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Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 46. (Read 88277 times)

legendary
Activity: 2114
Merit: 1293
There is trouble abrewing
edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.
That makes sense, will you report the bug?

unfortunately my hard disk blew up a while ago and i lost some of my login passwords including the one to my github account. it would be quicker for someone with access to report it than me creating a new account for this.
legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
If you can live with a slightly restricted character set, you can make native segwit (bc1qxxxx) vanity addresses... even legacy compatible segwit (3xxxx) vanity addresses.

Like bc1qfeedch80zxged6apxyknugt67e47nsw00tpguu for example. Feed Ch-ildren? heh... used to be 1food.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.
That makes sense, will you report the bug?
legendary
Activity: 2114
Merit: 1293
There is trouble abrewing
Isn't it just because the signature part makes the transaction larger?

it does but the estimator on your online wallet should take that into consideration when showing the fee/byte values. that extra zero byte doesn't happen that often and the signers nowadays usually choose another nonce to get a lower r to avoid that extra byte.

edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.
if we remove the 15 extra bytes of uncompressed pubkeys (15*32=480 byte) from the size the fee turns into 7.5 sat/byte. that means the estimator messed up here not knowing the pubkey takes 65 byte not 33.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
You will really need to be patient, legacy address will make the transaction longer to be confirmed
That's not true when using the same number of sats/(v)byte.

are you using the new versions of electrum or the old ones?
I used Electrum 4.0.9.

Quote
if you shared the transaction (or maybe another one on testnet that looks like it if privacy is a concern) it could be analyzed better.
The address is publicly known already.

Quote
the only time the size is changed is when the signatures you produce end up needing an additional 00 at the beginning of their r value when they are encoded. depending on number of signatures this could increase but i don't think enough to decrease the fee by 1 sat/byte.
Isn't it just because the signature part makes the transaction larger?
legendary
Activity: 2114
Merit: 1293
There is trouble abrewing
I (once again) noticed a flaw in this system: when creating an online transaction in a watch-only wallet, I set a fee of 7.5 sat/byte. When I signed it offline, the transaction increased in size

are you using the new versions of electrum or the old ones?
if you shared the transaction (or maybe another one on testnet that looks like it if privacy is a concern) it could be analyzed better.

the only time the size is changed is when the signatures you produce end up needing an additional 00 at the beginning of their r value when they are encoded. depending on number of signatures this could increase but i don't think enough to decrease the fee by 1 sat/byte.
legendary
Activity: 1624
Merit: 1200
Gamble responsibly
what were you using to do this?
I used Electrum with legacy addresses (not even "compressed").
You will really need to be patient, legacy address will make the transaction longer to be confirmed, it will also be more longer as it is not a compressed address. I know this is left to you as you are better in this far more than me, but using uncompressed legacy address this time really sounds like a joke for professional like you.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
what were you using to do this?
I used Electrum with legacy addresses (not even "compressed").
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
I (once again) noticed a flaw in this system: when creating an online transaction in a watch-only wallet, I set a fee of 7.5 sat/byte. When I signed it offline, the transaction increased in size and my fee turned out to be only 6.2 sat/byte....

Slightly OT, but what were you using to do this? I have at times noticed a slight difference in size when signing but never anything that would change more then a fraction of a sat/byte. Not the 1.3 sat/byte that you have. Might be worth some testing.

-Dave
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Hi LoyceV, thank you very much for this post.
You're welcome Smiley



I (once again) noticed a flaw in this system: when creating an online transaction in a watch-only wallet, I set a fee of 7.5 sat/byte. When I signed it offline, the transaction increased in size and my fee turned out to be only 6.2 sat/byte. So while I expected it to confirm quickly, it's now 50 MB from the top and might take weeks or months to confirm. The last time fees were this low was 6 weeks ago (Feb Cool.
Luckily, I'm not in any rush Tongue
legendary
Activity: 1372
Merit: 2017
... In the past weeks, I've seen fees rise a lot. Last Sunday, it reached as low as 7 sat/byte. My expectation for tomorrow is around the same.

...
Electrum's recommendation is currently 159.3 sat/byte for a next-block confirmation and 55.8 sat/byte to confirm with 25 blocks. That's rediculous, there's no need to waste this much money on fees.

Hi LoyceV, thank you very much for this post. Today I wanted to send a small transaction and I was on the verge of not sending it because if I sent the high fee, the commission would be more expensive than the transaction itself. If I sent the standard fee, the transaction cost me the same as the commission, i.e. twice as much. If I put the low fee a little less but almost the same. I searched the forum and found this post, I tried with 10 sat/vb, which was about 2% of fees, that is much cheaper, and in about 12 minutes I had three confirmations. I will keep this thread in my whatchlist and reread it because I am a noob in this transaction stuff.

Edit: I've just tried now 5 sat/vb with the address I had with the lowest amount, like 5/6$, I think this thread is going to be useful for me.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
In the past hours, 10 sat/byte was enough for a fast confirmation. In the past weeks, I've seen fees rise a lot. Last Sunday, it reached as low as 7 sat/byte. My expectation for tomorrow is around the same.

I noticed Johoe's site got updated:
Image loading...
Instead of the number of transactions, it now shows the transaction weight by default. The graph looks totally different because many low-fee transactions are very large (consolidating many inputs), and the high-fee transactions are a lot smaller.
legendary
Activity: 2730
Merit: 7065
@bakasabo
There are currently almost 84 vMB of transactions stuck in the mempool with fees of 5 sat/vByte. Between 10-11 AM this morning, transactions that paid 8-10 sat/vByte were confirmed. There were probably a few that paid 7 sat/vByte as well. But even the range of 7 sats has over 30 vMB of transactions waiting to get confirmed, and there are almost 60 vMB where users are paying 6 sats. Considering that each new block removes only about 1 MB from the tip of the mempool as shown on the jochen-hoenicke site, you will have to show plenty of patience before you see the 1st confirmation.   
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
what about transactions with lower fees? I have a transaction with 5sat/byte stuck since February 11. It is not dropped from mempool, it is not being resend. Is there a chance it will be confirmed during next "low fees Sunday" ?
Only if fees drop low enough, miners include transactions that earn them most money first.

Quote
It was made in online wallet, that dont allow CPFP and RBF.
As long as they keep broadcasting the transaction, it won't drop from mempool. But if fees keep rising, and given a maximum 300 MB mempool size, the transactions with lowest fees will be dropped eventually, and in that case won't be accepted again as as long as mempool stays full.
If that happens, it's up to the service that sent the transaction to re-send it with a higher fee.

If it's a "wallet" (by my definition), it should give you access to private keys. If you have private keys, you can try CPFP. If it's an exchange or other website that doesn't give you private keys, and you sent it to a similar service that doesn't allow you to do RBF, then indeed all you can do is wait.
legendary
Activity: 2492
Merit: 1215
Hello LoyceV,

You have mentioned, that on Sunday users were able to get their transaction confirmed fast with 7sat/byte fee, but what about transactions with lower fees? I have a transaction with 5sat/byte stuck since February 11. It is not dropped from mempool, it is not being resend. Is there a chance it will be confirmed during next "low fees Sunday" ?

p.s. It was made in online wallet, that dont allow CPFP and RBF.
legendary
Activity: 2310
Merit: 4085
Farewell o_e_l_e_o
But always at least glance at a 2nd one.
Because if one stalled, had an issue with it's local node, or something else, and you use the wrong fee, you may be waiting for a while.
You are right when bookmark alternatives to use in case one website is down or has technical inaccuracy.

Personally, I also use Electrum for mobile with fee estimator binds with the option Mempool when I am on mobile. On mobile devices, it is not comfortable to use https://jochen-hoenicke.de/ than on desktop or laptop. This alternative works for me on mobile devices as a tool for pre-checking.

I use an empty wallet to check fees and see is it time to move my bitcoin before I go to desktop or laptop Wink
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
Minor change for the subject line, it's the end of Feb not Jan. And I put in the time now. Lets face it 90 minutes from now it can all change.

Also, in addition to not just trusting your wallet to determine the fees or 1 mempool viewer take a look at another one just to be sure.

I like https://mempool.space
others like
https://jochen-hoenicke.de/queue/#BTC,24h
and there are others.

But always at least glance at a 2nd one.
Because if one stalled, had an issue with it's local node, or something else, and you use the wrong fee, you may be waiting for a while.

-Dave
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
If in future I would like to send my entire balance, then doing following: "send 0.05 BTC + 0.05 BTC to my other wallet with 1-2 sat per byte fee  (it might take days to receive them back)", will decrease transaction fee and increase transaction speed?
Yes.

Or in pictures:
You have this, which is slow and annoying to use:
Image loading...

You want this for quick easy payments:
Image loading...
legendary
Activity: 2478
Merit: 1492
Confirm if I get this correct.

I have about 100 small incoming transactions into my wallet. Lets say they worth 0.1 BTC.

If in future I would like to send my entire balance, then doing following: "send 0.05 BTC + 0.05 BTC to my other wallet with 1-2 sat per byte fee  (it might take days to receive them back)", will decrease transaction fee and increase transaction speed?

"Received 0.05 BTC + 0.05 BTC" > "received 0.002 BTC + 0.000234 BTC + 0.0009761 BTC + 0.0000037271 +..."
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
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.
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