- The ‘hard to swallow’ amount of 19.82 BTC in transaction fee has become a buzz in crypto community.
A Bitcoin user pays approximately $500k in fees to send $2000, becoming the most expensive transaction fee paid in US dollars.
The data from Blockchain Explorer shows that the user sent a transaction on September 10th, paying a total of approximately $2000 in BTC to four different addresses combined while receiving $1700 through a change.
It seems that the user has paid a whopping amount accidentally; it seems like a human error. Maybe they inverted the fee amount and the send amount. The address paid 19.82 BTC in the transaction fee, which amounted to approximately $509k at the time the transaction was executed.
A Bitcoin community member and co-founder of CasaHODL, Jameson Lopp, says that the address seems to be an exchange or payment processor with buggy software. It has more than 60k transaction counts.
The transaction that paid nearly 20 BTC ($500,000) fee a few hours ago looks like an exchange or payment processor with buggy software.
They’ve received 60,000+ txns and sent 60,000+ txns from the same address (bad practice) and likely calculated their change output incorrectly. pic.twitter.com/ae9RzD1CXH— DollarPesa (@dollarpesa) September 18, 2023
Luckily, the transaction is confirmed and broadcasted by the F2Pool, a well-known Bitcoin miner pool. The administrator of F2Pool, Chun Wang, announced that they have put the amount on hold. It will be distributed to miners if nobody claims it for three days.
The average fee on Bitcoin transactions stays around $1 or $2, while it reaches as high as $60 in higher network activities.
