Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 50. (Read 88277 times)

That's more or less the point of this topic
To consolidate, it doesn't really matter what moment you do it, because you're not in a hurry to get a confirmation.
However, if you need to make a fast payment (for instance for a food delivery), the right moment is when you're hungry, and not when fees are desirable.

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I made several low-fee transactions yesterday, and they all confirmed overnight. In the past week, I "got rid of" more than 50 inputs this way. That potentially saves me up to 0.1 BTC compared to the imaginary scenario in which I'd have to pay 1000 sat/byte in fees.

Just wanted to mention the website https://mempool.space/
Gives a very easy to look at picture of the average fees in the last blocks and a really good guess of the fees needed to make it into the next blocks.

I have been using it as a guide on and off for the last few months and it has been very accurate in estimating fees for what I have to send.

-Dave

An update: this transaction confirmed last night. It took 2 weeks.
If you're not in a rush, low fees are still possible. And currently fees are lower again.

that unfortunately is mainly due to bad and in some cases terrible fee estimation code written by some of the bitcoin implementations out there which also happens to be one of the main reasons for very fast fee spikes in the past.

From Johoe's Bitcoin Mempool Size Statistics for the past 24 hours:

I'm surprised to see fees spiraling upwards this quickly on Sundays. According to this graph, transactions with less than 10 sat/byte are included in most blocks, but fees reach ~150 sat/byte in between. I think that's because many wallets (or automated systems) try to use a fee high enough to be included in the next block, even when it's totally unnecessary.
To confirm in ~2 hours, Mycelium recommends 106 sat/byte. Bitcoin Core recommends 135 sat/byte. Those are rediculous fees, and only lead to everyone paying more, while blocks are still just as full.

There are also still many transactions that don't use Bech32 addresses, which also is a waste of fees and block space. And of course the people (and companies) that don't use "send to many" when they're paying to more than one address. I sometimes even wait for this: if I'm making a payment anyway, it only increases the transaction size by less than 40 bytes to add another receiving address. That makes it a very cheap transaction.

Long story short: be smart on fees, it's good for all of us

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A few days ago, I made a transaction to Bitpay. I paid the highest recommended fee in Bitcoin Core withour RBF, and still Bitpay waited for it to be confirmed (which happened within minutes). Bitpay told me this was my fault because I used a low fee. Meanwhile they don't tell me what fee they need for an instant confirmation.

The first problem is spamming the exchange 19 times. That's not how support tickets work, all you've accomplished now is pissing off some poor support employee who now put you at the bottom of his task list.
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It is easier said when you were not in my shoes. They ought to say something at least. Keeping me in the dark is not helping the matter. It is frustrating. It won't take them anything to reply a message stating what the problem is.

First: please edit your post and remove that big quote, so I don't have to delete your post.

You can check your receiving address on Blockchair blockchain explorer. Depending on your wallet it may or may not show up when it's unconfirmed. The next auction depends on whether or not the exchange actually made the transaction.

If that's the case, there's nothing anyone other than the exchange can do for you.

The first problem is spamming the exchange 19 times. That's not how support tickets work, all you've accomplished now is pissing off some poor support employee who now put you at the bottom of his task list.

Somebody please help!
It's more than 72hours now I made a btc withdrawal on Cex.io and I'm yet to get the coin in the receiving wallet. The said coin is no more in the cex account balance, no btc in the receiving wallet and no record of the transaction on blockchain network. I have messaged Cex support team more than 19 times and no response whatsoever.

What could be the problem ? has anyone experienced this before.

Sure, as long as you provide credits to the original post, that's fine with me.

Out of curiosity: where do you plan to "reprint" it, and in which language?

Can I translate your article and reprint it?

Wrong, demand on transactions has little or nothing to do with the hashrate increase, we are at block 726 when in theory "if block average time was 10 mins" should be at block 679, in other words, we are 46 blocks or 7% ahead, this is pretty normal, in fact without even looking, I would say that at least 90% of the time epoch length is always shorter than "anticipated", and 7% is nothing out of the ordinary, so if this theory is valid, fees would have been this low 90% of the time, which is not the case.

In the last days (2 weeks) the hashrate has gone up (probably because the energy's price has dropped), as you see from the confirmation time, the fees have therefore come down.

As soon as the confirmation speed raises a little bit, we immediately see that in this period the demand of (onchain) transactions is pretty low.

I just made a transaction from a native segwit address, paid 1 sat/WU or 2sat/B (however you like it) as was suggested by Coinomi wallet, got confirmed in 7 minutes, I could probably get away with 1 sat/B but I was kind of in a rush.

Blocks are still pretty empty, a very good chance to consolidate.

Many things on blockchain.com are broken (lol), but I've never seen the block size being wrong. We had 12 blocks in an hour, which partially explains why blocks were that empty.

I can't decide if that block explorer is broken, didn't think we'd go sub 1mb .

Using anything more than 1 sat per byte is kinda just throwing funds at miners and 1 sat per byte - at current - should only take 30 minutes to 2 hours MAX to confirm.

I haven't seen blocks this empty in a long time:

you can't really affect the propagation of the transaction though. you can only broadcast the tx and hope that the receiving nodes do the rest by sending it to each other. if there were something wrong (like having lower fees than their minrelaytxfee variable) then it won't propagate no matter how many nodes you send it to.

Or it drops out of the mempool depth for a lot of nodes. Pools and block explorers. Will have huge depths but I don't know how far they'll be, it can help to propagate your transaction into a different series of nodes if it didn't reach a certain pool though...

That's only necessary after nodes have dropped the transaction (when it takes a long time to confirm). As far as I know, Bitcoin Core keeps broadcasting a transaction until it's either confirmed, or the user forces the wallet to drop it.

Hi LoyceV,

Just thought your readers might like to know that as well as paying little or next to no (1sat) fees to consolidate their transactions, they can also rebroadcast their transactions via the websites listed in this thread:

[Guide] Broadcast Your RAW Transaction BTC & Alts coins

Thanks for reading.