[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 39.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: jackg on January 01, 2021, 03:38:52 PM

I paid 93 sats per byte nlyesterday to end up 47mb from the tip of the mempool

I guess that wasn't meant to consolidate small inputs Wink

Fees can always spike any moment, but if I look at Johoe's current graph, I see many people pay 50 times more than needed:
Image loading...

The graph shows what happens when it takes more than an hour to find a block (around 03:00). Wallets keep competing for the highest fee, but none of that matters until a block gets mined.

Yesterday I paid 1.2 sat/byte instead of 1. That was enough to get on top of the large majority of waiting transactions, while my wallet was recommending to pay 80 times more. Even now, Mycelium recommends 82 sat/byte for a "Normal" 30 minutes transaction. For 2 hours, it recommends 59 sat/byte, and only for 3 hours it drops down to 8 sat/byte. It's such a waste of precious satoshis to follow the default fee, and on top of that it forces others to do the same.

jackg

copper member

Activity: 2856

Merit: 3071

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

I'd double check on the fees before sending now as they're quite volatile.

I paid 93 sats per byte nlyesterday to end up 47mb from the tip of the mempool (at the time of sending that was considered enough to get confirmed in the next block and then there was a spike).

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

I'll have to remember that. I'm still looking at bitcoinfees all the time as it lays out the numbers in a clean manner (and you can view just the api page to get raw numbers.)

https://bitcoinfees.earn.com/api/v1/fees/recommended

But yeah, while it's graphical, it would not hurt to also look at Johoe's site.

https://jochen-hoenicke.de/queue/#0,2d

philipma1957

legendary

Activity: 4116

Merit: 7849

'The right to privacy matters'

jochen-hoenicke.de

is pretty much the gold standard to use.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: arulbero on November 21, 2020, 08:38:25 AM

What do you mean by "low"?

I mean 1 sat/byte should be enough to get a confirmation today.

Quote from: pooya87 on February 20, 2018, 12:50:10 AM

so far bitcoinfees.earn.com is inaccurate and leads to higher fees.

Quote from: Dabs on November 22, 2019, 11:34:05 AM

I'd say the bitcoinfees.earn.com site is fairly accurate in estimating.

I was looking at jochen-hoenicke.de:

Image loading...

(source: screenshot of jochen-hoenicke.de taken by Loycev)

arulbero

legendary

Activity: 1914

Merit: 2071

Quote from: LoyceV on November 21, 2020, 04:32:26 AM

Fees are low while Bitcoin's price is close to ATH. That's new

What do you mean by "low"?

Looking at https://bitcoinfees.earn.com/, the fees seem to me pretty high.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Fees are low while Bitcoin's price is close to ATH. That's new

Stedsm

legendary

Activity: 3052

Merit: 1273

Quote from: Timelord2067 on November 09, 2020, 08:37:13 AM

--snip--

(now if only this TX would get confirmed as well I'd be a happy chappy! Grin

)

Even though you broadcast it to the network again through many different sites, I believe that it's still about the miners' preference to choose the transaction of your fee size. I've got a magic to share (as it's still working for me and I don't know how).

https://www.antpool.com/user/prioritiseTransaction.htm?m=savePrioritiseTx

Got an account there? Use this and see the magic. Yeah, I know it's an old trick but still works for me (maybe not work in extremely low fees but at least the average fee and definitely less than what's needed to get taken in next block).

Timelord2067

legendary

Activity: 3668

Merit: 2218

💲🏎️💨🚓

Quote from: AB de Royse777 on November 09, 2020, 07:58:44 AM

It spiked again and now it's over 100 sat/B

https://archive.vn/wip/slQQ5

I had a tx with 1 sat/Byte for the last more than a week and it got confirmed yesterday LOL

I had a TX with one sat that only took a couple of hours today to get confirmed https://live.blockcypher.com/btc/tx/f327299146eea5bdde80f2ce310ff6cf8a16525bfdf020d9314bc5ac8be2851f/ (of course I was sendrawtransaction a few times Wink

)

(now if only this TX would get confirmed as well I'd be a happy chappy! Grin

)

AB de Royse777

legendary

Activity: 2464

Merit: 3878

Visit: r7promotions.com

It spiked again and now it's over 100 sat/B

https://archive.vn/wip/slQQ5

I had a tx with 1 sat/Byte for the last more than a week and it got confirmed yesterday LOL

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Bump: fees are low again. It dipped to 3 sat/byte on Saturday and reached 1 sat/byte yesterday (as expected on a Sunday).

(I don't want to remove my Merited bump)

tranthidung

legendary

Activity: 2170

Merit: 3858

Farewell o_e_l_e_o

Quote from: Pmalek on October 18, 2020, 04:48:38 PM

@LoyceV
It was actually both incoming and outgoing transactions from different wallets and websites so I couldn't use that option this time. A little bit of betting and withdrawing from the casino, followed by a consolidation at the end as an icing on the cake.

If you withdraw your bitcoin from casinos, exchanges then the situation will be different. It depends on specific casino/ exchange and their policies

They charge withdrawal fee on user: charge fee or not
If charge fee, the fee is dynamic or static.

If no fee for withdrawal (like Fortune Jack after the day they turned back to waiving the fee for users), when you receive withdrawals on your non-custodial wallet, you can consolidate your inputs with coin control features.

If fee is charged, let's see 2 situations:

Fee is static: it means the fee is fixed by exchange or casino, no matter how low or high fee on the network is and how mempool space is. Simply make withdrawals when you win. Then wait for good period to consolidate your inputs.
Fee is dynamic: you need to wait till the right time, observe mempool space and make withdrawals when mempool is clear, fee is cheaper. You will save fee for withdrawals. Next, consolidate your inputs after 30 to 60 minutes.

Pmalek

legendary

Activity: 2730

Merit: 7065

Farewell, Leo. You will be missed!

@LoyceV
It was actually both incoming and outgoing transactions from different wallets and websites so I couldn't use that option this time. A little bit of betting and withdrawing from the casino, followed by a consolidation at the end as an icing on the cake.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Pmalek on October 18, 2020, 04:14:24 AM

just before I needed to make a few transactions

If you made several transactions, you could probably have saved more on fees by adding paying all addresses within one transaction. Unless you have a reason (such as privacy and coin control) to make separate payments, you can reduce the total transaction size and thus the total fee by making one transaction.
Remember: each input adds a lot more to the transaction size than each output.

Pmalek

legendary

Activity: 2730

Merit: 7065

Farewell, Leo. You will be missed!

Yep, the mempool has been looking really good since last night. It cleared nicely just before I needed to make a few transactions. Right now, fees of 1-2 Sat/vByte are enough for relatively quick confirmations.

This is the state of the mempool from a few minutes ago.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

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

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

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

(source: screenshot from jochen-hoenicke.de)

TopTort777

legendary

Activity: 2324

Merit: 1448

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

legendary

Activity: 2828

Merit: 3487

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

Merit: 3071

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.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 39. (Read 84893 times)