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Bitcoin (BTC) User Paid $100,254 for a Single Transaction from U.Today
U.Today – A single transaction (BTC) has caught the attention of many due to the size of the gas fee. Blockchain analytics platform Whale Alert confirmed that a fee of 1.5 BTC was paid for a single transaction. This fee equates to $100,254 based on the current market value of the leading cryptocurrency. This fee is quite higher than the average transaction cost.
This user paid this huge fee to have their transfer included in a regular Bitcoin block. Some of these transactions have been recorded in the past. In September 2023, a Bitcoin user paid a transaction fee of 19 BTC. This was around the time the price of Bitcoin was trading at $26,000, so the 19 BTC equaled $509,563.
Then again, in January, another BTC account paid more than 4 BTC to include their transfer in a regular Bitcoin block. The transaction was then charged the exorbitant sum of 1,800,890 sat/vB.
Potential reason for a high transaction fee
It is worth noting that normally transaction fees may vary due to network congestion. It once reached $60 during the cryptocurrency boom of 2017. Therefore, this recently recorded scandalous transaction fee could be the result of an error or misconfiguration in the transaction software. It could also potentially be for reasons known only to the initiator of the transaction or even for a possible money laundering scheme.