A Bitcoin user made a costly mistake today by paying 1,982,108,632 satoshi (about $510,000) in miner fees to transfer 0.074 BTC (about $1,850).
Bitcoin User Lost Thousands of Dollars with a Big Mistake
The transaction was included in a block mined by F2Pool, one of the largest Bitcoin mining pools.
F2Pool announced on Twitter that it will temporarily put the 20 BTC fee on hold and if no one requests it after three days, it will be reallocated to miners.
At the time of writing this article, the average transaction fee required to transfer BTC under normal conditions appears to be around $2. High transaction fees were a concept often associated with the Ethereum network.
One of the reasons for the increase in BTC transaction fees is the concept of ordinals, which has recently emerged in the BTC network. These products, consisting of various data processed on specific satoshis, caused occasional bottlenecks in the BTC network a few months ago.
However, it is not known whether ordinals products, which are currently losing their popularity, are the main reason for this high transaction fee.
Starting in 2140, when BTC mining will end and new BTC production will stop, miners will only be able to earn revenue from transaction fees and will not be able to earn block rewards from mining.
*Not investment advice.
