Exaggerated Fee on blockchain ($134)

[planetyuyu]

Hello guys!

Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee.
Someone know why I have this problem and how I can fix, thank u!

https://i.ibb.co/K09xGFF/absurd-btc-fee.jpg

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[DaveF]

Looking at https://mempool.space at the moment you are looking at about 240/sat byte at the moment for next block conformation.
You can probably drop that down a bit and still have it confirmed in the next few hours.
Much lower then that it might take a bit longer.
It looks like you have a lot of inputs that you are consolidating in this transaction.

If you are not in a rush keep on eye on this thread: https://bitcointalk.org/index.php?topic=2848987.0
And consolidate when fees are low.

-Dave

[bitmover]

Hello guys!

Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee.
Someone know why I have this problem and how I can fix, thank u!

Do you need to get your transaction confirmed within 10 minutes? Or can you wait 5 hours? or  a day or two?

The longer you can wait, the cheaper your transction fee will be. You need to understand the system, how it works.
You don't need to get into the next block all the time.

Which software are you using? The fee is still very high, even to get into the next block. This is problably a bad software problem. Can you share your transaction ID?

[planetyuyu]

I understand that my problem is that I don't send tx yet because of this high fee, below u can see today entry tx to my blockchain wallet:

https://blockchain.com/btc/tx/d93bfc2dc1f39ac40f63246837079960e8ac3e2dee7c6bbb390183564861a6d8
https://blockchain.com/btc/tx/e2ffb2791195461df919f4fe3dfed74f398e27d435db6ace779c1e5376e5d3f7
https://blockchain.com/btc/tx/4a2017c6a6aeb62054046dca7a6571c2641c2fe6728f57bbe12f2cebca1e5a46
https://blockchain.com/btc/tx/9eb9bb24c10a903d7e9982703f7ca609a2009078ea4d7bced3b228a5d0e9ffa2
https://blockchain.com/btc/tx/589ccb21b577cb4890ab75c36c9430dc77083db9642382a0849dfb6017d1343d
https://blockchain.com/btc/tx/636d75846e5650388adf2ff4551111e5d33f7b86275cba15f9e257f64d486968
https://blockchain.com/btc/tx/62fff6b298ed7af7edab77c7509d56ed3432ee0eb524ba3d269e24d8a8cf40c4
https://blockchain.com/btc/tx/4331c676a9bdda0912951da657a95b3e29eab3e93e8eaae713b265bfbe2a03f8

but when I try to send BTC from my blockchain wallet to another wallet I have this absurd fee

[NotATether]

You need to click on the "Customize" button under Network fee on the Send page to change the fee to an arbitrary amount. Ignore the warning from Blockchain that says that low fees aren't recommended, and don't click on the Minimum button because that still generates a large fee.

According to https://jochen-hoenicke.de/queue/#0,1w, use somewhere around 3 or 10 or 20 sats/byte so that your transaction doesn't sit around in the mempool. If you're moving a large amount of bitcoin then use one of the smaller fees.

[bitmover]

I understand that my problem is that I don't send tx yet because of this high fee, below u can see today entry tx to my blockchain wallet:

https://blockchain.com/btc/tx/d93bfc2dc1f39ac40f63246837079960e8ac3e2dee7c6bbb390183564861a6d8
https://blockchain.com/btc/tx/e2ffb2791195461df919f4fe3dfed74f398e27d435db6ace779c1e5376e5d3f7
https://blockchain.com/btc/tx/4a2017c6a6aeb62054046dca7a6571c2641c2fe6728f57bbe12f2cebca1e5a46
https://blockchain.com/btc/tx/9eb9bb24c10a903d7e9982703f7ca609a2009078ea4d7bced3b228a5d0e9ffa2
https://blockchain.com/btc/tx/589ccb21b577cb4890ab75c36c9430dc77083db9642382a0849dfb6017d1343d
https://blockchain.com/btc/tx/636d75846e5650388adf2ff4551111e5d33f7b86275cba15f9e257f64d486968
https://blockchain.com/btc/tx/62fff6b298ed7af7edab77c7509d56ed3432ee0eb524ba3d269e24d8a8cf40c4
https://blockchain.com/btc/tx/4331c676a9bdda0912951da657a95b3e29eab3e93e8eaae713b265bfbe2a03f8

but when I try to send BTC from my blockchain wallet to another wallet I have this absurd fee

The problem is that you are using a bad wallet, which doesn't let you configure the fees. You can click Customize as NotATether suggested and set a low fee such as 10-20 sat/byte, which will be cheap but will take some days to get confirmed.

If you send to just one address it will be cheaper. The more addresses you want to send to, more expansive the transaction will be.

You can read about it here
https://bitcointalk.org/index.php?topic=2848987.0

[stompix]

According to https://jochen-hoenicke.de/queue/#0,1w, use somewhere around 3 or 10 or 20 sats/byte so that your transaction doesn't sit around in the mempool.

Doesn't sit around at3 or 10 satoshi ? More like it doesn't get booted from the mempool 
There are currently +90k transactions before that fee will ever be considered that if nobody sends another transaction in the next 8 hours!
We're averaging fewer blocks than normal by almost 13% that is almost close to a pace of 5 blocks per hour instead of 6 and it's already afternoon in Europe, a 10 satoshi tx has no chance unless a miracle happens to get confirmed before spending two nights at least hanging in the mempool.

The best thing to do right now would be to simply wait and hope that as usual, the weekend will take care of this.
Oh, and of course, switch wallets after this.

[Findingnemo]

240 sats/byte even is not going to be enough for now because people are pushing the fees more because they are rushing to exchange to cashout the profits made on the bitcoin investment. I advice you to use 100 sats/ byte as transaction which may lower the fee greatly and also you have chances for your transaction to get confirmed in the next few days.

Don't set it too low.

[carlfebz2]

240 sats/byte even is not going to be enough for now because people are pushing the fees more because they are rushing to exchange to cashout the profits made on the bitcoin investment. I advice you to use 100 sats/ byte as transaction which may lower the fee greatly and also you have chances for your transaction to get confirmed in the next few days.

Don't set it too low.

I had some stuck problems too when i do set 90 sats/byte which had been unconfirmed or not broadcasted to the network for almost 24 hours and that was 2 days ago

and now the price is starts to cling up once again then 240 wont really be that on average but if we arent on a hurry then this wont really be an issue but as said

where majority is been rushing up to make transactions then its already anticipated for this to happen.

[Bitcoin_Arena]

I understand that my problem is that I don't send tx yet because of this high fee, below u can see today entry tx to my blockchain wallet:

https://blockchain.com/btc/tx/d93bfc2dc1f39ac40f63246837079960e8ac3e2dee7c6bbb390183564861a6d8
https://blockchain.com/btc/tx/e2ffb2791195461df919f4fe3dfed74f398e27d435db6ace779c1e5376e5d3f7
https://blockchain.com/btc/tx/4a2017c6a6aeb62054046dca7a6571c2641c2fe6728f57bbe12f2cebca1e5a46
https://blockchain.com/btc/tx/9eb9bb24c10a903d7e9982703f7ca609a2009078ea4d7bced3b228a5d0e9ffa2
https://blockchain.com/btc/tx/589ccb21b577cb4890ab75c36c9430dc77083db9642382a0849dfb6017d1343d
https://blockchain.com/btc/tx/636d75846e5650388adf2ff4551111e5d33f7b86275cba15f9e257f64d486968
https://blockchain.com/btc/tx/62fff6b298ed7af7edab77c7509d56ed3432ee0eb524ba3d269e24d8a8cf40c4
https://blockchain.com/btc/tx/4331c676a9bdda0912951da657a95b3e29eab3e93e8eaae713b265bfbe2a03f8

but when I try to send BTC from my blockchain wallet to another wallet I have this absurd fee

Are these all the transactions you carried out when transferring BTC to you your current address?
If yes, then we are already looking at 8 inputs (incoming bitcoin transactions) and inputs carry a lot of data in virtual bytes. So when you are making an outgoing transaction. It's going to consist of 8 inputs which means the size of your transaction in virtual bytes is going to be huge, porbably above 1000 bytes

The size of transaction x the fee rate in vbytes is the total fee you have to pay in BTC but I believe it should be in the range of $40 with the current optimal fee rate.

This still means that blockchain wallet has exaggerated your optimal fee. IS there a chance that you backed up your blockchain wallet's recovery phrase?

[bitmover]

I made this tool where you can plot your unconfirmed transaction and see how far it is from the next block.
https://bitcoindata.science/plot-your-transaction-in-mempool.html

Additionally, if you didn't make a transaction yet, you can just look at mempool size grouped by fee rate and see how far a transaction with a fee rate selected by you would be from the next block size. It might be useful now, the network is very congested.

[error08]

Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee.
Someone know why I have this problem and how I can fix, thank u!

When bitcoin prices arise and many transactions waiting on the mempool, higher fees are unavoidable.
What kind of wallet do you use? Obviously, you need to change your wallet which allows you to customize the fee and using segwit address will be better because you can lower the suggested fee by 40%. Currently, the fastest estimated fee is 322 satoshis/byte but if you manage to adjust the fee to 155 sat/vB, it will be confirmed within 6 hours, if you're willing to wait.

[NeuroticFish]

When bitcoin prices arise and many transactions waiting on the mempool, higher fees are unavoidable.

I guess that at the point all the big exchanges will allow LN deposits and withdrawals this situation may not happen again.
But somehow I think that this will not happen this bull run/cycle. Maybe in the next, at least...

In less than 3 days the miners' difficulty will go down by a great deal. That should help with faster blocks, for a while.
But overall, indeed, the situation doesn't look great... (and indeed the rise of fees is unavoidable for now)

[planetyuyu]

I made this tool where you can plot your unconfirmed transaction and see how far it is from the next block.
https://bitcoindata.science/bitcoin-fee-size-calculator.html

Additionally, if you didn't make a transaction yet, you can just look at mempool size grouped by fee rate and see how far a transaction with a fee rate selected by you would be from the next block size. It might be useful now, the network is very congested.

Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."

according to this how many days I'll take aprox.?

My txID: 2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28

[bitbollo]

Hi I will suggest to use this free resource online (also very easy to check)...
https://bitcoinfees.earn.com/

Code:

2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28

your transaction has been sent with a fee of 10 satoshi per byte.
Take a look on this site, left there is a list of satoshi/byte, in your case it should supposed you have to wait between 3-73 blocks (between 55-1080 minutes so far), list on right column.

Right now fastest transactions requires around 300 satoshi per byte (confirmed in next 3 blocks). this is why you have to wait a bit more

[TryNinja]

Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."

according to this how many days I'll take aprox.?

Assuming no new transaction is broadcasted and the next blocks were mined in a rate of 1 block every ~10 minutes, it would take approximately 10 hours. Unfortunately, the mempool hasn't slowed down yet and the hash rate of the network has dropped by ~12%, so blocks are coming out much slower now.

The next difficulty adjustment is only happening in 2.5 days, so they won't go back to the normal "1 block every 10 minutes" rate until them. I would say your transaction will probably take at least another 2~3 days to get confirmed.

[bitmover]

Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."

according to this how many days I'll take aprox.?

My txID: 2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28

Your transaction is now 28.94 vMb (29 blocks) from the top of the mempool. 5 hours later, and you are 30 blocks closer.

It is hard to say how many days because there are new transactions coming everytime, and we don;t know how many will come per hour. But the mempool is getting smaller now again. THe tool cannot predict when your transaction is going to get confirmed, because no one can. No one can predict if a lot of new transactions will come in a near future.


The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.

[Saisher]

The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.

The best action is to wait patiently for the network fee to get better, just the other day I tried to transfer $70 worth of Bitcoin only and network fee was $12 but after 24 hours it was reduced to $5 I thought that if I wait more it could go down $3 but I have to settle for $5, it's something that has been going on so schedule your transaction or wait patiently.

[Findingnemo]

The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.

The best action is to wait patiently for the network fee to get better, just the other day I tried to transfer $70 worth of Bitcoin only and network fee was $12 but after 24 hours it was reduced to $5 I thought that if I wait more it could go down $3 but I have to settle for $5, it's something that has been going on so schedule your transaction or wait patiently.

No need to wait anymore because the transactions was confirmed already five days ago.

If anyone wants to make a transaction then it is the right time for you because mempool got cleared in the past few hours and you can make the fastest transaction at 49sats and cheaper/fastest at 8sats.

ref: https://bitcoinfees.net/

[joniboini]

ref: https://bitcoinfees.net/

Is this a new website or an updated version of the bitcoinfeesearn (cmiiw) site?
It looks like the calculation is still not that good since you can send 4 sats/vbyte just fine if you take a look at the mempool. If you follow the suggestion of that site you'd overpay close to 10 times.
https://mempool.space/