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Bitcoin (BTC) User Paid a Staggering $100,254 for a Single Transaction — TradingView News
A single Bitcoin BitcoinUSD the transaction caught the attention of many because of 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
Paying such exorbitant fees usually raises suspicions as many market observers wonder about the circumstances that may have led to it. As of this writing, Bitcoin’s average transaction fee was at a level of $4,696, up from $3,740 on May 4 and down from $6,696 a year ago. This also represents a change of 25.57% from yesterday and -29.86% from a year ago, according to data from YChart.
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.