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Author Topic: High Fees on Electrum? Normal?  (Read 222 times)
UmerIdrees
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May 23, 2024, 03:57:47 AM
 #21

Look at the fee target which is set to static and it should be changed to Mempool and then you can see the fee is far less since the currently required fee for TX to be included in the next block is 11.1sat/vb.

Sometimes changing from "Static" to "Mempool" does not make the transaction fee lower as per our desire. I usually will keep this option as static but manually input the static value after seeing the transaction confirmation rates from mempool. Sometimes we are not in a hurry to get our transactions confirmed so we can put a bit lower values (get the idea from mempool) and this will further save the fee.

I have been receiving Bitcoin only in one wallet address.

If you are still receiving the bitcoins in one wallet address (like all of us receive the signature payments in a single address), the best thing you can do is to consolidate the inputs after few weeks / months by sending all of your coins to another address of your wallet. Do this activity one you see very low mempool fee (https://mempool.space/). Usually in the weekends you will find comparatively low fees and that maybe the best time to consolidate your inputs.

Z-tight
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May 23, 2024, 11:11:13 PM
 #22

Sometimes changing from "Static" to "Mempool" does not make the transaction fee lower as per our desire.
There is no time either of them can reduce the fee you are going to pay. Static, eta and mempool are just Electrum's algorithms to estimate fees for their users, so it depends on the one you wish to use. Eta and mempool options are better because they estimate based on market conditions, while static is just fixed and you simply select from 1-300 sat/vbyte. However, the best method is still to check mempool.space before setting your fee rate or manually inputing it if you use Electrum on desktop.

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hosseinimr93
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May 23, 2024, 11:35:12 PM
 #23

However, the best method is still to check mempool.space before setting your fee rate or manually inputing it if you use Electrum on desktop.
It's good to check mempool.space, but that's not the best thing you can do.
The best thing you can do is to check the mempool by yourself and estimating the required fee rate by analyzing that. To do so, you can use jochen hoenicke's website.

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