[Apr 2024] Fees are HIGH, wait for opportunity to Consolidate your small inputs

[LoyceV]

what were you using to do this?

I used Electrum with legacy addresses (not even "compressed").

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[Oshosondy]

what were you using to do this?

I used Electrum with legacy addresses (not even "compressed").

You will really need to be patient, legacy address will make the transaction longer to be confirmed, it will also be more longer as it is not a compressed address. I know this is left to you as you are better in this far more than me, but using uncompressed legacy address this time really sounds like a joke for professional like you.

[BrewMaster]

I (once again) noticed a flaw in this system: when creating an online transaction in a watch-only wallet, I set a fee of 7.5 sat/byte. When I signed it offline, the transaction increased in size

are you using the new versions of electrum or the old ones?
if you shared the transaction (or maybe another one on testnet that looks like it if privacy is a concern) it could be analyzed better.

the only time the size is changed is when the signatures you produce end up needing an additional 00 at the beginning of their r value when they are encoded. depending on number of signatures this could increase but i don't think enough to decrease the fee by 1 sat/byte.

[LoyceV]

You will really need to be patient, legacy address will make the transaction longer to be confirmed

That's not true when using the same number of sats/(v)byte.

I know this is left to you as you are better in this far more than me, but using uncompressed legacy address this time really sounds like a joke for professional like you.

Sometimes using a funny address is just worth the extra transaction fees.

are you using the new versions of electrum or the old ones?

I used Electrum 4.0.9.

if you shared the transaction (or maybe another one on testnet that looks like it if privacy is a concern) it could be analyzed better.

The address is publicly known already.

the only time the size is changed is when the signatures you produce end up needing an additional 00 at the beginning of their r value when they are encoded. depending on number of signatures this could increase but i don't think enough to decrease the fee by 1 sat/byte.

Isn't it just because the signature part makes the transaction larger?

[BrewMaster]

Isn't it just because the signature part makes the transaction larger?

it does but the estimator on your online wallet should take that into consideration when showing the fee/byte values. that extra zero byte doesn't happen that often and the signers nowadays usually choose another nonce to get a lower r to avoid that extra byte.

edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.
if we remove the 15 extra bytes of uncompressed pubkeys (15*32=480 byte) from the size the fee turns into 7.5 sat/byte. that means the estimator messed up here not knowing the pubkey takes 65 byte not 33.

[LoyceV]

edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.

That makes sense, will you report the bug?

[Dabs]

If you can live with a slightly restricted character set, you can make native segwit (bc1qxxxx) vanity addresses... even legacy compatible segwit (3xxxx) vanity addresses.

Like bc1qfeedch80zxged6apxyknugt67e47nsw00tpguu for example. Feed Ch-ildren? heh... used to be 1food.

[BrewMaster]

edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.

That makes sense, will you report the bug?

unfortunately my hard disk blew up a while ago and i lost some of my login passwords including the one to my github account. it would be quicker for someone with access to report it than me creating a new account for this.

[LoyceV]

my fee turned out to be only 6.2 sat/byte.

This transaction was confirmed last night. Fees have been slowly dropping for 4.5 days now:

Don't underestimate the current mempool size though: there's 13 vMB to clear before confirming transactions under 6 sat/byte, and 61 vMB for transactions under 4 sat/byte.

[LoyceV]

Today, someone added about 35 MB transactions with 6 sat/byte fee to mempool.

That's about 2 Bitcoin in fees for what looks like consolidating about a quarter million inputs.
Anyone who's hoping to get his 5 sat/byte transaction confirmed any time soon: good luck!

[Dabs]

edit: assuming this is the 1Merit address this may actually be a bug in electrum with uncompressed public keys.

That makes sense, will you report the bug?

unfortunately my hard disk blew up a while ago and i lost some of my login passwords including the one to my github account. it would be quicker for someone with access to report it than me creating a new account for this.

Noted: boating accident. lost all bitcoins too.

[Oshosondy]

In the past weeks, I've seen fees rise a lot. At the moment, 7 sat/byte is enough for a fast confirmation. If you're not in a hurry, you can go lower: I've just had a 5 sat/byte transaction that confirmed today (after several days). In this transaction I double spent a transaction from February, which didn't confirm with 2 sat/byte.

I had a transaction not confirmed since February 11 2021 which is over a month ago, luckily confirmed in two hours ago, the transaction is 5 sat/vbyte.

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[Pmalek]

Today really was a good day for those who were waiting for good opportunities to consolidate their inputs. I had a next block confirmation using a transaction fee of 6 sat/vByte. I made another consolidation at a little above 5 sats which got confirmed in an hour. I was planning to send some other less important transactions but the window has passed. Right now, you need 70-80 sats to get in the next 3-5 blocks the way it stands now.   

[NeuroticFish]

Right now, you need 70-80 sats to get in the next 3-5 blocks the way it stands now.   

There was no block found in the last 55 minutes, hence I expect that there could be soon another opportunity to send transactions at under 10 sat/vByte.

[jackg]

Right now, you need 70-80 sats to get in the next 3-5 blocks the way it stands now.   

There was no block found in the last 55 minutes, hence I expect that there could be soon another opportunity to send transactions at under 10 sat/vByte.

I got one confirmed yesterday at 10 sats per byte (very fast conf). It has 120 conformations now so only took 4 hours at most to confirm.

[Pmalek]

It's Sunday and the mempool looks good just like last week at this time. I am sure that many of the transactions in the 5-7 sat/vByte range will be confirmed today. Right now, 7-8 sat/vByte is probably enough for a next block confirmation. Keep your eyes on the mempool and consolidate your inputs while the fees are down.

[Poker Player]

It's Sunday and the mempool looks good just like last week at this time. I am sure that many of the transactions in the 5-7 sat/vByte range will be confirmed today. Right now, 7-8 sat/vByte is probably enough for a next block confirmation. Keep your eyes on the mempool and consolidate your inputs while the fees are down.

A couple of hours ago I got confirmed a transaction of 5 sat-vByte, the one I sent three weeks ago:

... I've just tried now 5 sat/vb with the address I had with the lowest amount, like 5/6$, I think this thread is going to be useful for me.

[NeuroticFish]

At the moment, 8 sat/byte is enough for a fast confirmation.

In case it helps anyone, I've sent a tx today at 7.7 sat/vByte and it's already confirmed. And the week-end is far from over 

[LoyceV]

And the week-end is far from over 

Miners are chewing their way through mempool:

(Screenshot taken from jochen-hoenicke.de)

[LoyceV]

Fees are still very low, which is quite rare for a Wednesday. Consolidate small inputs while it lasts!

Update: 4 sat/byte is currently enough for a fast confirmation!