Huge fee, and number of inputs? Help needed

kolloh

legendary

Activity: 1736

Merit: 1023

Quote from: pooya87 on March 28, 2017, 10:50:30 PM

this is what i understand without seeing the whole inputs you used:
example:
you wanted to give your friend $50 and what you did was giving him 10x $1 bills + 2x $100 bills and 1x $1000 bill and he took the $50 out of the total and gave you back a $1160 bill

in other words when you want to sent 0.1BTC you don't need to select all the 812 inputs. either let the wallet choose automatically (based on privacy or priority which can be changed in settings) or select outputs to spend as much as it only covers the amount+fee not more.
you are spending ~3.7BTC to send 0.1BTC!!!

Yeah, you should be able to send .1 with much less fees. Just don't use all your inputs when you are sending the transaction.

If you are running the latest version of Electrum, you can choose which inputs to use from the Coins tab and select fewer inputs which should allow a smaller fee.

pooya87

legendary

Activity: 3472

Merit: 10611

this is what i understand without seeing the whole inputs you used:
example:
you wanted to give your friend $50 and what you did was giving him 10x $1 bills + 2x $100 bills and 1x $1000 bill and he took the $50 out of the total and gave you back a $1160 bill

in other words when you want to sent 0.1BTC you don't need to select all the 812 inputs. either let the wallet choose automatically (based on privacy or priority which can be changed in settings) or select outputs to spend as much as it only covers the amount+fee not more.
you are spending ~3.7BTC to send 0.1BTC!!!

eretron

full member

Activity: 156

Merit: 100

Ok, thanks a lot..

So I should have set larger pool payout threshold while I was mining...

You learn something new every day Cheesy

Will wait for less clogged network days, I am not in a hurry..

Thanks once again

xhomerx10

legendary

Activity: 3808

Merit: 7912

I'm suggesting this with some reluctance since I'm not sure the intention of the ViaBTC accelerator is to enrich faucet users at their expense.

If you attach a total fee of .0125 BTC (at least 0.0001 BTC per kb) and then when it appears on the network, submit the txid to ViaBTC's accelerator, it might go through. Keep in mind that blocks are limited to 1 MB and your single transaction will use up 120 kb of that or greater than 8% of the block!

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Why are you using all inputs for this transaction? You'll get 3.59414 BTC change in 1 address after this, which is very nice, because you won't spend that much on fees the next time. But there's no reason to do that now (do it on a Sunday when mempool is almost empty and much lower fees (5-10% of your current fee) still get confirmed).

I'm not sure what the options are in Electrum, but try to find how to use only the required inputs. Say that 0.00628313 BTC from the top of your screenshot, and about 30 of the addresses that hold about 0.00399756 BTC.
That way you'll have 31 instead of 812 inputs, which will reduce your transaction to a few kB only. Then, as NeuroticFish noted, a lower fee per byte is enough, say 1 or 2 mBTC.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

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Quote from: eretron on March 28, 2017, 09:42:06 AM

Hello,

I would like to send 0.1 BTC to a friends address, but from what I see, fees are more than amount I want to send (0.196 BTC).

So what am I doing wrong, and why there is over 800 inputs over there?

hi.
What you've done wrong was before this transaction. You filled up your wallet with a lot of small inputs. So your wallet now is full with.. let's say 1 cent coins. A lot of them.
The result is that now, when you want to spend them, the fee is high. Like somebody else said: you have now to rent a truck to carry your cents in order to spend them.

Edit: from what I see, you can use lower fee. Some 5x lower fee would still make your transaction go through (I see that now it's 30 sat/byte). Still a big fee, but maybe it's more bearable.

Edit 2: A solution is to try to consolidate those amounts. You have to find a day when the network is not too busy, else you have no chance. The mempool has to be under 5MB. Then you can send as much money as you can to yourself with the smallest fee you can. You can try a fixed fee, but I recommend to stay over 10k satoshi though.
The risk is that the transaction will never get confirmed, but that doesn't mean you've lost the money, it will return to yourself (and you have to find a better day again). You'll have to read more about this and use Bitcoin Core wallet.
However, between the choice to send 200$ tx fee and 0.10$ tx fee, I would try this.

eretron

full member

Activity: 156

Merit: 100

Hello,

I would like to send 0.1 BTC to a friends address, but from what I see, fees are more than amount I want to send (0.196 BTC).

So what am I doing wrong, and why there is over 800 inputs over there?

Topic: Huge fee, and number of inputs? Help needed (Read 381 times)