I'm trying to migrate away from my Multibit Classic wallet. Recommendations I've read say to setup a new wallet with other software (I'm trying Electrum) and then send the BTC to the new address. I've got about 0.95 BTC.
It's not been easy because the transaction fee in Multibit Classic is set too low, so I've had to get the private key to my wallet into Electrum (either sweep or additional wallet). This has been complicated because Electrum doesn't like the format of the key from Multibit Classic so I've had to find a website to decode it.
I am now in a position to send the BTC, but when I preview the transaction, I see my transaction fee is 0.08BTC - that's around $300! It would seem it's because the transaction size is large, as I collected by BTC through altcoin mining a couple of years ago, so there are lots of source transactions (141) which makes my transaction around 22KB. Would that sound right? See below.
Can this be right? I can't believe I'm being charged $300 in transaction fees! Please help!
It's not been easy because the transaction fee in Multibit Classic is set too low, so I've had to get the private key to my wallet into Electrum (either sweep or additional wallet). This has been complicated because Electrum doesn't like the format of the key from Multibit Classic so I've had to find a website to decode it.
I am now in a position to send the BTC, but when I preview the transaction, I see my transaction fee is 0.08BTC - that's around $300! It would seem it's because the transaction size is large, as I collected by BTC through altcoin mining a couple of years ago, so there are lots of source transactions (141) which makes my transaction around 22KB. Would that sound right? See below.
Can this be right? I can't believe I'm being charged $300 in transaction fees! Please help!
Considering the number of inputs you're having in this situation, the fees seems to be alright but its rounding up to almost $300 which is looking very high compared to normal fees. The fact that miners are migrating to mine BCH has also been impacting the transaction fee which everyone is setting a bit higher to get their transaction confirmed faster. You can just wait it out till the block times become normal and it should drastically reduce the fees which you will be paying to push this transaction.