High Fees on Electrum? Normal? - page 2.

nc50lc

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Quote from: Asuspawer09 on May 12, 2024, 12:30:43 AM

-snip-
Am I missing something here?

The issue is a combination of using mid range of "static" fee slider @30sat/vB and the size of your transaction which is 2045vB.
Your screenshot already shows the simple formula on how to compute the absolute fee.

If you want to minimize it; set the fee rate to the current optimal which is that 12sat/vB in your other screenshot (same thing you'll get with "mempool" slider at '0.8mb from tip')
And more importantly, select only a few large UTXOs since your transaction probably used a lot of inputs for reaching 2045vB size.
To do that: enable and go to 'Coins' tab (View->Show Coins), multi-select some UTXO that are enough to pay your recipient, right-click and select "Add to coin control".

jrrsparkles

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Quote from: Asuspawer09 on May 12, 2024, 12:30:43 AM

Am I missing something here? I just reformatted my desktop computer and reinstalled my wallet on it, is there something that I've changed on the electrum setting probably?

Look at the fee target which is set to static and it should be changed to Mempool and then you can see the fee is far less since the currently required fee for TX to be included in the next block is 11.1sat/vb.

What you see in below where you pointed out is that you are about to pay 51% as fee from the total amount you are trying to send.

You're TX is included with more inputs and outputs thus increasing the size of your TX fee if you know how bitcoin works then you should also know that the TX fee is paid depending on the size not based on the value you are trying to send.

hosseinimr93

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Quote from: Asuspawer09 on May 12, 2024, 12:30:43 AM

Most of the time my transactions were around 40$ and transaction fees were only around 2$ most of the time, of course except if the network was congested but it doesn't seem to be

The transaction fee doesn't depend on the amount of bitcoin you send. The transaction fee depends on the number of inputs and outputs, addresses type, how busy the network is and how fast you want your transaction to be confirmed.

Quote from: Asuspawer09 on May 12, 2024, 12:30:43 AM

I wasn't expecting this kind of fee since I've checked the mempool was only a 1$-2$ to confirm.

The fee displayed on mempool.space is for a native segwit transaction with 1 input and 2 outputs.
Your transaction includes many inputs and that's why you have to pay higher fee for that. You may be able to decrease the fee with decreasing number of UTXOs via coin control.

By the way, 12 sat/vbyte is now enough for getting fast confirmation. No need to pay 30 sat/vbyte.

Asuspawer09

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Good day everyone, can anyone explain to me here what I've been doing wrong or is it totally normal? I usually do this kind of transaction but the fees seem to be a little bit high this time as you can see here. Most of the time my transactions were around 40$ and transaction fees were only around 2$ most of the time, of course except if the network was congested but it doesn't seem to be congested as per checking.

I wasn't expecting this kind of fee since I've checked the mempool was only a 1$-2$ to confirm. It usually matches, electrum fees and mempool are matched in my past transactions as far as I can remember, It doesn't take this much gas or fees just to make these transactions, I would totally understand if the network was congested just like on the Bitcoin halving day, which is around 200$.

Am I missing something here? I just reformatted my desktop computer and reinstalled my wallet on it, is there something that I've changed on the electrum setting probably? or this was just normal because of the Bitcoin Halving? Thanks for your help.

Topic: High Fees on Electrum? Normal? - page 2. (Read 277 times)