Recently, an anonymous trader has caught the attention of the crypto community by racking up an astonishing $3.1 million in transaction fees while moving 139.42 Bitcoin. This eye-popping transaction fee has now etched its place as the eighth highest in Bitcoin’s 14-year history. Notably, back in 2016, the record for the highest bitcoin fee was set when a user unintentionally sent 291 BTC in transaction fees.
— Lookonchain (@lookonchain) November 23, 2023
A Massive 139.42495946 BTC, Equivalent To A $5.23 million Moved
The crypto analytics platform BitinfoCharts played detective in uncovering this peculiar transaction, prompting discussions and speculations among crypto enthusiasts. Reports suggest that the trader might not have been aware of the rules against canceling replacement payments, leading to the unintended $3.1 million transaction fee. Developers in the MemPool community have hinted that a lack of awareness could be a contributing factor to this significant fee.
This eyebrow-raising transaction unfolded at block height 818087, involving the movement of 139.42495946 BTC, equivalent to a whopping $5.23 million. Interestingly, the recipient only received 55.76998378 BTC, leaving a substantial discrepancy of 83.65 BTC designated for fees.
How Paxos Sent $500,000 Transaction Fee For $2,000 Bitcoin Trade In September
While such exorbitant transaction fees remain infrequent, the Bitcoin network’s absence of a precise quote for transaction charges adds an element of unpredictability. In a parallel incident, the cryptocurrency exchange Paxos inadvertently sent a $500,000 transaction fee for a $2,000 Bitcoin trade in September. Fortunately, the F2Pool miner overseeing the transaction promptly returned the $500,000 unintentional transaction fee to Paxos.
As the crypto community grapples with the implications of this latest event, the inadvertent contribution of the mysterious trader adds another layer to Bitcoin’s fee history, prompting reflection on the evolving landscape of blockchain transactions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.