Post
Topic
Board Bitcoin Technical Support
Merits 10 from 3 users
Re: [Feb 2024] Fees are lower, wait for opportunity to Consolidate your small inputs
by
NapHappy
on 20/02/2024, 19:51:25 UTC
⭐ Merited by LoyceV (6) ,dkbit98 (3) ,JayJuanGee (1)
I started mining in 2021 and had my pool send me BTC as .0005 (or lower) as I was very skeptical of a pool "rugging" me. 

When I have made payments I did so with my Trezor, and it was using its own algorithm to determine what UTXOs to spend, I didn't understand UTXOs, so I just let Trezor do its thing.

So in November when I saw the fees had spiked I had the pool pay me when my balance hits .02 BTC.

Then I read this article about higher fees turning small UTXOs into dust. - https://jrjr.meme/to-dust-you-shall-return/#84f286e7-c306-4bf7-bcea-aa7a53393e1f-link

So now I am understanding UTXO management quite a bit too late.

I have over 100 Segwit UTXOs under .001 BTC.

I am trying to figure out the most efficient strategy to consolidate my UTXOs. I realize that no one has a crystal ball regarding fees, so let's assume the fees stay where they are now. I have questions:

1. In the first post off this thread it says this "If you have many different inputs, I suggest to consolidate them in multiple steps. Don't create a 100,000 bytes transaction with 500 inputs, but instead create many transactions with 20-ish inputs." Is this still a recommended plan? It seems that each individual consolidation has a bit of overhead which could be saved by having only 1 consolidation, and then also that the multiple resulting UTXOs will also be smaller perhaps ending up as dust themselves.

2. Is there a way in Trezor to see the size of each UTXO? Without that info, I have no idea whether a UTXO is dust at this price. I have exported the trezor info into a csv, but that doesn't give me the size of the UTXO.

3. If I do a consolidation with a very low fee hoping it happens to get picked up, and it doesn't complete, what will happen to it? How long until I can try again?