{"id":145917,"date":"2023-09-11T13:47:25","date_gmt":"2023-09-11T11:47:25","guid":{"rendered":"https:\/\/investmentbell.com\/?p=145917"},"modified":"2023-09-11T13:47:29","modified_gmt":"2023-09-11T11:47:29","slug":"whale-mistakenly-pays-record-500k-fee-to-move-1-9k-btc","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/pt\/news\/crypto\/whale-mistakenly-pays-record-500k-fee-to-move-1-9k-btc\/","title":{"rendered":"Whale mistakenly pays record $500k fee to move $1.9k BTC"},"content":{"rendered":"<p>An unlucky Bitcoin (BTC) user recently paid over $500,000 in transaction fees to move just 0.074 BTC to Binance \u2014 a historical network fee on the BTC blockchain.<\/p>\n\n\n\n<p>Prominent whale tracking resource Whale Alert first called attention to the development in a recent disclosure on X (formerly Twitter), eliciting varied reactions from the broader crypto community.<\/p>\n\n\n\n<p>The transaction occurred on Sept. 10 at 5:04 AM (UTC). Data from Blockchair indicates that the user transferred a meager 0.074 BTC tokens, currently valued at $1,911, with some of the assets sent to Binance.<\/p>\n\n\n\n<p>However, fees for the transaction stood at a whopping 19.82 BTC, worth around $511,512 against prevailing rates. Interestingly, Bitcoin\u2019s average transaction fee currently sits at 0.000084 BTC, valued at $2, according to recent data from IntoTheBlock.<\/p>\n\n\n\n<p>The fee marks a historic moment on the Bitcoin blockchain, especially when BTC miner revenue from fees recently witnessed a decline.<\/p>\n\n\n\n<p>It is important to note that, despite the recent development, the Bitcoin address involved still holds a substantial amount of BTC.<\/p>\n\n\n\n<p>The address currently boasts a balance of 416.49 BTC. In addition, a transaction count of 61,392 shows that the user is not new to the workings of the BTC network, adding to the growing speculations.<\/p>\n\n\n\n<p>Emerging speculations<br>The bizarre transaction fee has triggered a series of reactions from the broader crypto community, with proponents of more scalable networks such as Cardano and the XRP Ledger highlighting the shortcomings of the Bitcoin blockchain.<\/p>\n\n\n\n<p>Moreover, some market watchers have theorized that the user could have mistakenly swapped the transaction fee and amount values. This belief has dominated the crypto community as the most logical theory.<\/p>\n\n\n\n<p>A similar event occurred in September 2021. A transaction from DeversiFi, an Ethereum-based exchange, paid a massive 7,676 ETH (currently worth $12.3 million) as the fee to move $100,000. The erroneous fee was later refunded.<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost145917\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost145917').raty({\n\t\t\t\thalfShow : true,\n\t\t\t\thalf: true,readOnly: true,score: 0,\n\t\t\t\tpath: \"https:\/\/investmentbell.com\/wp-content\/plugins\/userpro-rating\/images\/\"\n\t\t\t\t});<\/script>","protected":false},"excerpt":{"rendered":"<p>An unlucky Bitcoin (BTC) user recently paid over $500,000 in transaction fees to move just 0.074 BTC to Binance \u2014 a historical network fee on the BTC blockchain. Prominent whale tracking resource Whale Alert first called attention to the development in a recent disclosure on X (formerly Twitter), eliciting varied reactions from the broader crypto [&hellip;]<\/p>","protected":false},"author":13,"featured_media":145842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-145917","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"_links":{"self":[{"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/posts\/145917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/comments?post=145917"}],"version-history":[{"count":1,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/posts\/145917\/revisions"}],"predecessor-version":[{"id":145918,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/posts\/145917\/revisions\/145918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/media\/145842"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/media?parent=145917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/categories?post=145917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/pt\/wp-json\/wp\/v2\/tags?post=145917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}