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When I was thinking about a hot wallet, it is just so I can consolidate every small input from my "deposit wallet" into another address in the hot wallet.
What I imagined was:
- Hot Wallet used only for withdrawal, in which I would keep some Bitcoin
- Deposit Wallet used to receive small amounts from users in several addresses
- On a daily basis my system would consolidate some small inputs from my Deposit wallet into a single address of Hot wallet, using low fees
Another way I think is that I could use a specific address for this purpose in the same deposit wallet, but I don't know how I could consolidate small inputs into this address using bitcoin-cli.
I would probably need to select the input address manually, right?
Did you say how many transactions you're wanting to receive? I think you'll want to keep transactions it less than around 500 inputs and smaller transactions will confirm faster for example imo. Since blocks have more space at the end of the block they could dump a smaller transaction into but many small transactions will be more expensive.
I think you could look at setting some sor tof threshold to get an alert or send those funds when you're over that threshold (and if an individual input sends you over 10% of that target you could look to send in its own transaction (or use 25, 50 or 100%)...
Is your plan to keep the deposit wallet offline if you're saying you'll have a separate hot wallet? If that's the case you'll probably want to make a watching only wallet(if completely possible in core) which would allow you to return a raw unsigned transaction you could then sign on the offline device.
I already have a node up and running a deposit wallet with Bitcore. My system already identifies these deposits and there are usually more than 20 deposits a day. However, they are usually small amounts in separate addresses.
I also have a cold wallet, in which I save most of the bitcoin received.
I have users that sometime withdrawal bitcoin from the system and since I don't have a hot wallet or a specific address to send it from, I'm sending these bitcoins from my "deposit wallet".
This is where my problem is. Since my deposit wallet has many inputs, the transaction is heavy and I'm spending too much with mining fee.
What I need is a way to consolidate every small input into a single address and then, when needed (user asks for withdrawal), I would send it from this specific address (in which my system would always keep some amount of bitcoin).
My main concerns are:
- Should I create a new wallet to work as this "sending address"?
- Or can I use the same "deposit wallet" if I create a specific address just to do that?
If so, how can I consolidate every other inputs into this specific address?
For instance, imagine that I have 4 inputs in this wallet:
Input A: 0.001 BTC
Input B: 0.003 BTC
Input C: 0.004 BTC
Input D: 0.1 BTC <- this being the "withdrawal address"
How could I start a transaction that would get 0.006 BTC and send it to Input D? I think I won't be able to use the "sendtoaddress" command. Will I need to create the transaction manually, sign it and then broadcast?
