I made an error of receiving everyday small mining payment

HCP

legendary

Activity: 2086

Merit: 4361

That is a very smart plan... avoiding small payments is the best move going forward...

To fix your current issue, you can always try a "consolidation transaction"... send ALL your coins to one address in a single transaction to create a single large UTXO... make sure the transaction fee is set to at least 10 sats/byte (10000 sats/KB, 0.0001 btc/kB) to meet their minimum fee requirements and then try and get it accelerated via the ViaBTC TX Accelerator. Wink

I'd be tempted to go a bit larger and aim for 50 or 100 sats/byte just so you have some wiggle room if you calculate wrong.

PROS: Turns all your dust into one big UTXO so future transactions will be smaller size = less fees.

CONS:
Risky - if you mess up the fee calculation and it ends up too small and you can't use the ViaBTC TX Accelerator your coins could get stuck for a number of days...
Frustrating - you have to stalk the accelerator to try and get your tx submitted because the accelerator is always so full...
Slow - You have to wait for ViaBTC to then mine a block once it is submitted successfully.

Cereberus

legendary

Activity: 910

Merit: 1000

Thank you, for the moment I didn't do the transaction as I will pay the person in cash tomorrow, he is a friend of mine so he agreed to it. Now I know that the minimum fee to confirm fast is 324 satoshi/byte. I also bookmarked the new site estimatefee.com as I was only using bitcoinfees.21.co .

Lesson learned, will withdraw only once a week from my mining activity and not everyday because I was withdrawing to the same address always and now a lot of dust payment have been added up there limiting me to pay extremely high fees. I will withdraw a minimum of 0.01 btc only now and stay away from withdrawing sometimes even 2 times a day.

hexafraction

sr. member

Activity: 392

Merit: 268

Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ

Quote from: Cereberus on May 25, 2017, 02:42:14 PM

If I set my ledger HW.1 fee to custom 100-120 satoshi/byte will this transaction confirm until tomorrow ? Otherwise I will pay custom fees of 200 satoshi/byte and I know it will pass through.

100-120 definitely won't confirm. 200 might, but slowly. estimatefee.com amd Mocacinno's (in)sufficient fee checker both mention 324sat/B for fast confirmation.

Cereberus

legendary

Activity: 910

Merit: 1000

I withdrawn everyday from 0.001 to 0.0035 btc and now I am facing when I want to send a transaction of 0.176 btc to pay 0.007 btc in fees, that is Ok with me as I need to do this transaction but my question is as follows:

If I set my ledger HW.1 fee to custom 100-120 satoshi/byte will this transaction confirm until tomorrow ? Otherwise I will pay custom fees of 200 satoshi/byte and I know it will pass through.

Topic: I made an error of receiving everyday small mining payment (Read 342 times)