Bitcoin: Bitcoin Core: “Failed to increase transaction fee (Failed to create transaction. Insufficient funds)”
Bitcoin Core: Transaction Fee Increase Failed – What You Need to Know
As a Bitcoin Core user, you have probably encountered the “Transaction Fee Increase Failed” error message when trying to send a transaction with a RBF (Reward Block Fee) confirmation. This issue can be frustrating, especially if it prevents your transactions from being cleaned up quickly in the mempool.
In this article, we will learn what is going on behind the scenes and explore possible solutions to resolve the “Transaction Fee Increase Failed” error on Bitcoin Core.
What is RBF?
Reward Block Fee (RBF) is a payment mechanism that allows users to receive block rewards for creating new blocks. These rewards are calculated based on the block size and the amount received depends on the network difficulty level.
Transaction Fee Increase Failed Error Message
When you encounter the “Transaction Fee Increase Failed” error message in Bitcoin Core, it means that the transaction fee has increased while the transaction is being processed. This can cause delays in the transaction confirmation process.
Here’s what happens:
- Transaction Creation: You initiate a transaction using RBF.
- Transaction Submission
: The transaction is submitted to the mempool for verification.
- Transaction Processing: The transaction is verified and added to the block header.
- Block Creation: A new block is created with an updated block size and difficulty level.
- Reward Calculation: The reward for creating a new block is calculated based on the block size.
Why does Bitcoin Core say “Transaction fee increase failed”?
Bitcoin Core may display this error message because it is having difficulty calculating the reward amount, which can result in higher transaction fees. Here are some possible reasons:
- Insufficient Funds: If there are not enough funds for a transaction, Bitcoin Core will attempt to increase the transaction fee.
- Network Congestion: If the network is congested or has high fees, transactions may take longer to be recorded in the mempool, which can cause delays.
- Block Size Limitations: Increasing the block size can cause reward calculation issues, resulting in higher transaction fees.
Solutions to Fix the Issue
To fix the “Failed to Increase Transaction Fee” error on Bitcoin Core:
- Check your funds
: Make sure you have enough funds for the transaction.
- Adjust network fees: Consider reducing or adjusting the block size to see if this improves the transaction confirmation process.
- Wait and try again: Wait for a while (up to 10 minutes) and try sending the transaction again with a lower fee.
- Use a different wallet: If you are using the same wallet, try switching to a different one to see if the issue is specific to your wallet or blockchain network.
By understanding what is happening behind the scenes and exploring possible solutions, you should be able to fix the “Failed to Increase Transaction Fee” error on Bitcoin Core.