Bitcoin user pays $3.1M transaction fee for 139 BTC transfer.
A Bitcoin user paid 83.7 Bitcoin (BTC) worth $3.1 million in transaction fees to transfer 139.42 BTC. The $3.1 million transaction fee is the eighth highest in bitcoin's 14-year history.
BTC wallet address bc1qn3d…wekrnl attempted to transfer 139.42 BTC to bc1qyf…km36t4 on November 23rd, paying more than half of the actual transaction fee. The destination address received only 55.77 BTC. The mining pool, Antpool, holds an incredibly high mineral pay on block 818087.
Users on social media suggested that the sender may have opted for a higher transaction fee, but the replacement fee (RBF) node policy and the sender's ignorance also seem to have played a role. RBF allows an unconfirmed transaction in the mempool to be cleared early and replaced by another transaction that pays a higher transaction fee. Mempool is where all BTC transactions are queued before being approved and added to the Bitcoin blockchain.
A Mempool developer running mononaut on X (formerly Twitter) said the user behind the move was probably unaware of the RBF commands. The user may have repeatedly made payments in hopes of cancellation. The history of RBF indicates that the last exchange will increase the fee by another 20%, increasing the fee to 12.54824636 BTC.
This is not the first time a Bitcoin user has accidentally sent a large transaction fee in a single Bitcoin transaction. In September, bitcoin exchange platform Paxos accidentally sent a $500,000 transaction fee for a $2,000 BTC transfer. In that case, the F2Pool miner who confirmed the transaction returned a $500,000 transaction fee to Paxus.
However, this is the largest dollar-denominated Bitcoin transaction ever, knocking September's Paxos' $500,000 transfer from the sad platform. The largest payment in Bitcoin terms was made in 2016 when someone suddenly sent 291 BTC transaction fees.
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Mononot told Cointelegraph that although the current transaction fees are similar to the Paxx case, Antpool's likelihood of refunding depends on their own payment policies, “which may have implications for what obligations they have to share transaction fees.” with their miners.
Antpool has not yet commented on the matter and has not yet responded to Cointelegraph's requests for comment.
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