The Bitcoin transaction fee went higher than the transaction amount

  • Recently an unknown Bitcoin user paid $80,000 as a transaction fee to transfer $1.18
  • It seems like the person has made the transaction to test the BTC network
  • Compared with earlier this year, the transaction fee of Bitcoin is too high now

An unknown individual is found paying more than $80,000 to transfer just $1.18 worth of Bitcoin (BTC). The transaction was found on the platform of on Saturday. It was found that the Bitcoin transaction was included in block 662052. According to the blockchain data, the unknown user has incurred a transaction fee of 3.49084570 BTC to transfer a small amount of 0.00005000 BTC. However, the cost incurred for the transaction was way higher than that of the usual fees.

Why would such a high Bitcoin transaction fee be incurred?

Observing such an unusual transaction, it seems that there must be an error made by the Bitcoin user while manually constructing the details of the transactions. According to Alex Lebed, the head of development at Xsigma DeFi, the reason behind the high transaction fee might be because certain crypto wallets allow us to spend unlimited transaction fees. The wallets offer such activities, so our transaction gets boosted with the miners. Lebed also explained that considering the matter, it is also possible that this is done to fund the transaction in a specific mining pool by making that a priority. 

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However, there seems no possibility of making the transaction accidentally. Though may someone have tested the network. On the other hand, we also observed that the high transaction fee was incurred, after a day when the average transaction fee on the BTC network surged to $11.91.

The incurred fee for processing transactions remained high

According to data from BitInfoCharts, it is observed that, since earlier last month, the cost of the transaction has crossed the level of $10 last week for the first time. Earlier last month, the transaction fee of Bitcoin was observed peaking at $12.05. However, after surging for a short while, this weekend the cost of transaction again declined near $6. Indeed, we can conclude that this year the transaction fee for processing Bitcoin transactions remained higher than starting, as earlier this year the average fee for a transaction remained below $1.

The unusual transactions details

From the data of the transaction it is found that the person fulfilled the transaction on Saturday near 19:43. The receiving wallet received 0.00005000 BTC. It is confirmed that the transaction fee was 3.49079570 BTC.However, it means the sending wallet had transferred 3.49084570 BTC, but the receiving wallet received just 0.00005000 BTC.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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