Thursday, July 25, 2024

Bitcoiner Makes History By Paying $3.1 Million in Transaction Fee. Cryptured

The transfer of 139.42 Bitcoin (BTC) reportedly cost a user $3.1 million in transaction fees, which sparked strong reactions from the community and insights from on-chain analysts.

A Bitcoiner paid an astonishing 83 BTC, or roughly $3.1 million, in transfer fees on November 23, according to on-chain data. This amount is thought to be among the highest since the invention of cryptocurrencies.

Even though the recipient wallet indicates it only received 55.77 BTC, the transfer fee took up more than 50% of the entire transaction value. Many in the cryptocurrency community have suggested that human error is most likely what caused the incidents.

The replace-by-fee (RBF) policy, which enables users to replace unconfirmed transactions in the mempool with another transaction that pays more to be cleared faster, has drawn the attention of several on-chain developers.

According to the data, the transaction fee increased by 12.5 BTC with the most recent RBF replacement, adding 20% to the already high amount.

Crypto developer Mononaut contended on X (formerly Twitter) that the user might have expected to be able to cancel an RBF order, even though they were unaware of this policy.

Antpool mining gets rewards.
Following the completion of transaction 818087, Antpool received the mining reward. Furthermore, it was disclosed that the account was set up just a few minutes prior to the transfer.

Bitmain’s mining pool has not released an official statement regarding the current state of affairs. The majority of Bitcoin blocks have recently been mined by Antpool and Foundry USA.

Although a mining pool has previously recorded extremely high transaction fees, this is the highest amount paid if converted. The largest transaction fee ever recorded was 291 BTC in 2016.

To transfer $2000 worth of assets, Paxos had to pay a $500,000 transfer fee in September. The business promptly acknowledged the payment, reaffirmed that all user funds were secure, and made it clear that PayPal was not liable as some users had suggested.

On-chain data reveals that the money was returned to the blockchain infrastructure company following the error a few days later. The bitcoin miner asked the community what they would have done in his situation, even though F2Pool made the final decision. Many people joked that they would have given money to each other.

Although mistakes have resulted in asset losses in the past, the mining pool typically assists the user in getting their money back. An Ethereum mining pool called Sparkpool helped a user recover half of the money they had lost as a result of a $400,000 transaction fee in 2019.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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