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

LoyceV

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I don't want to remove this bump because it was Merited.

Consolidate Bump.
Consolidate this small pocket change!

At the moment, even just 2 sat/byte is enough for a fast confirmation. In the past days, I've seen fees drop to the minimum several times. I expect you can consolidate at 1 sat/byte this weekend.

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......).

LoyceV

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This "fee pyramid" covers the last 24 hours:
Image loading...

(source: screenshot from jochen-hoenicke.de)

TopTort777

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Activity: 2282

Merit: 1435

Thank for the reminder. Sent yesterday some bitcoin (about 0,03btc obtained from around 8 transactions) with 1sat/byte and it took about 5-6 hours to get to other address and be confirmed.

Hey people, dont miss that opportunity.

buwaytress

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Join the world-leading crypto sportsbook NOW!

Quote from: jackg on August 24, 2020, 05:56:52 PM

I sent you a pm @buwaytress but I used a server beginning 148 if anyone wants one that accepts 1 sat per byte.

Thank you bud! On a reboot today I still got the error message, so I'll try this server out on my next tx. Not that it's an issue for me to pay 2 sats/byte, of course. I was just wondering if or why a lot of miners just suddenly decided to double the min, and when this happened. Seems a bit arbitrary given that we haven't exactly been pushing the limits of average fees recently.

jackg

copper member

Activity: 2856

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https://bit.ly/387FXHi lightning theory

I sent you a pm @buwaytress but I used a server beginning 148 if anyone wants one that accepts 1 sat per byte.

buwaytress

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So, today, I wasn't able to set a 1 sat/byte tx, I kept changing different servers, but Electrum insisted that My fee was below the min mempool limit. Tried 1.5 sat, 1.9, all didn't work, 2 sat/byte accepted immediately. Mempool isn't THAT crowded now and I've done plenty of 1 sat/byte even above 100k txs.

Is this an Electrum thing? I know some time back they set the min fee to 1...

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

I got a conf within 40 minutes using just 1 sat per byte on 3 separate transactions. It is quite a good time to consolidate your inputs now.

Pmalek

legendary

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Farewell, Leo. You will be missed!

Today was an excellent day for anyone who needed to consolidate some inputs. I hope those who did used the opportunity. The mempool still looks good and the total size of unconfirmed transactions is below 2 MB at the time of writing. But a new week is approaching and we will probably see some more activity soon.

I used the opportunity and made 3 consolidations today. 1 sat/vbyte for all three transactions. All received the first confirmation in less than 30 mins.

LoyceV

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Mempool just cleared! This transaction (1 sat/byte) took 16 days to confirm. If you take your time, using low fees is still possible.

nc50lc

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Self-proclaimed Genius

Quote from: pooya87 on August 06, 2020, 03:46:15 AM

"raw" bytes is always bigger than or equal to "virtual bytes".

Yes, that's why you have to set higher than 10sat/vB if your transaction has Witness data to reach viBTC's requirement of 10sat/B.

Come to think of it, for example (based from an existing SegWit transaction):
If your SegWit transaction has a feerate of 10sat/vB and a virtual size of 166vB, you're paying 1,660satoshi.
If based from the RAW bytes like Viabtc is doing, which is roughly 247B the fee rate would be 6.7sat/B (1,660/247).

I have tried to send SegWit 10sat/B tx to viabtc before and they always result with "not enough fee" error.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: cabalism13 on August 05, 2020, 11:11:27 PM

Just now, my friend was about to transfer 0.0015 on my wallet but he can't due to high Miner's fee (254% of the amount to be transferred),...

Your friend (whom you trust) can send the transaction with 1 sat/byte. If his wallet doesn't allow that, he should use a better wallet. With many small inputs the total fee can still be high, but that's just the minimum. It can take weeks to confirm, but since you trust him (and you're not in a hurry), that shouldn't be a problem.

pooya87

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Quote from: nc50lc on August 06, 2020, 03:07:07 AM

It should be higher because wallet supporting SegWit computes based from the virtual bytes while they compute based from the RAW Bytes.
It's their requirement which is (RAW) 10sat/bytes; using that formula, if you set your SegWit transaction's fee to 10sat/vB, they will "see" it as <10sat/B.

"raw" bytes is always bigger than or equal to "virtual bytes". and since it is in the denominator the result should be smaller.
here is an example https://blockchair.com/bitcoin/transaction/6b907f8f3445924bb4d360502975c90b7e0b8165ab290897cad2a7f284369e6e
the raw byte size of this transaction is 249 (you can click on Raw tx button and count the hexadecimal bytes yourself too) the virtual size of this transaction is 168 (weight/4) that means when it paid 4294 satoshi fee the fee rate is 17.2 s/b and 25.5 s/vb. and as you can see these are the same numbers as blockchair reports after rounding them.

if it didn't have any witness like this one: https://blockchair.com/bitcoin/transaction/7a84c2ff0cbcea89d9f54ee182086f31b49bbee47e988a8982cd5a28ee39e62a
the raw byte size and the virtual size are both the same 223 bytes hence the fee is 22 s/b and 22 s/vb since this tx paid 4972 satoshi total fee.

nc50lc

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Quote from: cabalism13 on August 06, 2020, 02:59:28 AM

I don't know, and sorry I have mistaken for a digit it was 215%... was over exaggerated with that other 40% 😂
anyways here's the screenshot of it, maybe it was for a high prio?
https://i.ibb.co/WcLckwL/20200806-145604.jpg

The OP best explains what's happening in that transaction Wink

The "priority transaction fee rate" during your first post is a lot higher than this hour's so 254% or 215% wont matter.
What matters is: with that fee, his transaction should have a lot of inputs to reach that total fee.
Reading the OP will help you solve that kind of issue but! You can't do it now since 1sat/B or one-digit fee rate isn't possible ATM.

Quote from: pooya87 on August 06, 2020, 03:04:38 AM

Quote from: nc50lc on August 06, 2020, 02:28:26 AM

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).

it should be lower not higher if they falsely compute fees based on raw bytes.

It should be higher because wallet supporting SegWit computes based from the virtual bytes while they compute based from the RAW Bytes.
It's their requirement which is (RAW) 10sat/bytes; using that formula, if you set your SegWit transaction's fee to 10sat/vB, they will "see" it as <10sat/B.

pooya87

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Quote from: nc50lc on August 06, 2020, 02:28:26 AM

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).

it should be lower not higher if they falsely compute fees based on raw bytes.
virtual size = weight / 4 where weight = (stripped size * 3) + total size. that means if you had witness your virtual size is smaller than the raw bytes because the "stripped size" is smaller, and if the calculation were based on raw bytes then the resulting fee should be smaller than what you paid (<10).

cabalism13

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Quote from: nc50lc on August 06, 2020, 02:28:26 AM

Quote from: cabalism13 on August 05, 2020, 11:11:27 PM

...

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).
Then time the submission right (HH:00) and it should confirm once they mined a block.
That fee is quite good and cheap for 1-input TX anyways, in case I failed to submit it on accelerators.

BTW 254% of 0.0015BTC is 0.00381BTC - he must have used a lot of inputs for that attempted transaction since even at 100sat/B, the transaction's virtual size must be 3.8KB+
You must refer him to this thread's OP

I don't know, and sorry I have mistaken for a digit it was 215%... was over exaggerated with that other 40% 😂
anyways here's the screenshot of it, maybe it was for a high prio?

nc50lc

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Quote from: cabalism13 on August 05, 2020, 11:11:27 PM

Just now, my friend was about to transfer 0.0015 on my wallet but he can't due to high Miner's fee (254% of the amount to be transferred),..

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).
Then time the submission right (HH:00) and it should confirm once they mined a block.
That fee is quite good and cheap for 1-input TX anyways, in case I failed to submit it on accelerators.

BTW 254% of 0.0015BTC is 0.00381BTC - he must have used a lot of inputs for that attempted transaction since even at 100sat/B, the transaction's virtual size must be 3.8KB+
You must refer him to this thread's OP

cabalism13

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Quote from: 1miau on August 05, 2020, 09:32:14 PM

Quote from: LoyceV on August 03, 2020, 04:02:53 AM

Fees have just dipped in the 1 sat/byte area, although not long enough to clear mempool completely.

Most likely we won't see such cheap fees for a longer time if we really start into a new bull market now.

Just now, my friend was about to transfer 0.0015 on my wallet but he can't due to high Miner's fee (254% of the amount to be transferred),... I thought the system are crazy for giving that kind of fee higher than the amount to be transferred.

Quote from: 1miau on August 05, 2020, 09:32:14 PM

I guess we will see much higher transaction fees in the coming weeks should a new bullrun start.

so much for 2020, fees are extremely high can't even make small transactions... And I don't know whether it is a good news to have a bullrun or not.

1miau

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Quote from: LoyceV on August 03, 2020, 04:02:53 AM

Fees have just dipped in the 1 sat/byte area, although not long enough to clear mempool completely.

Most likely we won't see such cheap fees for a longer time if we really start into a new bull market now. A new ATH will attract new users and even the improvements with SegWit won't help much if we get a similar FOMO like in 2017.
Even if tx fees stay "moderate" of around 20 sat/byte that would mean up to 20x higher fees compared to a transaction of doing a tx of 1 sat/byte now and that's making a huge difference if you have multiple inputs.

For sure, it wouldn't be a bad idea to consolidate small inputs now or it won't be possible to move this BTC for a long time without wasting much of it for tx fees. It's still possible to do transactions of around 2 - 4 sat/byte during nighttime (at least yesterday that worked), so better hurry up.

I guess we will see much higher transaction fees in the coming weeks should a new bullrun start.

LoyceV

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tranthidung

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Farewell o_e_l_e_o

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 36. (Read 83767 times)