[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 33.

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Quote from: hopenotlate on February 22, 2023, 04:16:38 PM

Maybe with this new Ordinals thing we won't see low fees so frequently as before for a bit: people is embedding a wide variety of stuff into Bitcoin blockchain seemengly without a clear plan in mind.

Oh the plan is most certainly to dupe people with FOMO into thinking they need/want the next imaginary internet thing... and should pay stupid money for it. NFTs 2.0... Undecided

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Maybe with this new Ordinals thing we won't see low fees so frequently as before for a bit: people is embedding a wide variety of stuff into Bitcoin blockchain seemengly without a clear plan in mind.

LoyceV

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There's a mountain of low fee transactions waiting this week, so if you want a low-fee transaction this weekend, I'd go for 1.1 sat/vbyte instead of the bare minimum

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In the past week, someone did a few large low-fee consolidations:
Image loading...

(image source)

At the moment, fees spike every few hours, after which mempool clears again:
Image loading...

(image source)

That may have to do with Bitcoin's recent price increase. Either way, it's a good time to consolidate small inputs at low fees

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Quote from: LoyceV on December 10, 2022, 01:24:36 PM

Quote from: hopenotlate on December 10, 2022, 01:22:33 PM

Electrum on desktop and Jaxx on mobile

I don't know Jaxx, but on Electrum, enable the Coins tab to see al your inputs.
- snip -

Thanks for the patience, going to check it.

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Quote from: hopenotlate on December 10, 2022, 01:22:33 PM

Electrum on desktop and Jaxx on mobile

I don't know Jaxx, but on Electrum, enable the Coins tab to see al your inputs.

Quote

is there a max of inputs depending on wallet am using or depending on blockchain itself?

Probably both.

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Quote from: LoyceV on December 10, 2022, 01:07:31 PM

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I mean I use to pay attention at the balance of my wallets but cannot see further.

Which wallet are you using?

Electrum on desktop and Jaxx on mobile

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although thousands of inputs may be too much for one transaction.

don't get this part : is there a max of inputs depending on wallet am using or depending on blockchain itself?

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Quote from: hopenotlate on December 10, 2022, 12:42:07 PM

how can one knows if Btc they hold are splitted into many small inputs?

Check your wallet, if it allows some form of coin control you can see it. If not, you'll have to check block explorers or import your addresses (watch-only) into for instance Electrum.

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I mean I use to pay attention at the balance of my wallets but cannot see further.

Which wallet are you using?

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Also, in case my Btc holdings are fractioned in thousands of inputs and I send my whole wallet balance to another addy of mine am I not consolidating it into one?

That's how it works, although thousands of inputs may be too much for one transaction.

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Quote from: LoyceV on December 10, 2022, 08:18:24 AM

Soon, fees should be lower again, and 1 sat/vbyte should be enough to consolidate small inputs again this weekend.

Sorry for noobish question but I have limited technical knowledge :
how can one knows if Btc they hold are splitted into many small inputs?
I mean I use to pay attention at the balance of my wallets but cannot see further.
Also, in case my Btc holdings are fractioned in thousands of inputs and I send my whole wallet balance to another addy of mine am I not consolidating it into one?

NeuroticFish

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The mempool is already empty again.

There may be some delays since the last blocks were a bit fast (8 in an hour instead of the expected 6), but if one is not in a big hurry it's clearly a good moment for consolidating the inputs at 1 sat/vByte; as it's week-end, such transactions should be confirmed before tomorrow morning.

LoyceV

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Earlier today, I was looking at a wall of transactions:
Image loading...

(source)

This wall used 3 sat/vbyte, so I used 3.1 sat/vbyte to get my transaction confirmed in the next block.
Soon, fees should be lower again, and 1 sat/vbyte should be enough to consolidate small inputs again this weekend.

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Quote from: Poker Player on November 20, 2022, 11:30:37 PM

there were more than 5,000 transactions almost all with a higher fee than the minimum, but what was my surprise when my transaction was confirmed in the next block. In other words, mine was confirmed at the minimum rate and there were about two thousand at a higher rate that were not confirmed.

It can be anyting: inaccuracies in the mempool explorer you're using (I noticed Electrum is usually too pessimistic in it's estimate how far you are from the top), or maybe the mining pool didn't think the difference is worth updating their block.

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Quote from: Poker Player on November 20, 2022, 11:30:37 PM

Does anyone know why this happened? As far as I know, miners give priority to transactions with higher fees, but sometimes they may be interested in confirming transactions with lower fees, for example if the miner himself has sent a lot of transactions with the minimum fee to consolidate.

Most pools query for getblocktemplate RPC every few seconds/minutes to get the transactions with highest fee rate.
The gap of each RPC call depends on the pool/solo miner's set-up.
Maybe the miner of that block still haven't refreshed their block template at that time and still had your transaction in the block that they're currently mining.

The second part "they also have low txfee txns" isn't probable since they can easily manually add their own low-fee transactions if they want to.
They don't have to globally accept low fee transactions to include theirs.

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I have a question because yesterday I sent a transaction with the minimum fee, when the mempool was almost empty, with about 1,500 pending transactions. The next block took more than half an hour to confirm and by then there were more than 5,000 transactions almost all with a higher fee than the minimum, but what was my surprise when my transaction was confirmed in the next block. In other words, mine was confirmed at the minimum rate and there were about two thousand at a higher rate that were not confirmed.

Does anyone know why this happened? As far as I know, miners give priority to transactions with higher fees, but sometimes they may be interested in confirming transactions with lower fees, for example if the miner himself has sent a lot of transactions with the minimum fee to consolidate.

But in my case I can't explain why it happened. Was it by mistake?

LoyceV

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Someone dumped 150 vMB into the mempool. So far, it's not really getting less, so 1 sat/vbyte confirmations may very well be gone until (after) the weekend.
Image loading...

(source)

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Quote from: Poker Player on November 06, 2022, 03:54:27 AM

Pretty crazy what's happening this weekend, no?

Actually it happens early in the (European) mornings too, during the week, and rather often.
For now all is nice. The "madness" will start when the price will jump fast again.

LoyceV

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Quote from: Poker Player on November 06, 2022, 03:54:27 AM

I guess you guys are more used to it

It's been like this for quite a while, not only during the weekend but also on week days. Check Johoe's site per week, month, quarter or year: except for the occasional peak in transaction fees, it always drop back to the minimum. Much better than late 2017, early 2018, when fees reached 1000 sat/byte for weeks in a row (and which was the reason for me to create this topic).

Quote

to go to send a transaction and see that it is confirmed in the next block with the minimum fee is awesome

Agreed

Poker Player

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Lol.

Pretty crazy what's happening this weekend, no?

I guess you guys are more used to it but to go to send a transaction and see that it is confirmed in the next block with the minimum fee is awesome. It's the same all weekend, the mempool is empty. I don't know if this has any counterpart but I certainly prefer this than to send transactions with an average fee and see that it remains stuck in the mempool for days because it is overcongested.

bitmover

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Quote from: LoyceV on August 02, 2022, 11:56:53 AM

Quote from: bitmover on August 02, 2022, 11:22:37 AM

They added a button to minimize future fees

What if a clueless user clicks "minimize future fees" when fees are high? They'll pay much more in fees than necessary, and in the future fees could very well be lower again. If the only logic they apply is "spends the maximum number of inputs", you'll end up with only one input (and less privacy).

The idea to minimize future fees is only good if he can dow ith 1 sat/vbyte..

Certainly that is a design problem if the only objective is to reduce future fees.

Quote from: P2PECS on August 02, 2022, 01:24:41 PM

[Ledger Live implemented coin control two years ago.

Coin Control, Now Available in Ledger Live.

Two years and they still have a problem that took just a few minutes to identify

If the fees are high and the user clicks "miniseries fees in future" he will end up paying more than spending over time.

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Quote from: bitmover on August 02, 2022, 11:22:37 AM

I saw something interesting today that made me remember this topic

Ledger live implemented coin control, which is an amazing feature btw.

I'm glad for your excitement but Ledger Live implemented coin control two years ago.

Coin Control, Now Available in Ledger Live.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 33. (Read 88281 times)