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Market News Transaction Fee of 4 BTC ($172,000) Paid by an Unidentified Bitcoin User

Transaction Fee of 4 BTC ($172,000) Paid by an Unidentified Bitcoin User

Tuesday witnessed an unidentified Bitcoin user pay a staggering 4 BTC ($172,000) in transaction fees, which accounted for over 133% of the transaction amount. The user allegedly incurred these fees while attempting to consolidate multiple Bitcoin transfers in his wallet. resulting from it.

TOP1 Markets Analyst
2024-01-17
8370

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Tuesday, as reported by CryptoPotato, an unidentified Bitcoin user remitted a transaction fee of 4 BTC ($172,000), which exceeded 133% of the transaction's actual value. The intended recipient received 2.9 BTC; however, mempool.space indicates that the user overcharged by a factor of 29,992x. The user exchanged 1,800,890 satoshis per vByte (sat/vB), whereas the block's standard transaction yielded approximately 60 sat/vB.

 

Tomer Strolight, editor-in-chief of Swan Bitcoin, advised users to consolidate Unspent Transaction Outputs (UTXOs) rather than converting one into a fee, in response to the transaction. By consolidating UTXOs, which are individual BTC transfers stored in a user's Bitcoin wallet, it is possible to circumvent increased transaction fees. According to on-chain data, the high-paying user may have sought to circumvent this issue by consolidating their UTXOs.

 

Despite the fact that Bitcoin transactions and fees are irreversible in principle, miners have frequently returned excessive transfers. Paxos was reimbursed $500,000 by the Bitcoin mining pool F2Pool in September, which the pool inadvertently deposited into a Bitcoin transaction. In a similar fashion, mining pool behemoth Antpool reimbursed miners the record-breaking $3.1 million charge paid by an anonymous user.

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