Person By accident Pays $500,000 in Charges for a $200 Bitcoin Switch

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A Bitcoin (BTC) consumer paid round $500,000 in transaction charges to ship simply $200 of BTC final weekend, setting a brand new file in Bitcoin transaction charges.

The transaction, made on September 10 at 5.10 PM UTC, was despatched from a well-experienced Bitcoin consumer, which many consider should be both an change or some form of Bitcoin fee supplier given a historical past of sending and receiving greater than 120,000 transactions.

In keeping with, the consumer paid shut to twenty BTC (round $500,000) in transaction charges, overpaying by a whopping 481,299x.

Common transaction charges for Bitcoin usually varies between $1 and $2.


Neighborhood speculates on cause

The transaction rapidly grew to become a subject of dialogue within the Bitcoin group on social media platform X, the place many individuals speculated on the explanation why the consumer would overpay by such a large quantity.

Whereas some steered it could possibly be a part of a cash laundering scheme agreed to with sure mining pool operators, others famous that such a concept make little sense as a result of it could be virtually unattainable for any social gathering to learn from the charge fee.

To date, the most probably clarification seems to have come from Casa chief know-how officer and well-liked Bitcoiner Jameson Lopp, who wrote that the transaction seemingly comes from an automatic fee system “with buggy software program.”

“They’ve obtained 60,000+ txns and despatched 60,000+ txns from the identical handle (dangerous follow) and certain calculated their change output incorrectly,” Lopp wrote.

He added in a follow-up submit that there’s a good probability the sender hasn’t even observed the blunder but, saying “they nonetheless have a ton of funds within the pockets and it is nonetheless sending transactions.”

The particular transaction charge was obtained by the most important Bitcoin mining pool F2Pool, which mined the block that included the transaction.

According to F2Pool co-founder Chun Wang, the 20 BTC might be positioned on maintain for 3 days.

In the event that they remained unclaimed after that, the charge might be distributed amongst miners within the pool.

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