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The Bitcoin (BTC) user paid $100,254 for a single transaction
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A single Bitcoin (BTC) transaction has caught the attention of many due to the size of the gas fee. Whale Alert blockchain analytics platform confirmed that for a single transaction a fee of 1.5 BTC was paid. 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 The 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 off 4 Bitcoins to include your 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. At the time of this writing, the Bitcoin average Transaction cost it was at the $4,696 level, 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 in 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.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.