Those interested in the cryptocurrency world are speculating as to what led a Bitcoin (BTC) account owner to spend more than 4 BTC for their transfer to be included in a regular Bitcoin (BTC) block. Since September 2023, an exorbitant transaction charge of over $100,000 has been paid three times.
User pays whopping $174,000 fee for single BTC transfer
Automated monitoring systems detected an odd Bitcoin (BTC) transaction at block 826032 today, January 16, 2024. To send 2.89 BTC, someone had to pay more than 4.03 BTC. The transaction was thus assessed a staggering 1,800,890 sat/vB fee.
https://x.com/BtcBlockBot/status/1747254421367693323?s=20
At the current price of Bitcoin (BTC), this charge was over $174,000 in value. For Bitcoin (BTC) miners, this block was about 30,000 times more lucrative than the norm.
A developer of Bitcoin (BTC) who goes by the handle @mononautical on X (previously Twitter) offered his theories on the possible causes of this bizarre incident:
Since wallet software should (ideally) apply change automatically in that scenario, it was most likely user mistake (…) The nodes of mempool.space publicly broadcast this transaction before it was included in any block.
Analysts on X speculate as to whether this action is related to money laundering or whether someone just misset the criteria in a hurry.
Third outrageous transaction registered in six months
Periodically, these transfers are recorded on the blockchains of Ethereum (ETH) and Bitcoin (BTC). A BTC transfer cost more than $510,000 in September.
On the Bitcoin (BTC) network, a record-breaking fee was recorded in December 2023. A $3.1 million charge was added to their transaction by an unidentified Bitcoiner (BTC).
According to latest statistics, costs for both networks remain steady as of January 2024.
