An unknown person has incurred transaction fees in excess of $ 80,000 or (3,49079570 bitcoins) when transferring bitcoin worth $ 1.16. According to Blockchain.com, the December 19 transaction, which is included in block 662052, had an input of 3.49084570 bitcoin and an output of 0.00005000 bitcoin.
As one report explains, the unusual high compensation may have been the result of an “error made by the bitcoin user in compiling the transaction data manually.” However, as Alex Lebed, head of development at Xsigma Defi, tells news.Bitcoin.com, this may have happened “because with certain wallets you can spend unlimited transaction fees to boost your transaction with the miners.”
Emphasizing that this is technically possible, Lebed explains that this practice is done to “fund the transaction in a mining pool of your choice, making it a priority.” Lebed then concludes:
Maybe someone was testing the network. It is unlikely that someone made the transaction accidentally, but it is possible. In my opinion, it may have been a test.
Meanwhile, the high fee was paid by the unknown person a day after the average transaction fee on the Bitcoin network exceeded $ 11.91. Data from Bitinfocharts shows that transaction costs take place on the network exceeded the $ 10 mark for the first time since Nov. 5 when they peaked at $ 12.05.
However, after the brief rise, transaction costs had dropped to $ 6.15 on December 20. Nevertheless, the transaction costs on the network remain higher than at the beginning of the year. On January 1, the average rate on the Bitcoin network was $ 0.33 and it remained below $ 1 for the next four months.
Since the beginning of May 2020 BTC network costs exceeded the one dollar level and have remained largely above that level since then.
What do you think of these high transaction costs? You can share your thoughts in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.