How do I make a consolidation transaction?

Making a consolidation transaction is as simple as making a small withdrawal from your vault

Consolidation transactions are required when the number of deposits (UTXOs, as covered here) in your vault nears the physical limit where a hardware device can have problems successfully signing transactions.

Periodic consolidation transactions are necessary when holding the keys to any bitcoin wallet and are something that everyone managing bitcoin keys must occasionally do. Learn more about consolidation transactions

The process for consolidating your UTXOs within your vault is the following:

  1. Log in to your vault.
  2. Author a transaction of $5 of bitcoin or more to another Unchained vault or an external wallet of your choice (e.g., BlueWallet). 
  3. Sign with both of your hardware wallets or sign with one and ask Unchained to sign with our key. We do not charge for using our key for consolidation transactions if your hardware wallet(s) fails during the signing.
  4. Complete. Your vault will merge your deposits through a change transaction. 

Note: It may take a few minutes for your device to sign—this is normal. Your device's built-in memory is working overtime to remember all of your past deposits!

In some instances—and with COLDCARD devices in particular—your device may not have enough memory to sign all of your UTXOs. If this happens, other methods of consolidation are available to you. Don't' hesitate to get in touch with our team—we'll work with you to break your UTXOs up into smaller chunks that you can send to a new vault address.