In a startling development, an anonymous trader spent a whopping 83.65 Bitcoin (BTC) valued at around $3.14 million for a single transaction.
According to data shared by Whale Wire, the trader initially imputed 139.32 BTC as the intended amount to send. However, only 55.76998378 BTC were processed as the received amount, while the 83.65 BTC difference became the expended fees.
“JUST IN: A massive $3,146,245 (83.65 BTC) transaction fee was just paid in order to send a 139.32 #Bitcoin transaction,” Whale Wire tweeted.
JUST IN: A massive $3,146,245 (83.65 BTC) transaction fee was just paid in order to send a 139.32 #Bitcoin transaction.
— WhaleWire (@WhaleWire) November 23, 2023
The identity of the trader behind the transaction remains unknown at the time of writing this line.
It bears mentioning that this type of incident is not new, as some traders have paid exorbitant fees for a single transaction. An anonymous user paid over $500K in September for a single Bitcoin transaction.
It is sometimes common for traders to pay exorbitant fees on the Bitcoin network. This is mainly because Bitcoin does not have a specific quote as the fee users need to pay for each transaction.
In recent times, traders have taken to social media platforms to complain about the surging transaction fees on the Bitcoin network. With the emergence of BRC-20 tokens, retail investors paid high transaction fees to send BTC.
Lightning Network Comes to the Rescue
Notably, Bitcoin developers have made significant progress in addressing the high transaction fees on the network by introducing the Lightning Network.
For context, the Lightning Network is an L2 scaling solution that aims to tackle high Bitcoin fees and bolster transaction speed. The solution was created to address the scalability issues associated with Bitcoin.
Binance, the world’s largest exchange by 24-hour trading volume, has already integrated the Bitcoin Lightning Network for BTC deposits and withdrawals.
Aside from Binance, other top exchanges, including Kraken, OKX, Bitfinex, CoinCenter, and River Financial, have also embraced the solution for faster and cheaper BTC-related transactions.