4

This has definitely been asked before but the questions I found were years old and I want to know if the landscape for dealing with this has improved, and if there's a simpler way for an "average user" to consolidate these tiny inputs.

I have lots of transactions from faucets and cloud mining that has been running quite a while now. Even setting my wallet (Trezor) to use the lowest fee will cost more than 1/3 the total value. Is there any way I can consolidate these without getting completely reamed, and without having to have a deep understanding of linux, running bitcoin core, etc.?

I'm on OSX and while I am frequently the most technologically savvy person in my circles, I'm not a linux/bitcoin expert and am more just an early adopter playing around with something new that I only somewhat understand. Would really like to be able to use these btc someday without giving up most of them to fees.

Also my mining is ongoing so I get another small transaction every single day, so this will continue to be an issue for me.

Improve this question

2 Answers 2

Reset to default
1

Just now (July 2017) the mempool is down, which allows for small fees. Usually fees are created by the size of the transaction. With lots of dust, a transaction will have many inputs, and increase in size. That increases the fees. I have seen transactions with low as 5 satoshis per byte. So it's a good time frame.

Similar reply here: Why was the transaction fee more for a 20 mBTC transaction than for a 25 mBTC transaction?

Improve this answer
7
  • I'm afraid I don't know what you mean. I read the answer at your link but don't understand how it's connected.
    – JVC
    Jul 5, 2017 at 18:22
  • In general, there is a fee market. Only a few people doing transactions equals low fees. Many people doing transactions, higher fees. The amount of transactions is currently low... good time to consolidate. So the price of your transaction (fee) is defined by the number of "dust entries" (which is a string of many bytes) multiplied with the transaction fee value. In my wallet I could chose this factor, you did not specify, which wallet you use. Electrum? Usually there is an option to define a transaction fee in Satoshis per byte, try to set it to 10 Satoshis per Byte.
    – pebwindkraft
    Jul 5, 2017 at 23:24
  • I am using a hardware wallet so I don't have any ability to specify the fees this way as far as I know. It just gives me a few options for fees ( low, medium, high, etc.) and that's all. I will have to take a look again though if fees are low right now…
    – JVC
    Jul 6, 2017 at 0:09
  • So it turns out my hardware wallet has at some point added the ability to set custom fees. However, when selecting that option it states: Setting custom fee is not recommended. If you set too low fee, it might get stuck forever. Needless to say this makes me nervous... I don't want to lose the btc I'm consolidating as it all adds up to a reasonable sum. Suggestions? If I accept their default "low" fee it comes out to 4% of the total... not as bad as it has been in the past but still quite steep!
    – JVC
    Jul 6, 2017 at 0:17
  • well, 4% is not too bad. I have done many tx with 20Satoshi/bytes (roughly 10% fee), which where then integrated within 3-4 hours. So you could try to go lower, and wait a bit longer...
    – pebwindkraft
    Jul 6, 2017 at 7:28
1

I believe the answer given at 1,500% transaction fee and 3,5 months to confirm? is 'the' answer to the dust question (though I am only starting with bitcoin and doing research, this answer makes a ton of sense to me).

Basically, the way to handle dust is to combine it into one place, as it comes in, not make a new address every time - and piggy-back that consolidation onto a 'value' transaction.

That doesn't help much for the dust you have now, perhaps, though it can certainly make a difference to those new ones coming in.

Improve this answer
3
  • Yeah it's definitely worth better understanding how & why "dust" is created in the first place. The problem I faced (face) is that I have cloud mining proceeds that come to my wallet every single day, that are always dust... there's nothing I can do to change this, it is delivered daily because the miner will not ever risk holding customer funds longer than required. So I just have to periodically sweep it all somewhere, which royally sucks if tx fees are really high at that time. Fortunately I'm never in a hurry to deal with it, so can wait until a better time, but still it kinda sucks.
    – JVC
    Jan 19, 2018 at 20:05
  • Well, if it will help, you can sweep it all my way! And, I'd even pay the fees (just to show I'm a nice guy!) :)
    – Apps-n-Add-Ons
    Jan 19, 2018 at 21:40
  • LOL so generous! What would the internet do without gracious souls like you?!
    – JVC
    Jan 20, 2018 at 2:13

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.

Not the answer you're looking for? Browse other questions tagged or ask your own question.