Post
Topic
Board Bitcoin Discussion
Merits 4 from 4 users
Re: Ouch, today someone made a transaction with over $500k fee.
by
RocketSingh
on 10/09/2023, 21:20:36 UTC
⭐ Merited by pawel7777 (1) ,bitbollo (1) ,ETFbitcoin (1) ,hugeblack (1)
The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Source:
Explorers: https://twitter.com/whale_alert/status/1700920065934213256
Blockstream: https://blockstream.info/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd?expand
Blockchain.com: https://www.blockchain.com/explorer/transactions/btc/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd

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.

There are actually many such stories...

In 2013, Friedcat refunded 200 BTC.

In 2014, BTC Guild refunded 30 BTC.

Details @ https://news.bitcoin.com/mining-pool-btc-com-80-btc-fee-refund/