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Main Blog Hype Anonymous user pays over $500,000 in Bitcoin transaction fee

Anonymous user pays over $500,000 in Bitcoin transaction fee

On September 10, a user executed a Bitcoin transaction with a fee being higher than the funds transferred. The miners involved have given time to return the funds. Let's take a closer look at what happened.

The transaction took place about 19 hours ago within block 807,057. A user sent 0.074 BTC (≈$1,902) but paid a 19.82 BTC (≈$509,000) commission for it. This is by far the largest transaction fee in terms of dollar value.

Meanwhile, according to BitInfoCharts, the average transaction fee on the Bitcoin blockchain is roughly 0.000085 BTC (≈$2.18).

The block containing this transaction was mined by the F2Pool pool, which accordingly received the huge fee. A representative of the mining pool, on X (formerly Twitter), has extended a 3-day window for the sender of the transaction to make contact. If the sender reaches out within this timeframe, they will be refunded.  Otherwise, the Bitcoins will be distributed among the pool's miners. 

As the Bitcoin network grows, mining solo becomes uneconomical. Mining pools exist to solve this problem, allowing users to combine their computational power and share rewards in proportion based on the provided capacity. 

Today, on September 11, the BTC price dropped to $25,000. This is not surprising for September – historically, it is a red month for Bitcoin’s value. 

Read our Bitcoin price forecast for September!

You might also like:

What is Bitcoin

Bitcoin’s September Price Prediction: back to $25,000


Maria Kachura
Maria Kachura

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