The Future of Finance Is Bitcoin! But One User Paid a Transaction Fee of $511,000

• The fee paid by the user is a staggering 234,834 times the average fee of 2,176 dollars for Bitcoin transactions in the last 24 hours.
• Interestingly, the address still holds 417 Bitcoins (approximately 10 million dollars) and has conducted more than 61,000 transactions on the Bitcoin network.
• Upon closer examination of the transaction tracking, transfers are seen to be made to two addresses labeled “Binance.”

An astonishing transaction occurred on the Bitcoin blockchain: a user paid an enormous amount of transaction fee for their Bitcoin transfer. How did this happen?

A Surprising Transaction on the Bitcoin Network

On September 10th, the Bitcoin blockchain recorded an astonishing transaction by an unknown user. This user paid a remarkable fee of 19.82 BTC (approximately 511,000 dollars) for just one transaction. The fee paid by the user is a staggering 234,834 times the average fee of 2,176 dollars for Bitcoin transactions in the last 24 hours and occurs during a period when Bitcoin fees are at their lowest.

The transaction was initially identified by a blockchain tracking service that follows large on-chain transfers. While the sending address transferred only 0.074 BTC (approximately 1,900 dollars), they paid this unusual fee.

The prevailing speculation is that the user misunderstood the “amount to be sent” field in their Bitcoin wallet as the “transaction fee” and entered the incorrect amount into the relevant fields.

If this is accurate, some supporters believe the costly mistake could also be linked to a poorly designed user interface in the sender’s Bitcoin wallet.

Address Still Holds Bitcoin

Upon closer examination of the transaction tracking, transfers are seen to be made to two addresses labeled “Binance.” This suggests that the user may have transferred this amount to their accounts on Binance or other users on the exchange.

Interestingly, the address still holds 417 Bitcoins (approximately 10 million dollars) and has conducted more than 61,000 transactions on the Bitcoin network. The Bitcoin transaction was confirmed at block height 807,057 BTC, mined by the popular mining pool F2Pool.

A similar case was reported by COINOTAG in 2021, where a miner reimbursed the crypto platform Deversifi with 23.7 million dollars.