it will go both directions once in a while.
If you're not in a hurry to spend those 100 small amounts, I would just wait. If fees drop low enough, I would consolidate them. Depending on how patient you are you could pay 2.1 sat/vbyte or 1.1 sat/vbyte in a few months. Or it may not happen for a very long time. But in that case, if you also have 0.02 BTC inputs, you can use those first.

It doesn't need to be 20, I'd probably go up to 50 now. It's not a hard limit.

Correct.

I don't know Trezor's own software, but you can connect your hardware wallet to Electrum. In Electrum, you can enable the Coins tab, where you can manually select (use CTRL) and spend (right mouse) the UTXOs you want. Note that you should never enter your Trezor seed in Electrum, just connect it and still sign your transactions on the Trezor.

That depends on your wallet. I don't know whether or not Trezor keeps broadcasting your transaction. Currently, the mempool limit is 4.95 sat/vbyte, anything lower than that won't even broadcast. But the same link dropped from 1.8 GB to 918 MB this year, so I have high hopes we'll get a good opportunity to consolidate inputs at low fee.

I started mining in 2021 and had my pool send me BTC as .0005 (or lower) as I was very skeptical of a pool "rugging" me. 

When I have made payments I did so with my Trezor, and it was using its own algorithm to determine what UTXOs to spend, I didn't understand UTXOs, so I just let Trezor do its thing.

So in November when I saw the fees had spiked I had the pool pay me when my balance hits .02 BTC.

Then I read this article about higher fees turning small UTXOs into dust. - https://jrjr.meme/to-dust-you-shall-return/#84f286e7-c306-4bf7-bcea-aa7a53393e1f-link

So now I am understanding UTXO management quite a bit too late.

I have over 100 Segwit UTXOs under .001 BTC.

I am trying to figure out the most efficient strategy to consolidate my UTXOs. I realize that no one has a crystal ball regarding fees, so let's assume the fees stay where they are now. I have questions:

1. In the first post off this thread it says this "If you have many different inputs, I suggest to consolidate them in multiple steps. Don't create a 100,000 bytes transaction with 500 inputs, but instead create many transactions with 20-ish inputs." Is this still a recommended plan? It seems that each individual consolidation has a bit of overhead which could be saved by having only 1 consolidation, and then also that the multiple resulting UTXOs will also be smaller perhaps ending up as dust themselves.

2. Is there a way in Trezor to see the size of each UTXO? Without that info, I have no idea whether a UTXO is dust at this price. I have exported the trezor info into a csv, but that doesn't give me the size of the UTXO.

3. If I do a consolidation with a very low fee hoping it happens to get picked up, and it doesn't complete, what will happen to it? How long until I can try again?

Two days later and we might cut the timing from one month to maybe a week in best case scenario?
One the sixth (00am) we had 236vMB till under 10sat/vb we are just 125vMB now!

I really think that during this weekend everyone who has dust that should start making plans, at least for larger inputs, not the ones under 40000 sat.


Deja-vu!
I opened a thread about when we will see 1sat/vb at the end of last year and everyone was voting over 1 month, it turned out to be under a week, now we were again pessimistic as the whole thing was not going down and here you have it, we might see the mempool empty by late February.
Of course, if after brc-20, orc-20, src-20 we don't start with some other stupid hype, and there is also the other thing, once fees go lower, so is the price of inscribing all the stuff you want on the chain!

But anyhow, as the topic says, get your wallet ready people!!!
Spring cleaning on the horizon, time to take care of the dust!

Didn't see this actually happening, somehow in the past weeks I lost a bit faith to see single digit fees any soon again. I wish you are right and hope the inscription lunatics come to their senses. Interesting, how we lost way more than half the volume in the 20-25sat/vB band. Let's hope the trend continues!

Here's what happened in the past month:

If this keeps going, we're one month away from single digit (in sat/vbyte) transaction fees.

I think that you identified that issue with these various measurements right after the difficulty adjustment can be a bit misleading and they do not tend to last, so we get to the middle of the difficulty adjustment period, and the numbers tend to gravitate towards more normal in terms of whether the next adjustment is going to be up or down and surely it would be amazing if anything even close to an 8 minute average (which is right around 20%) could be sustained over more than a few days.... so by the time we get to the middle if it is even less than 9 minutes that would be interesting.. because it is greater than 10%.

We can look at the history of difficulty adjustments and see that an overwhelming majority of them are in the single digits..and even getting greater than 5% in either direction (which would be 9.5 minutes on the fast side and 10.5 minutes on the slow side) is BIG.. .


Maybe a reason to not rely upon some of the fee recommenders and instead get a kind of ballpark idea regarding if we might still be able to have our transaction go through quickly with way lower fees... yeah, those temporary high rates can surely have more negative effects for anyone wanting to make sure that his transaction goes through in the next block or even within an hour or so.. and if it is a very BIG transaction, then it may well be worth it to just suck up the higher fees, even if we likely realize that we had just experienced a temporary spike rather than anything that would be sustainable... even if the fees could start to gradually end up going back up.. so I am not saying that we can know that part, we can ONLY attempt to infer when we are doing our own attempts at estimation rather than relying upon fee recommendations within various wallets.

yep super moon action
828764 = 4.06
828763 = 4.63
828762 = 4.16
828761 = 4.03
828760 = 4.76
828759 = 5.05
828758 = 5.02
828757 = 5.73
828756 = 5.30
828755 = 5.98
828754 = 5.72
828753 = 6.38
828752 = 6.20
828751 = 5.51 we fall off

828750 = 0.29

A few blocks ago transactions were confirming with slightly over 20 sat/vB fees. Now the recommended fee is almost 600 sat/vB. Absurd.

The difficulty was increased yesterday, and already many more blocks were found than expected. Too bad it won't last after the next difficulty adjustment, we can use the additional block space.

I know that the Bitcoin mining difficulty adjusted not that long ago, but I don't remember the last time I saw the average block time being around 8 minutes.
In fact, the last couple of times the difficulty adjusted, I saw mempool.space showing a block time of about 11 minutes. Perhaps the Texan miners have turned their machines back on during the last cycle or some other devices woke up.