A user paid a fee worth R$15 million for a Bitcoin transaction on Thursday morning (23). The value is the highest in history, leaving Paxos’ error of R$2.5 million.
According to data from the website Mempool.space, the fee paid by the clumsy user was more than 120 thousand times higher than necessary. Although Bitcoin rates are expensive this week due to network congestion, the average remains at $10.
The block containing this transaction was mined by AntPool. Although not a rule, it is common for these values to be returned by the pools as this is an error. However, so far the pool has not taken a position on the matter.
The user makes mistakes and pays a fee of R$15 million per Bitcoin transaction
In September this year, Paxos made history by paying a fee of 20 bitcoins, approximately R$2.5 million, for a transaction of just R$10,000. This record was broken by another user on Thursday (23).
By sending 55.7 bitcoins to another address, the clumsy user ended up paying 83.6 bitcoins in fees. The value equates to over R$15 million, the highest fee ever paid for a Bitcoin transaction in history.
Data from the website Mempool.space shows that the user made two mistakes. In the first, the selected speed was 65 million satoshis per virtual bytes (sat/vB). Perhaps he tried to correct his mistake and then raised the rates to 76 million sat/vB, making another mistake. The correct speed would be in the range of 141 sat/vB.
The transaction was included in block 818.087, which was mined by AntPool. Until this article was written, the pool had not commented on the matter. In any case, it is common for these values to be returned to the owner, which is an act of good faith on the part of the miners.
Bitcoin fees will become increasingly important from 2024 onwards
The block in question generated a reward of 6.25 bitcoins for miners by default. Additionally, they received another 91.46 bitcoins in fees, an unusual ratio for the network. Without the above inconvenient user fees, the additional amount of fees would only be 7.81 bitcoins.
These compensations will become even more important from mid-April 2024. With the arrival of the 4th halving, miners will receive only 3,125 BTC for each block. In other words, miners’ profits will be much more dependent on transaction fees.
These reductions will occur every four years until they fall to zero, which should happen around the year 2140. After that, miners must continue their operations with only network fees and are not allowed to receive a standard amount per block.
In any case, the base reward will be less than 1 bitcoin as early as 2032, less than 10 years from now. Past data shows price increases due to a decrease in the number of new bitcoins entering circulation, and many expect this to happen with the halving in 2024.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
