A Bitcoin user has mistakenly paid an outrageous 8.18 Bitcoin ($808,564) for a single transaction, paying over 98% of the intended transfer amount on fees.
In today’s Bitcoin news, an unlucky user has paid one of the highest Bitcoin transaction fees in history. Per data, he accidentally spent 8.18 BTC ($808,564) on a single transaction.
Transaction Details
Whale Alert drew the crypto community’s attention to the outrageous fee. The on-chain tracker tweeted that a user had just spent 8.18 bitcoin on a single transaction.
💸 A fee of 8.1 #BTC (804,147 USD) has just been paid for a single transaction!https://t.co/F2Ht0hQ2nv
— Whale Alert (@whale_alert) December 19, 2024
Further analysis from Mempool shows that the wallet “bc1qdf” made the blunder on Thursday by 20:27 (UTC). The address moved 0.142 BTC ($14,042) to two addresses for a staggering 8.18 BTC ($808,564) transaction fee.
Mempool shows that the wallet overpaid the transaction cost by 98,720 times the average gas fee on the Bitcoin network. Furthermore, the fee is the second most expensive in the network, lagging only to a user’s 83.65 BTC ($3.1 million at the time) transfer cost.
Meanwhile, data shows that Foundry Services USA is the miner behind the transaction, which was approved at block height 875475.
At the time of writing, the sending wallet’s confirmed balance is 0.042 BTC ($4,067), indicating that the miner has yet to return the overpaid fees. All indications suggest the user mistakenly paid the outrageous fee, but this remains unconfirmed at press time.
Other Outrageous Transaction Fees
Although the Bitcoin network is not as notorious for outrageous transaction fees as Ethereum, the blockchain has seen its fair share of unusual gas costs. For instance, in September 2023, Paxos spent a whopping 19.82 BTC ($511,000 then) to move a mere 0.074 BTC ($1,900).
The transaction saw the firm overpay the average transaction then by 234,834 times. Notably, the miner F2Pool repaid the Paxos wallet the excessive fee.
Furthermore, last November, a user spent 83.65 BTC ($3.1 million), the largest transaction fee ever recorded on the Bitcoin network. The user accidentally entered the jaw-dropping amount as a gas fee to move 55.77 BTC ($2.1 million).
Meanwhile, some have leveraged the latest development to raise skepticism over the use of Bitcoin as a future transaction tool. “The future of finance,” a skeptical user tweeted following the outrageous gas fee.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
