An unknown person incurred transaction fees of over $ 80,000 or (3.49079570 bitcoins) while transferring bitcoin worth $ 1.16. According to Blockchain.com, the December 19 transaction, which is included in block 662052, had an entry of 3.49084570 bitcoin and an exit of 0.00005000 bitcoin.
As one report explains, the unusually high fees may have been the result of a “mistake made by the Bitcoin user while manually constructing transaction details.” However, as Alex Lebed, head of development at Xsigma Defi tells news.Bitcoin.com, this may have happened “because some wallets allow you to spend unlimited transaction fees in order to boost your transaction with miners.” .
Stressing that this is technically possible, Lebed explains that this practice is made to “finance the transaction in a mining pool of your choice, which makes it a priority”. Lebed then concludes:
Maybe someone was testing the network. It’s unlikely that someone made the transaction by accident, but it is possible. In my opinion, this could have been a test.
Meanwhile, the hefty fee paid by the unknown person was incurred a day after the average transaction fees on the Bitcoin network surpassed $ 11.91. Data from Bitinfocharts shows network transaction fees topped the $ 10 mark for the first time since November 5, when they peaked at $ 12.05.
However, after the brief push, the transaction fee had dropped to $ 6.15 by December 20. Nonetheless, network transaction fees remain higher than they were at the start of the year. On January 1, the average fee on the Bitcoin network was $ 0.33 and for the next four months it was below $ 1.
Since the start of May 2020, BTC network fees have risen above the dollar level and have remained well above that level since then.
What do you think of these high transaction fees? You can share your opinions in the comments section below.
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