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Author Topic: How to reduce LTC transaction fees from p2pool mining?  (Read 775 times)
erk (OP)
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April 15, 2013, 01:13:52 AM
 #1

Does anyone know how to reduce LTC transaction fees from p2pool mining? To transfer 1LTC a dialog box pops up asking for a 0.6LTC transfer fee.




GForce
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April 15, 2013, 01:23:37 AM
 #2

This would be great to know, to transfer 3LTC it costs me 1.6LTC, which makes no sense...
erk (OP)
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April 15, 2013, 02:10:10 AM
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This would be great to know, to transfer 3LTC it costs me 1.6LTC, which makes no sense...

I did read that the age of the LTC reduces the fees, but I don't know if they meant age in terms of days sitting in your wallet,  or age in terms of number of confirmations.

GForce
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April 15, 2013, 02:58:29 AM
 #4

Apparently a new version of LTC is coming out with lowered fee's. Smiley
Kamerdracy
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May 07, 2013, 07:26:03 PM
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Apparently a new version of LTC is coming out with lowered fee's. Smiley

Is this happening soon?
I tried to send 9 LTC to my friend and transaction fee was 6 LTC. Insane isn't it?

Is there any way I can consolidate my LTC from the address that my p2pool is using to deposit micro deposits, into another wallet address with no transactions fees. It is ridicilous that I have to pay 66% fee on my transactions.

Or is there a way to run my run_p2pool.exe so it doesn't give me multiple micro deposits but just one larger in amount.
eddyfitz
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May 07, 2013, 07:28:57 PM
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That's why I mine on "no login needed" pools. p2pool have such ability as well
Kamerdracy
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May 07, 2013, 07:32:18 PM
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That's why I mine on "no login needed" pools. p2pool have such ability as well

What do you mean by that?
eddyfitz
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May 07, 2013, 07:38:50 PM
 #8

That's why I mine on "no login needed" pools. p2pool have such ability as well

What do you mean by that?

Maybe I misunderstood the question, but I'm not getting any additional fees on receiving coins from mining into my wallet.
Kamerdracy
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May 07, 2013, 07:49:48 PM
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That's why I mine on "no login needed" pools. p2pool have such ability as well

What do you mean by that?

Maybe I misunderstood the question, but I'm not getting any additional fees on receiving coins from mining into my wallet.

I believe you misunderstood question.
I'm running p2pool myself that is connected to my wallet and I do have few old computers that are doing mining on that p2pool. Now, in my wallet I have zillion transactions all like 0.02 - 0.04 LTC
And I'm running it for a few days now and collected just above 10 LTC so far. When I wanted to transfer 9 LTC to my friend I got prompted that I don't have enough LTC after 6 LTC transaction fee is applied...

Do you have explanation why is that
Thanks
eddyfitz
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May 07, 2013, 07:53:45 PM
 #10

Ah, when you have "zillion" of bits from various blocks - fee is applied on each KB of transaction. When you collect alot of different bits from various blocks - transaction become quite heavy in kilobytes. That's the case, I guess. Double-check that you do not have anything set in "optional transaction fee for faster processing" under "main" tab in options of your litecoin-qt.
Kamerdracy
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May 07, 2013, 08:05:17 PM
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Ah, when you have "zillion" of bits from various blocks - fee is applied on each KB of transaction. When you collect alot of different bits from various blocks - transaction become quite heavy in kilobytes. That's the case, I guess. Double-check that you do not have anything set in "optional transaction fee for faster processing" under "main" tab in options of your litecoin-qt.
Thanks, that explains it. So there is no way I can send those coins to some other address without being slammed by fee?
eddyfitz
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May 07, 2013, 08:33:57 PM
 #12

Only option is to try to wait some time NOT receiving new transactions. But I suggest you to google more about "fees on large transactions" issue to be 100% confident.
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