An Unknown User Incurs More Than $80,000 in Transaction Fees When Sending BTC Worth $1

A transaction fee of more than $ 80,000 or (3,49079570 bitcoins) was charged to an unknown person when transferring bitcoin worth $ 1.16. According to Blockchain.com, the December 19 transaction contained in block 662052 had an input of 3.49084570 bitcoin and an output of 0.00005000 bitcoin.

As explained in a report, the unusually high fee may be due to “a mistake the Bitcoin user made while manually creating the transaction details”. As Alex Lebed, development manager at Xsigma Defi, told news.Bitcoin.com, this may have happened “because certain wallets allow you to spend unlimited transaction fees to improve your transaction with the miners.”

Lebed emphasizes that this is technically possible and states that this approach is being carried out in order to “fund the transaction in a mining pool of your choice and make it a priority”. Lebed then concludes:

Maybe someone tested the network. It’s unlikely that someone accidentally made the transaction, but it is possible. In my opinion it could have been a test.

Meanwhile, the high fee paid by the unknown person arose a day after the average transaction fee on the Bitcoin network exceeded $ 11.91. Data from Bitinfocharts shows that transaction fees on the network exceeded the $ 10 mark for the first time since November 5, when they peaked at $ 12.05.

However, after the brief spike, transaction fees had dropped to $ 6.15 by December 20. Nevertheless, the transaction fees in the network remain higher than at the beginning of the year. On January 1, the average fee on the Bitcoin network was $ 0.33 and stayed below $ 1 for the next four months.

Since the beginning of May 2020, BTC network charges have exceeded the one-dollar level and have remained largely above that level since then.

What do you think of this high transaction fee? You can share your views in the comments section below.

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