Bitcoin User Unwittingly Pays $3.1 Million in Single Transaction Fee

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Onchain data reveals a staggering incident where a bitcoin user inadvertently paid a fee of 83.65 BTC, amounting to a costly mistake of $3.1 million, in a single transaction. This blunder occurred in block 818,087, mined by Antpool, marking the highest fee ever recorded on the Bitcoin blockchain.

Bitcoin Transaction Gone Wrong: User Forks Out Over 83 Bitcoin in Fees

Block 818,087 stands out in Bitcoin’s ledger for recording the largest fee for a single transaction in its history. This block encapsulated around 4,179 transactions. Besides the standard reward of 6.25 newly created BTC, Antpool earned an additional 85.216 BTC in fees from this block.

The extraordinary transaction fee amounted to 83.65 BTC, transferring 55.77 BTC, valued at approximately $2 million based on current exchange rates. This incident surpasses the previous record, where an excessive fee of about 19.8 BTC – worth $738,639 today but approximately $500K at that time – was paid.

This earlier record was set in block 807,057, mined by F2pool, which earned 20.0127 BTC in total fees from the block. The 19.8 BTC transfer was later identified as a transaction by Paxos. In a gesture of goodwill, F2pool chose to refund the company, demonstrating that miners have the discretion to reimburse addresses in cases of apparent errors.

What do you think about the user who overpaid 83.65 bitcoin for a single transfer fee? Share your thoughts and opinions about this subject in the comments section below.