Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 48. (Read 88281 times)
August 24, 2020, 10:34:41 AM
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.
August 09, 2020, 01:32:59 PM
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.
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.
August 09, 2020, 11:32:30 AM
Mempool just cleared! This transaction (1 sat/byte) took 16 days to confirm. If you take your time, using low fees is still possible.
August 06, 2020, 02:58:19 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.
August 06, 2020, 02:50:52 AM
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.
August 06, 2020, 02:46:15 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.
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.
August 06, 2020, 02:07:07 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 anyways here's the screenshot of it, maybe it was for a high prio?
https://i.ibb.co/WcLckwL/20200806-145604.jpg
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.
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'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.
August 06, 2020, 02:04:38 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).
August 06, 2020, 01:59:28 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).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
anyways here's the screenshot of it, maybe it was for a high prio?
August 06, 2020, 01:28:26 AM
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
August 05, 2020, 10:11:27 PM
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.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. 
August 05, 2020, 08:32:14 PM
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.
August 03, 2020, 03:02:53 AM
August 02, 2020, 05:27:03 AM
August 01, 2020, 11:39:18 AM
the opportunity is just not there for a 1-2 sat/vbyte consolidation attempt.
You can just send it, it'll confirm eventually (as long as your wallet keeps broadcasting the transaction). August 01, 2020, 10:49:03 AM
I have been looking for the perfect opportunity to consolidate some inputs for several days now, but the opportunity is just not there for a 1-2 sat/vbyte consolidation attempt. Right now there are almost 65MBs of unconfirmed transactions in the mempool. Most of them are in the 1-2 sat/vbyte region. Hopefully it will empty out soon. But even during the last weekend it wasn't great.
August 01, 2020, 07:21:14 AM
Might be better in some cases (particularly when the fee is relatively high) not to use consolidation but instead select (via the coin control) a few UTXOs (linked to specific address) and utilize them, what are your thoughts on that?
I always use coin control (except for on mobile, Mycelium doesn't allow it). It's good for fees and privacy.You can also save on fees by making "pay to many" transactions. If you have to make a payment anyway, see if there are other less time sensitive payments you need to make and add them to the same transaction. Example: pay for webhosting, deposit to an exchange, and order catfood in one transaction.
July 30, 2020, 03:21:36 AM
I would be really grateful if someone would explain how fee and transaction time are calculated.
You can't calculate the transaction time. That's because the fee estimate is based on past transactions, and the actual confirmation time will depend on future transactions and future block times.So the best you can do is an estimate, and if things change (for instance when it takes longer to find the next block), your estimate was wrong.
Quote
For example how he calculated recommended amount here ? Or how can I calculate approximate transaction time using https://jochen-hoenicke.de/queue/#0,24h with this recommended 34 sat fee ?
Don't forget that the recommended fee is usually based on getting a fast confirmation, which often isn't necessary. If all wallets do that, all you accomplish is ever increasing fees when blocks are full. Based on Johoe's current overview, I expect 15 sat/byte to confirm quite fast. 10 sat/byte might take a few hours. But if the next block takes an hour, 40 sat/byte might not be enough to get in there.Quote
If I send bitcoin at 08:00, and wish to receive it on other address at 08:00 next day, which amount of Satoshi per byte should I use?
It doesn't work that way. You can use Locktime to create a transaction that can't be confirmed before a certain time/date/block, but that means you'll have to broadcast it the next day.I can't think of a single use for what you're asking though, usually it's not a problem if someone gets paid a few hours before expecting the payment.
July 30, 2020, 02:43:33 AM
Sorry for a bug like me bothering giants
There's no need for such a disclaimer, at least in my topics. How did you go from "I'm Erumo - Master of the Universe" to being humble?Too many Universes around, I'm just the master of my own
In the world of humans and this particular forum, my knowledge of bitcoin technology (i.e. transactions) equals bugs life cycle eat-sleep-repeat (receive-send bitcoin). Looking how you communicate and operate with knowledge, I made a comparison of me being a bug, and others being giants.Maybe this is not the best topic to ask, but I would be really grateful if someone would explain how fee and transaction time are calculated.
It works again: https://coinb.in/#fees. The recommended fee is 34 sat/byte.
For example how he calculated recommended amount here ? Or how can I calculate approximate transaction time using https://jochen-hoenicke.de/queue/#0,24h with this recommended 34 sat fee ?
Or another question. If I send bitcoin at 08:00, and wish to receive it on other address at 08:00 next day, which amount of Satoshi per byte should I use?
July 29, 2020, 06:50:00 AM
Sorry for a bug like me bothering giants
There's no need for such a disclaimer, at least in my topics. How did you go from "I'm Erumo - Master of the Universe" to being humble?Nope. Worst case scenario is that it won't get picked up and processed by a miner. It will return to your wallet, not that it ever left. I can't quite remember but I think that'll take 10-14 days to play out.
It depends on the wallet. Bitcoin Core keeps broadcasting the transaction, so it will never expire and never "return" to the wallet (unless you manually intervene). Years ago, I had to double spend a transaction that was "stuck" for 2 weeks with 0 fee (zero fee transactions were still possible at the time).If the wallet doesn't keep broadcasting, I think it varies a bit per service/miner/mempool/block explorer. Take this transaction for example: I made it from Electrum, but instantly closed the wallet so it can't broadcast it again. Blockchair.com still remembers it was broadcasted 5 days ago, Blockchain.com says it was received yesterday, and BlockCypher.com doesn't know the transaction at all. I manually keep broadcasting it until it confirms.
On Mycelium (Android mobile) I've had a low-fee (consolidation) transaction "stuck" for a few weeks, and I couldn't easily stop it from broadcasting to spend the funds elsewhere. I could have taken drastic measures like uninstalling the app, but it wasn't worth it at the time. Eventually, it confirmed.
Quote
Even with fees as they are it's quite possible someone will process it during that time. There would be many peaks and troughs during a couple of weeks. I've had some lengthy waits whilst skimping but I've never had one fail to get there eventually.
It will get interesting when mempool grows to several GB in size. I expect transactions with the lowest fees to be dropped first.Update: nc50lc beat me to it
Jump to: