Bitcoin User Pays Record-Breaking Transaction Fee
An unidentified Bitcoin user made a transaction on Thursday that resulted in the largest recorded transaction fee on the network. The user paid an 83.6 BTC ($3,136,058) fee while moving their coins, with a total transaction size of 139 BTC ($5,198,720.84). However, only 55.7 BTC reached the intended recipient.
Costly Mistake
The transaction was sent from one wallet address to another on November 23. The fee was overpaid by a factor of 119,980x based on the block’s cost at the time. Bitcoin users can voluntarily attach fees to their transactions to expedite processing.
Replace By Fee Feature
Bitcoin includes a “replace by fee” (RBF) feature that allows senders to replace unconfirmed transactions with higher fee transactions. It appears that the sender may have attempted to cancel the transaction multiple times with higher fees, resulting in unnecessary costs.
The Fate of the Money
The sender and recipient remain unknown, but Antpool, one of the largest Bitcoin mining pools in Asia, received the block’s fee. Typically, mining pool operators split profits from fees and block rewards with their miners. It is expected that Antpool will return the fee once contacted by the transactor.
Hot Take: Bitcoin User Sets Record for Largest Transaction Fee Paid
An anonymous Bitcoin user recently made a costly mistake while transferring their coins, paying an exorbitant transaction fee in the process. The user overpaid by a significant amount and tried unsuccessfully to cancel the transaction with higher fees. This incident highlights the importance of understanding how fees and features like “replace by fee” work in Bitcoin transactions. While the sender and recipient remain unknown, it is likely that the mining pool responsible for processing the block will return the fee. This serves as a reminder to double-check transaction details and fees before initiating any transfers in the crypto world.
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