Electrum is extremely slow with 200 addresses

[sergw]

Hi all,

I have the wallet that have ~200 addresses(20 receiving and 180 change) and ~1000 transactions, wallet.dat file size ~7Mb.
when i open the wallet it takes ~10 minutes. and very slow when i sending btc.

What can i do?  is it possible to clean change addresses and transactions?

Electrum version: 3.3.8 (linux)

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[jackg]

Can you not make a new wallet?

You can keep more than once wallet with electrum and a new one will greatly speed up your access to some funds if not all for when you want to sign or load up the wallet.

I'm guessing the slowness is because your wallet is encrypted and the node will slow you don't because of the time it'll take to confirm your request there and I wouldn't suggest not keeping an encrypted file so a new wallet is probabky the best way to go...

[sergw]

Can you not make a new wallet?

You can keep more than once wallet with electrum and a new one will greatly speed up your access to some funds if not all for when you want to sign or load up the wallet.

I'm guessing the slowness is because your wallet is encrypted and the node will slow you don't because of the time it'll take to confirm your request there and I wouldn't suggest not keeping an encrypted file so a new wallet is probabky the best way to go...

I would like to save 2 addresses from the wallet, it is bound to many pools.  May i recreate new wallet with 2 addresses from old wallet?
Actually i know that electrum has import private key option, but i didnt try that, is that an option?

[jackg]

Just make a new wallet and move the funds after a certain amount of time. Once you get them.

I wouldn't go about trying to import private keys because you might forget what you've done or accidentally import addresses and end up getting your funds stuck.

Make sure you have all the mnemonics written down to that you were given (one per wallet).

[BitMaxz]

I would like to save 2 addresses from the wallet, it is bound to many pools.  May i recreate new wallet with 2 addresses from old wallet?
Actually i know that electrum has import private key option, but i didnt try that, is that an option?

Why not export the 2 private keys from the addresses that is bound on many pools? You can able to export them and make a new wallet then import the 2 private keys as a new wallet.

Make sure you have seed backup as the above said and don't forget to make a backup copy of the wallet file of your old wallet. You can use it in the future if the old wallet is removed from your Electrum wallet.

[HCP]

If it is becoming unbearably slow... then I'd recommend:
1. Exporting the private keys for the 2 addresses you want to keep from your current wallet (NOTE: make sure you keep the seed for this wallet as well!)
2. Create a new wallet generated by importing those 2 private keys (New/restore -> Import Bitcoin addresses or private keys)
3. Create a new wallet with a new seed (New/restore -> Standard wallet -> Create a new seed)
4. Send everything from old wallet to new seed-based wallet created in step 3.


Then you can keep receiving the transactions on your "old" pool addresses, but have a 'smaller' wallet (just the 2 keys) that won't be slow to load/use etc... maybe consider consolidating any coins from this into your new "seed-based" wallet occasionally.

And you can use the new seed-based wallet for your "everyday" usage.

[Lucius]

I'm guessing the slowness is because your wallet is encrypted and the node will slow you don't because of the time it'll take to confirm your request there and I wouldn't suggest not keeping an encrypted file so a new wallet is probabky the best way to go...

These should be basic things for experienced members who have been sharing tips for years when it comes to Electrum. Your suggestion that the wallet is slow because it is encrypted is actually completely missed.

Electrum always has a problem with a large number of addresses and a large number of transactions, which results in very slow synchronization and freezing when sending a transaction. If you already share tips, it wouldn’t be bad to read the Electrum FAQ.

This might happen if you are trying to spend a large number of transaction outputs (for example, if you have collected hundreds of donations from a Bitcoin faucet). When you send Bitcoins, Electrum looks for unspent coins that are in your wallet in order to create a new transaction. Unspent coins can have different values, much like physical coins and bills.

If this happens, you should consolidate your transaction inputs by sending smaller amounts of bitcoins to one of your wallet addresses; this would be the equivalent of exchanging a stack of nickels for a dollar bill.

[sergw]

I would like to save 2 addresses from the wallet, it is bound to many pools.  May i recreate new wallet with 2 addresses from old wallet?
Actually i know that electrum has import private key option, but i didnt try that, is that an option?

Why not export the 2 private keys from the addresses that is bound on many pools? You can able to export them and make a new wallet then import the 2 private keys as a new wallet.

Make sure you have seed backup as the above said and don't forget to make a backup copy of the wallet file of your old wallet. You can use it in the future if the old wallet is removed from your Electrum wallet.

What if those 2 addresses have 1000+ transactions in history, would it be affecting the loading again on new wallet?

[HCP]

What if those 2 addresses have 1000+ transactions in history, would it be affecting the loading again on new wallet?

Possibly, but only on the first sync... and the first time you try to consolidate or spend the UTXOs (or if they build up a large number of UTXOs again from 1000s of pool payouts). Consolidate regularly if you can, and it should stop it becoming a problem.

A new SEED is not imperative thing. One can use the old one but define the new derivation path. For example, if the old derivation path for the pool with the native segwit addresses was like this m/84'/0'/0' one can outline the next pools  with the derivation paths  like m/84'/0'/1' , m/84'/0'/2', m/84'/0'/3', .... and so on.

Yes you can... but then you also run into the problem of needing to ensure you keep good notes regarding what you have done... otherwise, you will run into problems trying to restore the wallet in the future as most people don't (and some wallets don't allow to) modify derivation paths...

Both options are valid, but I would say that having a new seed with a default derivation path is probably less hassle in the long run. User preference I guess...

[Abdussamad]

OP I suggest switching to a pool that gives you more control over when payouts are made to your address. Instead of frequently getting paid small amounts you should do withdrawals of larger amounts every so often. This will reduce the number of unspent outputs in your wallet.

[igor72]

As to "some wallets don't allow to" change default derivation path - we speak of Electrum, right, and it is capable of that.

Electrum has this feature for imported BIP39 seed only.

I'm doing it  right this way -  constant  SEED + different derivation paths. The latter is very easy to memorize - increase the last index by 1 and you are sitting pretty.

You can also change the passphrase instead of the derivation path. I'd create a new wallet every year with same seed and new passphrase like "2020", "2021", etc.

What if those 2 addresses have 1000+ transactions in history, would it be affecting the loading again on new wallet?

What's stopping you from trying? It will take much less time than waiting for an answer.

[o_e_l_e_o]

Nope, not solely for pri keys pertaining to  "imported BIP39 seed", but for those ones served by Ledger for example, though fundamentally  that is  not too far from "imported" directly via UI, but still.

As far as Electrum is concerned, it is the same thing. It is using an externally created BIP39 seed phrase to create a wallet. It doesn't matter if the seed was generated and communicated via a hardware wallet, or was generated via some other piece of software and manually entered. It's still an imported BIP39 seed phrase.

You can also change the passphrase instead of the derivation path. I'd create a new wallet every year with same seed and new passphrase like "2020", "2021", etc.

Doing so robs you of the ability to use a random and secure passphrase, an important feature providing additional security and plausible deniability, which everyone should be using on their main wallets. I would only suggest using passphrases to achieve additional wallets if you use a different random and secure passphrase each time. Passphrases like "2020" are utterly trivial to brute force.

[igor72]

You can also change the passphrase instead of the derivation path. I'd create a new wallet every year with same seed and new passphrase like "2020", "2021", etc.

Doing so robs you of the ability to use a random and secure passphrase, an important feature providing additional security and plausible deniability, which everyone should be using on their main wallets. I would only suggest using passphrases to achieve additional wallets if you use a different random and secure passphrase each time. Passphrases like "2020" are utterly trivial to brute force.

Most people don't use passphrases at all (I think OP one of them). And if a user used passphrase for example "456rty789uio", he can use "456rty789uio2020" instead.
BTW, I don't agree that everyone should use a passphrase. Yes, it improves security and plausible deniability, but 12 words provide the necessary level of security, so that passphrase is optional.

[o_e_l_e_o]

but 12 words provide the necessary level of security, so that passphrase is optional.

12 words provide the necessary level of security against someone trying to brute force your root seed, because they encode for the 128 bits of entropy needed. Any number of words, be it 12 or 24, provides no security whatsoever against an attacker who has found a copy of your words. This is the reason that passphrases should be used - not because 12 words isn't secure enough, but because it means an attacker needs to compromise two separate pieces of information rather than just one to be able to steal all your coins.

[jackg]

OP I suggest switching to a pool that gives you more control over when payouts are made to your address. Instead of frequently getting paid small amounts you should do withdrawals of larger amounts every so often. This will reduce the number of unspent outputs in your wallet.

Just as a point, most pools don't allow you to do this. It is probably possible to ask their support and sign a message from your address. It might also be worth just getting paid once a week if you can adjust the threshold in order to make your client a bit faster op.


Although I suspect I might ge rburied in the abyss here...

[sergw]

well thanks to all for sorting this out.

as i understand bitcoin wallets are not optimized if you frequently use the same address(es). And as i suspect the same issue affects bitcoin core wallet as well.

ps. i consolidated all coins to new wallet  and new address. hope it will be good for the next 12 months.

[sergw]

Most people don't use passphrases at all (I think OP one of them). And if a user used passphrase for example "456rty789uio", he can use "456rty789uio2020" instead.
BTW, I don't agree that everyone should use a passphrase. Yes, it improves security and plausible deniability, but 12 words provide the necessary level of security, so that passphrase is optional.

I do use password for electrum.

[nc50lc]

as i understand bitcoin wallets are not optimized if you frequently use the same address(es). And as i suspect the same issue affects bitcoin core wallet as well.

That can't be the issue, the issue is your number of UTXOs which is over 1000 and Electrum will have to fetch the necessary data
of all those unspent transactions outputs from the Server/Node that you're connected with.
Internet connection speed can slow/speed this process.

For Bitcoin core, it will only perform slow in the initial scan; after that, it should be smooth sailing since the blockchain and its index are stored locally.

[HCP]

And as i suspect the same issue affects bitcoin core wallet as well.

No... it doesn't. Electrum, being a light weight, needs to rely on servers to provide a lot of data... Bitcoin Core will store all that information locally. If you're going to continue to get 1000s of transactions to your addresses, I'd suggest you migrate away from Electrum and start using something like Bitcoin Core.

[igor72]

I do use password for electrum.

Password and passphrase are different things.