Post
Topic
Board Electrum
Re: High Fees on Electrum? Normal?
by
Asuspawer09
on 12/05/2024, 06:55:23 UTC
I wasn't expecting this kind of fee since I've checked the mempool was only a 1$-2$ to confirm.
The fee displayed on mempool.space is for a native segwit transaction with 1 input and 2 outputs.
Your transaction includes many inputs and that's why you have to pay higher fee for that. You may be able to decrease the fee with decreasing number of UTXOs via coin control.

By the way, 12 sat/vbyte is now enough for getting fast confirmation. No need to pay 30 sat/vbyte.

-snip-
Am I missing something here?
The issue is a combination of using mid range of "static" fee slider @30sat/vB and the size of your transaction which is 2045vB.
Your screenshot already shows the simple formula on how to compute the absolute fee.

If you want to minimize it; set the fee rate to the current optimal which is that 12sat/vB in your other screenshot (same thing you'll get with "mempool" slider at '0.8mb from tip')
And more importantly, select only a few large UTXOs since your transaction probably used a lot of inputs for reaching 2045vB size.
To do that: enable and go to 'Coins' tab (View->Show Coins), multi-select some UTXO that are enough to pay your recipient, right-click and select "Add to coin control".



Do this one and make the fees lower to what I normally expected  Smiley Is this right? Set it to around 12sats since that is what's in the high priority of mempool.

Didn't know about his coins, static, add to control, etc. seems new to me, I usually just send it directly and the fees are lower and match on the mempool, thanks a lot!