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I'm new to lite coin, and have been mining a bit over the last week. So far I've accumulated just under 5 LTC. When trying to move my LTC elsewhere, I'm asked for a 1.1LTC fee. That seems ridiculously high! Why is this the case? and is there anyway around it?
I'm using the litecoin-qt client and have optinal transaction fees set to 0
Most likely, your 5 LTC are the result of a very large number of very small transactions. It's expensive to "gather" them into one transaction because each input has to be signed. – David Schwartz – 2013-04-14T11:24:30.147
Thanks. The pool I was mining from seemed to give me a payout on each block found. My 5 LTC comes from about 70 individual transactions. Although, in my transaction history, the majority come up as the type 'mined' rather than 'Received with'. So basically I have 5 LTC in my wallet, but I actually don't have 5 because I can't spend it without incurring a 1.1 fee? confusing :( – Roger – 2013-04-14T12:39:32.303
Actually, I have 4.92940483 LTC total. I've received three payments of (1.04479253, 1.41791205 and 0.54251543) and the rest in little chunks from the payout on block pool. That means I have accumulated about 1.92 LTC from 70 separate transactions. Presumably most of the 1.1LTC fee is from these 70 transactions. Which means that it was almost pointless mining from this pool? If the transaction fees are so high, how do things like bitfaucets work? How is it worth receiving 0.0000001 BTC for visiting a webpage – Roger – 2013-04-14T12:47:44.007
Neither BTC nor LTC are appropriate for transactions that small. I'm not sure why a pool would make frequent, small payouts. You can try waiting awhile and transferring smaller amounts to use the older outputs to make your transaction look less spammy. – David Schwartz – 2013-04-14T13:01:52.717
ok thanks for the answer :) I guess I will no longer go near that pool. – Roger – 2013-04-14T13:06:52.330
For the record though, where bitcoin is concerned at least, waiting a longer time before gathering small transactions together will help reduce transaction fee costs. I assume litecoin is similar. – eMansipater – 2013-04-14T19:40:42.170