[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 36.

LoyceV

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Quote from: pawanjain on February 02, 2022, 02:07:25 AM

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.

I've had transactions that remained unconfirmed for weeks. As long as it's between your own addresses, and as long as you don't need the funds, it doesn't matter. Worst case, you can use RBF or CPFP to raise the fee a bit. Best case (and currently quite likely), it confirms quickly anyway.

pawanjain

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Nothing lasts forever

Quote from: pooya87 on February 02, 2022, 12:18:31 AM

Quote from: pawanjain on February 01, 2022, 11:52:57 AM

With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25

You overpaid by a factor of 3 Tongue

If you are consolidating outputs, almost always you are in no rush to get the transaction confirmed. Nowadays 1 satoshi/vbyte is possible 99% of days so you could have gotten away with paying 0.00001082BTC which is roughly 0.4$ with today's price.

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.
So I am kinda paranoid when it comes to transaction confirmations and don't mind spending a few dollars extra to get faster confirmations.
But I do get your point and at the same time I feel its okay to spend 2000 satoshis extra while bitcoin is still under $1million per coin Tongue

pooya87

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Quote from: pawanjain on February 01, 2022, 11:52:57 AM

With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25

You overpaid by a factor of 3 Tongue

If you are consolidating outputs, almost always you are in no rush to get the transaction confirmed. Nowadays 1 satoshi/vbyte is possible 99% of days so you could have gotten away with paying 0.00001082BTC which is roughly 0.4$ with today's price.

pawanjain

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Nothing lasts forever

Quote from: ?? on ??

(small bump)

I remember reading this post last year and was waiting for a good time to consolidate all my inputs.
Today, I used all my unspent inputs (12 inputs) and consolidated them into 1 unspent output.
With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25 for consolidating around $800+ as per current prices.
I guess it was worth it. Better to use this opportunity now than to keep paying large fees when the price increase again.
Thanks @LoyceV for making this post and making us aware of using such tips for our benefits.

LoyceV

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Activity: 3290

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Thick-Skinned Gang Leader and Golden Feather 2021

Mods: I'm not removing this bump, since it got Merited.

New Years Consolidate Bump!
Consolidate this small pocket change!

For several months, mempool has been mostly empty, but does fill up once in a while. This means 1 sat/vbyte is most of the time high enough for a fast confirmation, but sometimes makes you wait a day.

Consolidate your small inputs while you can, low fees won't last forever!
When you are in a rush, it saves a lot in fees if you can use only one input address (and ideally use native SegWit: bc1q......).

get2business

newbie

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thanks man!
great link to coinbin!

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: get2business on December 26, 2021, 06:49:52 AM

is the formula to calculate tx size still this(for legacy addresses):

in*180 + out*34 + 10 plus or minus 'in'

That seems about right. I don't think that can change, unless you use a compressed address, in that case it's a bit less. Coinb.in is convenient to get a quick estimate.

get2business

newbie

Activity: 30

Merit: 0

Hi!
is the formula to calculate tx size still this(for legacy addresses):

in*180 + out*34 + 10 plus or minus 'in'

or it has changed into something else?
thanks.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: PawGo on December 10, 2021, 03:15:44 AM

Hash rate is on it's top (level from May '21) so probably we may expect some adaptations soon.

I like Bitcoin Difficulty Estimator for this: it shows there's 8.3% more new blocks found than expected, which means difficulty will go up soon indeed, which means less blocks will be found after that.

PawGo

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After 24 hours of increased fees, now we are again back to situation we all love so much. Hash rate is on it's top (level from May '21) so probably we may expect some adaptations soon.

https://www.blockchain.com/charts/hash-rate

dkbit98

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Quote from: n0nce on December 05, 2021, 11:27:22 AM

If you want to observe it better, I would recommend using https://jochen-hoenicke.de/queue/#BTC,8h,weight and https://mempool.space/.

The latter nicely displays the amount of incoming transactions (actually it's not about amount, it's about size - hence the vB) like follows.

I would also add this new graphical experimental website bits.monospace.live that is showing bitcoin transaction and mempool state with value or in vbyte mode (change in settings).
This could be interesting tool for any newbies and everyone else to better understand mempool and transactions.
https://bits.monospace.live/

pooya87

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Quote from: n0nce on December 05, 2021, 11:27:22 AM

On average, the number of transactions that can be processed stays constant,

Actually the "number" of transactions that can be included in a block varies because there is no count limit, there is only a size (or more accurately weight) limit for each block. So in an extreme example you could create 10x 4 MB weight transactions and fill 10 blocks (1 tx per block) or you could create 60 byte transactions and fill a block with ~16660 transactions.

LoyceV

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Quote from: Leuchtturmwaerter on December 05, 2021, 11:15:46 AM

Why is the mempool at 20 sat this day?

Someone made a lot of transactions, probably consolidating many inputs.
Mempool cleared already, see this graph:
Image loading...

n0nce

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not your keys, not your coins!

Quote from: Leuchtturmwaerter on December 05, 2021, 11:15:46 AM

Why is the mempool at 20 sat this day?
https://www.btc-forum.de/mempool

Last days it was around 1-3 sat.

What do you mean? The mempool is never at X sat. It's just a pool of unconfirmed transactions. You could say 'it's at X megabytes' maybe.

Quote from: https://learnmeabitcoin.com/technical/memory-pool

When a new transaction is received by a node, it will hold it in its memory pool with all the other latest transactions it has received. From here the transaction will be hoping to get selected for inclusion in the candidate block.
So basically, the memory pool is a waiting room for new transactions.

You are probably referring to the currently recommended fee. Everyone can choose how they recommend it, but most sites recommend the minimum fee that is high enough to get a transaction confirmed in the next block. It depends on how 'filled' the mempool is, and this depends on how many transactions were submitted lately.

On average, the number of transactions that can be processed stays constant, so if the number of new tx's is higher than that, the pool fills up and if it drops below, it is cleared block by block. When it's empty or almost empty, you can get a transaction confirmed in the next block for 1 sat. But nobody can tell you or guarantee you when the mempool gets this empty.

If you want to observe it better, I would recommend using https://jochen-hoenicke.de/queue/#BTC,8h,weight and https://mempool.space/.

The latter nicely displays the amount of incoming transactions (actually it's not about amount, it's about size - hence the vB) like follows.

Leuchtturmwaerter

jr. member

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Why is the mempool at 20 sat this day?
https://www.btc-forum.de/mempool

Last days it was around 1-3 sat.

LoyceV

legendary

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Thick-Skinned Gang Leader and Golden Feather 2021

This deserves a quote here:

Quote from: BlackHatCoiner on October 16, 2021, 03:46:37 PM

Fee estimation:

Low fee:

Code:

[img]https://blackhatcoiner.com/lowfee/[/img]

Medium fee:

Code:

[img]https://blackhatcoiner.com/mediumfee/[/img]

High fee:

Code:

[img]https://blackhatcoiner.com/highfee/[/img]

n0nce

hero member

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not your keys, not your coins!

Quote from: pooya87 on October 08, 2021, 11:22:36 PM

Quote

Because (unfortunately) many people leave their funds on the exchange.

True but when we are seeing a significant "movement", specially after a period of stability, there are a lot of traders who move their funds too. For example there is a large number of day traders who leave bitcoin market when it is stable to go to shitcoin market and pump and dump altcoins. As soon as bitcoin starts making rising they dump those shitcoins and move back to bitcoin market (which is why all altcoins dump against bitcoin). In many cases this requires a bitcoin withdrawal.

Okay, yes, this makes sense to me; that if you're not going purely between BTC and fiat, there's withdrawals needed.

Anyhow - 3 days after I stated 'wait a couple days', mempool is empty!

It seems price has stabilized as well, so this would be evidence for that theory:

pooya87

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Quote from: n0nce on October 08, 2021, 11:11:58 AM

I am seriously interested if there is any data that backs this up;

It is just logic and observation.

Quote

I mean the idea that there is not only a correlation between mempool size and Bitcoin price increase,

Not price increase, but price change which can be either increase or decrease. Also not all rise and falls would cause a spike, it has to be semi-significant. For example a 5% drop or 5% rise is not going to cause a fee spike but a 20% will.

Quote

Because (unfortunately) many people leave their funds on the exchange.

True but when we are seeing a significant "movement", specially after a period of stability, there are a lot of traders who move their funds too. For example there is a large number of day traders who leave bitcoin market when it is stable to go to shitcoin market and pump and dump altcoins. As soon as bitcoin starts making rising they dump those shitcoins and move back to bitcoin market (which is why all altcoins dump against bitcoin). In many cases this requires a bitcoin withdrawal.

Quote

So even if many people buy or many people sell, if it's all done on-exchange, there are no Bitcoin transactions needed.

That's true and we are ignoring those people as they have no effects on-chain. We focus on the other group who move their coins to and from exchanges to sell or have bought respectively.

Poker Player

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Quote from: n0nce on October 08, 2021, 07:26:08 PM

However, even if we saw a correlation, it still wouldn't prove causation.

I will partially agree with you that causation is probably not proven. But it is very difficult to demonstrate causation, and even more so through the simple observation of statistical phenomena.

I understand that the other forumers who affirm that it exists is by the observation of many years. If you see that a phenomenon happens only once after another, you cannot establish a causal relationship. But if years go by and you always see that one phenomenon happens after the other, and you've never seen an exception, you can begin to think that there is a causal relationship.

But if you mean proving it, as in being absolutely sure, it probably cannot be demonstrated.

n0nce

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not your keys, not your coins!

Quote from: stompix on October 08, 2021, 12:33:18 PM

You can start from here Cheesy

https://bitinfocharts.com/bitcoin/address/1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s
This is Binance's known address for withdrawals, if anything has changed in the pattern of usage it must be here.

Okay, so looking from June till now, it seems it went down in a relatively straight line until August, then up again until now. No insane movements in October, when looking at the big picture.
Looking at the mempool chart, ever since July, when the mempool first 'hit the floor' in a long time, there have been lots of little spikes in relatively regular intervals, but purely pattern-based, the two charts don't seem very correlated.

However, even if we saw a correlation, it still wouldn't prove causation.

Binance address:

Mempool:

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 36. (Read 88546 times)