$174,000 for Bitcoin (BTC) Transaction: Enormous Fee Just Paid

Cryptocurrency community enthusiasts are guessing at what made an owner of Bitcoin (BTC) account pay over 4 BTC for having their transfer included in an ordinary Bitcoin (BTC) block. This is the third enormous $100,000+ transaction fee paid since September 2023.

User pays whopping $174,000 fee for single BTC transfer

Today, Jan. 16, 2024, automated tracking services registered an unusual Bitcoin (BTC) transaction at block 826032. Someone paid over 4.03 BTC to transfer 2.89 BTC. The transaction was therefore charged with a whopping 1,800,890 sat/vB fee.

Somebody just paid a fee of 4.03 BTC ($173K) in block 826,032. Ouch! https://t.co/wvsGKi8EJN

— Bitcoin Block Bot (@BtcBlockBot) January 16, 2024

In current Bitcoin (BTC) prices, this fee was equal to almost $174,000. This block was almost 30,000x more profitable for Bitcoin (BTC) miners than average.

A Bitcoin (BTC) developer who goes by @mononautical on X (formerly Twitter) shared his thoughs on what might be behind this crazy event:

Probably user error, since wallet software would (hopefully) add change automatically in that situation (…) This transaction was broadcast openly, and observed by mempool.space ‘s nodes prior to inclusion in any block.

Commentators on X are guessing whether this activity might be associated with money laundering or someone just set the wrong parameters in a rush.

Third outrageous transaction registered in six months

Such transfers are periodically registered on Bitcoin (BTC) and Ethereum (ETH) blockchains. In September, someone paid over $510,000 for a BTC transfer.

In December 2023, a record-breaking fee was registered on the Bitcoin (BTC) network. An unknown Bitcoiner (BTC) equipped their transcation with a $3.1 million fee.

In January 2024, fees on both networks are stable, recent data says.

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