Today i have decide to write this article to help you saving some bitcoin mining fees.
You need to have on your possession your private key !
I am a huge fan of the Exodus wallet because is simple to use , clean design etc...
As we all know, Exodus tracks changes in the bitcoin network and adjusts the fees accordingly using the dynamic pricing model from: https://bitcoinfees.21.co/ and they prioritizes speed and reliability over low fees (You can check their FAQ)
In my case, i use Exodus as a middle wallet, for collecting several payments from mining and send them to my Ledger hardware wallet.
When you have many small inputs in your wallet, so you need to use all (or most) of them to build the transaction and your fee will be increase depends on that and this number rises and falls with congestion on the network.
So here what i am doing :
On this example, i have 37.80 $ worth of bitcoin.
If i want to send them all, i will have to pay 13.32 $ for the bitcoin network fees and i will receive only 24.48 $
You can create easily a wallet on https://blockchain.info
Once you are in your wallet account, you go to :
- Settings
- Adresses
- You will see the menu + Import Bitcoin Address
You click on + Import Bitcoin Address, a menu will appear and here is where u will insert your Exodus Bitcoin Adress and finally click on import.
Once your Exodus Bitcoin Address is Imported, you will be able to see it and written "Watch Only" on the side with the amount of bitcoin available (In my case 0.0089855 btc, same as the exodus amount).
Here is the small trick to do !
You have the menu "More Options" at the right side of your wallet adress. You click on it and a drop down menu will appear and will choose the option "Spend"
Once you have click on "Spend" a new menu will appear :
- You enter your private key
- You enter the wallet address where you want to send
And you will see that by choosing Regular Transaction i will pay 8.45 and i will save 4.87 $
You need also to take on consideration that on the moment that i post this article, the network might be congested !