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Author Topic: Stupid question: How do I calculate my BTC Transaction Fees?  (Read 831 times)
Spartinus
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June 11, 2017, 12:14:23 AM
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This is probably (most definitely) going to be seen as a stupid question... but how do I calculate my transaction fees? My hardware wallet is saying that transferring 0.1 BTC has a transaction fee of 0.0084396 BTC (about $24.77 at the time of posting this). I've heard of https://bitcoinfees.21.co/ and it says: 
The fastest and cheapest transaction fee is currently 390 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 88,140 satoshis.

Do I need to know my transaction size in bytes in order to calculate my transaction fees? If so, how do I find that out? Also, I mine with NiceHash ~.016 BTC per week? Could that be why my transaction fees are so high? Is there a way to get it to be lower?
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June 11, 2017, 12:25:31 AM
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It really depends on the wallet you are using. For example, I'm using Electrum and I can preview my transactions details before sending my coins, including the size of my transaction.



Which wallet are you using? You can try doing this to calculate your transaction size:
https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

Since you receive a lot of fragmented amounts of Bitcoin weekly, your future transactions will have a lot of inputs, which may cause the size of the transaction to become bigger, thus making you need to pay more on fees.

You can try sending your accumulated BTC to another address with a low fee that may take some time to confirm, but will make your new address pay less on fees on future transactions since it will only have 1 big input instead of multiples of 0.016 BTC.

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June 11, 2017, 12:50:36 AM
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It really depends on the wallet you are using. For example, I'm using Electrum and I can preview my transactions details before sending my coins, including the size of my transaction.

https://i.imgur.com/pYAIlCt.png

Which wallet are you using? You can try doing this to calculate your transaction size:
https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

Since you receive a lot of fragmented amounts of Bitcoin weekly, your future transactions will have a lot of inputs, which may cause the size of the transaction to become bigger, thus making you need to pay more on fees.

You can try sending your accumulated BTC to another address with a low fee that may take some time to confirm, but will make your new address pay less on fees on future transactions since it will only have 1 big input instead of multiples of 0.016 BTC.

Thank you for the response TryNinja! I'm using a KeepKey wallet. Nowhere in the UI do I see the byte size, unless I'm somehow completely missing it =/ There isn't any option for choosing a transaction fee amount (no fast, average, or slow).
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June 11, 2017, 01:04:15 AM
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Thank you for the response TryNinja! I'm using a KeepKey wallet. Nowhere in the UI do I see the byte size, unless I'm somehow completely missing it =/ There isn't any option for choosing a transaction fee amount (no fast, average, or slow).
I don't know the KeepKey UI so I can't really comment on this. Also, kinda sucks that you don't have full control over your fees.

But in this case you could try to use your KeepKey wallet on Electrum. There is an article from the support explaining how to this: https://support.keepkey.com/support/solutions/articles/6000090280-electrum-keepkey-integration-windows-7-8-10-

It's not a permanent fix for your issue but you could use to do the "send your BTC with a low fee in for future transactions" I said before.

Edit: wrote KeepWeb instead of KeepKey lol

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June 11, 2017, 01:05:38 AM
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Thank you for the response TryNinja! I'm using a KeepKey wallet. Nowhere in the UI do I see the byte size, unless I'm somehow completely missing it =/ There isn't any option for choosing a transaction fee amount (no fast, average, or slow).
I don't know the KeepWeb UI so I can't really comment on this. Also, kinda sucks that you don't have full control over your fees.

But in this case you could try to use your KeepKey wallet on Electrum. There is an article from the support explaining how to this: https://support.keepkey.com/support/solutions/articles/6000090280-electrum-keepkey-integration-windows-7-8-10-

It's not a permanent fix for your issue but you could use to do the "send your BTC with a low fee in for future transactions" I said before.

Will do! Thank you for your help Smiley
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June 14, 2017, 03:16:34 AM
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A couple of things that you might find helpful for the future:

1. If possible, set your nicehash payout to a minimum of 0.01... don't accept micro payments every hour/day etc. This will reduce the number of UTXOs that you are collecting. This will in turn reduce the number of inputs you require to create a transaction. Note: even at 0.01, to send 0.1 btc you're going to need 10+ inputs... which makes your transaction size a minimum of around 1500 bytes!! Shocked  At current fees of 350+ sats/byte, you're looking at 525,000 sats = 0.00525 in fees!

2. If you are happy to accept the risks... you may want to try and do a "consolidation"... if you can figure out how to view your transaction size... wait until there are no unconfirmed transactions on your wallet and then send ALL your coins to a new address. Calculate your transaction fee as size * 20 (just to be safe)... and you should easily end up with a transaction fee of > 10 sats/byte (without spending too much in fees)... which means you can then use the ViaBTC TX Accelerator to try and push your transaction through.

WARNING: If you screw up the transaction fee on the consolidation and it ends up less than 10 sats/byte, ViaBTC won't take your transaction. You also need to ensure you don't accidentally create any "dust" sized change... (make sure when you preview the transaction in Electrum that there is only 1 output, your new address). Also, the ViaBTC TX accelerator is very busy so claiming one of the 100 hourly slots can be tricky...

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June 14, 2017, 06:04:06 PM
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Keepkey is a hardware wallet and I don't own one but I do own a Ledger Hardware wallet and the fees is a bit complicated to find it. I am letting you know where in the Ledger wallet is so you can check at the same place in your Keepkey, it should be almost the same area and screen.

In Ledger at the send screen below the amount and address tab there is a tab that says highest confirmation, normal confirmation, low confirmation and if you click the drop down menu it shows you custom fees , custom confirmation.

If it is the same use the bitcoinfees.21.co to check the recommended fee.
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