On-chain data shows that a bitcoin whale just made a transaction with a network fee of a whopping $3.1 million.
A bitcoin transaction with a fee of 83 btc occurred on-chain today
According to data from the cryptocurrency transaction tracking service Whale alertsomeone executed a transfer with a record amount of fees on the btc blockchain today.
The transaction, which involved a movement of 55.76 btc (worth just under $2.1 million at the time of transfer), paid a fee of 83.65 btc (over $3.1 million). dollars) to the network.
<img decoding="async" class="aligncenter wp-image-266069 size-large" src="https://technicalterrence.com/wp-content/uploads/2023/11/A-Bitcoin-whale-just-paid-31-million-in-fees.png" alt="bitcoin transaction” width=”980″ height=”495″ srcset=”https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=1154 1154w, https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/details.png?w=1140 1140w” sizes=”(max-width: 980px) 100vw, 980px” data-recalc-dims=”1″/>
The transfer with the 83.65 btc fee | Source: bitcoin/b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aa" target="_blank" rel="noopener nofollow">Whale Alert
The fees here, naturally, refer to the transaction fees that all senders on the bitcoin network must attach to their transfers as a reward for the miners who process them.
The amount of fees a user might have to attach to their transfer to make it happen quickly depends on the traffic conditions present on the network at the time.
In times of high blockchain activity, average fees can skyrocket, so a holder who wants to move their coins as soon as possible may have to pay a considerable amount.
Recently, the bitcoin network has been quite active, not only because of the rebound but also because of the return of registrations. Therefore, average transaction fees have naturally skyrocketed, as YCharts data shows.
<img loading="lazy" decoding="async" class="alignnone wp-image-266067 size-full aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_177_A-Bitcoin-whale-just-paid-31-million-in-fees.png" alt="bitcoin transaction fees” width=”956″ height=”261″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_177_A-Bitcoin-whale-just-paid-31-million-in-fees.png?w=956 956w, https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_177_A-Bitcoin-whale-just-paid-31-million-in-fees.png?w=640 640w, https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_177_A-Bitcoin-whale-just-paid-31-million-in-fees.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_177_A-Bitcoin-whale-just-paid-31-million-in-fees.png?w=750 750w” sizes=”(max-width: 956px) 100vw, 956px” data-recalc-dims=”1″/>
Looks like the value of the metric has been quite high in recent days | Source: YCharts
Still, fees are only around $10.5, certainly nothing as absurd as more than $3 million. So what is going on here? Why did this transaction generate such a large amount of fees?
Most likely, the sender made a mistake, as is often the case with atypical transfers like these. In September, stablecoin issuer Paxos had mistakenly made a transaction with a fee of more than $500,000, the highest fee ever made on the network before this latest transaction broke the record.
F2Pool, the mining pool responsible for handling the transaction, returned the transaction fees, acknowledging the error on Paxos’ part. According btc/818087″ target=”_blank” rel=”noopener nofollow”>Blockchain.comAntpool is the miner behind the latest transaction.
A similar deal may also happen in the case of this apparent bug, but so far, there has been no comment from the mining pool. The sender of the transfer has not yet been made public.
Speaking of miners, they have recently been making bank deposits due to the network’s increase in total transaction fees due to the factors mentioned above. It is no surprise that these chain validators have aggressively decided to expand their total computing power, the “hashrate”, in this time of prosperity.
<img loading="lazy" decoding="async" class="alignnone wp-image-266080 size-large aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/11/1700767150_477_A-Bitcoin-whale-just-paid-31-million-in-fees.png" alt="bitcoin Mining Hashrate” width=”980″ height=”411″ srcset=”https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=1386 1386w, https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/chart-6.png?w=1140 1140w” sizes=”(max-width: 980px) 100vw, 980px” data-recalc-dims=”1″/>
The metric has observed a surge recently | Source: Blockchain.com
btc Price
At the time of writing, bitcoin is trading at around $37,200, up 1% over the past week.
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/5oW0KHXU/" alt="bitcoin price chart” width=”1534″ height=”869″/>
btc has overall moved sideways recently | Source: BTCUSD on TradingView
Featured image from iStock.com, TradingView.com charts, YCharts.com, Blockchain.com
