Bitcoin Miner AntPool to Refund $3 Million Transaction Fee
AntPool, a Bitcoin mining pool, has announced that it will refund a record-breaking $3 million transaction fee that was paid in error. The fee was temporarily frozen by AntPool’s risk control system while packaging the transaction. The user who sent the funds is requested to verify themselves before December 10 by using a signing tool and sending the signed text to the AntPool support email address.
Details of the Transaction
The transaction in question took place last week in block 818087. The sender intended to send 139.42 BTC, but due to an error, they ended up paying 83.64 BTC as a transaction fee. As a result, the recipient received only 55.77 BTC.
Previous Refunds of Oversized Transaction Fees
This is not the first time that an oversized Bitcoin transaction fee has been refunded. In September, F2Pool agreed to refund a $500,000 fee paid by Paxos for a transaction worth $2,000.
Increase in Bitcoin Transaction Fees
While the $3 million fee was a mistake, it highlights the overall increase in Bitcoin transaction fees in recent months. According to data from Ycharts, the average transaction fee has risen from $1.15 at the end of October to $6.7 currently, marking a more than five-fold increase.
In November, the average fee even spiked as high as $18 due to increased activity on the network caused by hype surrounding Bitcoin Ordinals. Ordinals are digital assets similar to non-fungible tokens (NFTs) that are inscribed on a satoshi, which is the smallest denomination of Bitcoin.
Hot Take: Bitcoin Miner AntPool Sets a Precedent for Refunding Mistaken Transaction Fees
AntPool’s decision to refund the $3 million transaction fee sets a precedent in the crypto industry. It demonstrates the willingness of mining pools to rectify errors and ensure fairness in transactions. This move reinforces trust and confidence in Bitcoin as a reliable and secure digital currency. It also highlights the importance of verifying transactions carefully to avoid costly mistakes. As transaction fees continue to rise, users should exercise caution and double-check their transactions before finalizing them.
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