Re: [Feb 2024] Fees are lower, wait for opportunity to Consolidate your small inputs
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?
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?
so 100 under 0.001 = under 0.1 in total which is 5000 bucks.
do a full consolidation with a high fee option of 3 sats. do not execute it .
here is an example it is way cheaper then you would pay as it is 1 or 2 getting merged not 100
you can see the cost to do it all at any fee
by setting up like I did on my trezor wallet.
in my case it is 20 cents doing 3 sats