Post
Topic
Board Bitcoin Discussion
Re: Ouch, today someone made a transaction with over $500k fee.
by
pawel7777
on 10/09/2023, 21:13:23 UTC
I doubt it's an act of carelessness, anyone with that kind of a balance would at least know how and where to input the appropriate fees. It could be a way to donate a large sum to the bitcoin miners.

Here's a tx from 2016 that paid a 291.24 btc fee: https://www.blockchain.com/explorer/transactions/btc/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d this fee was worth 130k USD at that time as the BTC price was close to $441. Looking back now, this fee is worth 7.5m USD.

Thanks, the one from 2016, although much greater in BTC terms, was around 4 times lower in USD terms than today's one.
The 2016 transaction was widely reported as a sender's error, so not sure why would you dismiss the possibility of someone making a similar mistake today. I can't imagine anyone willing to send a "donation" to a random mining pool this way. Just sounds way less probable than a human error.

And if my memory serves me well, I think in 2016 the pool agreed to return the fee (but I may be thinking about yet another situation).