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

[pooya87]

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).

it should be lower not higher if they falsely compute fees based on raw bytes.
virtual size = weight / 4 where weight = (stripped size * 3) + total size. that means if you had witness your virtual size is smaller than the raw bytes because the "stripped size" is smaller, and if the calculation were based on raw bytes then the resulting fee should be smaller than what you paid (<10).

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[nc50lc]

I don't know, and sorry I have mistaken for a digit it was 215%... was over exaggerated with that other 40% 😂
anyways here's the screenshot of it, maybe it was for a high prio?
https://i.ibb.co/WcLckwL/20200806-145604.jpg

The OP best explains what's happening in that transaction  

The "priority transaction fee rate" during your first post is a lot higher than this hour's so 254% or 215% wont matter.
What matters is: with that fee, his transaction should have a lot of inputs to reach that total fee.
Reading the OP will help you solve that kind of issue but! You can't do it now since 1sat/B or one-digit fee rate isn't possible ATM.

During these times, I usually set the fee rate to 10sat/B then paste it on Viabtc's accelerator (higher if SegWit bec. they compute based on the RAW bytes).

it should be lower not higher if they falsely compute fees based on raw bytes.

It should be higher because wallet supporting SegWit computes based from the virtual bytes while they compute based from the RAW Bytes.
It's their requirement which is (RAW) 10sat/bytes; using that formula, if you set your SegWit transaction's fee to 10sat/vB, they will "see" it as <10sat/B.

[pooya87]

It should be higher because wallet supporting SegWit computes based from the virtual bytes while they compute based from the RAW Bytes.
It's their requirement which is (RAW) 10sat/bytes; using that formula, if you set your SegWit transaction's fee to 10sat/vB, they will "see" it as <10sat/B.

"raw" bytes is always bigger than or equal to "virtual bytes". and since it is in the denominator the result should be smaller.
here is an example https://blockchair.com/bitcoin/transaction/6b907f8f3445924bb4d360502975c90b7e0b8165ab290897cad2a7f284369e6e
the raw byte size of this transaction is 249 (you can click on Raw tx button and count the hexadecimal bytes yourself too) the virtual size of this transaction is 168 (weight/4) that means when it paid 4294 satoshi fee the fee rate is 17.2 s/b and 25.5 s/vb. and as you can see these are the same numbers as blockchair reports after rounding them.

if it didn't have any witness like this one: https://blockchair.com/bitcoin/transaction/7a84c2ff0cbcea89d9f54ee182086f31b49bbee47e988a8982cd5a28ee39e62a
the raw byte size and the virtual size are both the same 223 bytes hence the fee is 22 s/b and 22 s/vb since this tx paid 4972 satoshi total fee.

[LoyceV]

Just now, my friend was about to transfer 0.0015 on my wallet but he can't due to high Miner's fee (254% of the amount to be transferred),...

Your friend (whom you trust) can send the transaction with 1 sat/byte. If his wallet doesn't allow that, he should use a better wallet. With many small inputs the total fee can still be high, but that's just the minimum. It can take weeks to confirm, but since you trust him (and you're not in a hurry), that shouldn't be a problem.

[nc50lc]

"raw" bytes is always bigger than or equal to "virtual bytes".

Yes, that's why you have to set higher than 10sat/vB if your transaction has Witness data to reach viBTC's requirement of 10sat/B.

Come to think of it, for example (based from an existing SegWit transaction):
If your SegWit transaction has a feerate of 10sat/vB and a virtual size of 166vB, you're paying 1,660satoshi.
If based from the RAW bytes like Viabtc is doing, which is roughly 247B the fee rate would be 6.7sat/B (1,660/247).

I have tried to send SegWit 10sat/B tx to viabtc before and they always result with "not enough fee" error.

[LoyceV]

Mempool just cleared! This transaction (1 sat/byte) took 16 days to confirm. If you take your time, using low fees is still possible.

[Pmalek]

Today was an excellent day for anyone who needed to consolidate some inputs. I hope those who did used the opportunity. The mempool still looks good and the total size of unconfirmed transactions is below 2 MB at the time of writing. But a new week is approaching and we will probably see some more activity soon.

I used the opportunity and made 3 consolidations today. 1 sat/vbyte for all three transactions. All received the first confirmation in less than 30 mins.  

[jackg]

I got a conf within 40 minutes using just 1 sat per byte on 3 separate transactions. It is quite a good time to consolidate your inputs now.

[buwaytress]

So, today, I wasn't able to set a 1 sat/byte tx, I kept changing different servers, but Electrum insisted that My fee was below the min mempool limit. Tried 1.5 sat, 1.9, all didn't work, 2 sat/byte accepted immediately. Mempool isn't THAT crowded now and I've done plenty of 1 sat/byte even above 100k txs.

Is this an Electrum thing? I know some time back they set the min fee to 1...

[jackg]

I sent you a pm @buwaytress but I used a server beginning 148 if anyone wants one that accepts 1 sat per byte.

[buwaytress]

I sent you a pm @buwaytress but I used a server beginning 148 if anyone wants one that accepts 1 sat per byte.

Thank you bud! On a reboot today I still got the error message, so I'll try this server out on my next tx. Not that it's an issue for me to pay 2 sats/byte, of course. I was just wondering if or why a lot of miners just suddenly decided to double the min, and when this happened. Seems a bit arbitrary given that we haven't exactly been pushing the limits of average fees recently.

[TopTort777]

Thank for the reminder. Sent yesterday some bitcoin (about 0,03btc obtained from around 8 transactions) with 1sat/byte and it took about 5-6 hours to get to other address and be confirmed.

Hey people, dont miss that opportunity.

[LoyceV]

This "fee pyramid" covers the last 24 hours:

(source: screenshot from jochen-hoenicke.de)

[LoyceV]

I don't want to remove this bump because it was Merited.

Consolidate Bump.


At the moment, even just 2 sat/byte is enough for a fast confirmation. In the past days, I've seen fees drop to the minimum several times. I expect you can consolidate at 1 sat/byte this weekend.

Consolidate your small inputs while you can, low fees won't last forever!
When you are in a rush, it saves a lot in fees if you can use only one input address (and ideally use native SegWit: bc1q......).

[Pmalek]

Yep, the mempool has been looking really good since last night. It cleared nicely just before I needed to make a few transactions. Right now, fees of 1-2 Sat/vByte are enough for relatively quick confirmations.

This is the state of the mempool from a few minutes ago.

 

[LoyceV]

just before I needed to make a few transactions

If you made several transactions, you could probably have saved more on fees by adding paying all addresses within one transaction. Unless you have a reason (such as privacy and coin control) to make separate payments, you can reduce the total transaction size and thus the total fee by making one transaction.
Remember: each input adds a lot more to the transaction size than each output.

[Pmalek]

@LoyceV
It was actually both incoming and outgoing transactions from different wallets and websites so I couldn't use that option this time. A little bit of betting and withdrawing from the casino, followed by a consolidation at the end as an icing on the cake.   

[tranthidung]

@LoyceV
It was actually both incoming and outgoing transactions from different wallets and websites so I couldn't use that option this time. A little bit of betting and withdrawing from the casino, followed by a consolidation at the end as an icing on the cake.   

If you withdraw your bitcoin from casinos, exchanges then the situation will be different. It depends on specific casino/ exchange and their policies

• They charge withdrawal fee on user: charge fee or not
• If charge fee, the fee is dynamic or static.

If no fee for withdrawal (like Fortune Jack after the day they turned back to waiving the fee for users), when you receive withdrawals on your non-custodial wallet, you can consolidate your inputs with coin control features.

If fee is charged, let's see 2 situations:

• Fee is static: it means the fee is fixed by exchange or casino, no matter how low or high fee on the network is and how mempool space is. Simply make withdrawals when you win. Then wait for good period to consolidate your inputs.
• Fee is dynamic: you need to wait till the right time, observe mempool space and make withdrawals when mempool is clear, fee is cheaper. You will save fee for withdrawals. Next, consolidate your inputs after 30 to 60 minutes.

[LoyceV]

Bump: fees are low again. It dipped to 3 sat/byte on Saturday and reached 1 sat/byte yesterday (as expected on a Sunday).

(I don't want to remove my Merited bump)

[AB de Royse777]

It spiked again and now it's over 100 sat/B


https://archive.vn/wip/slQQ5

I had a tx with 1 sat/Byte for the last more than a week and it got confirmed yesterday LOL