Bitcoin User Pays $3.1M Transaction Fee in Unintended Transfer”

Bitcoin User Pays $3.1M Transaction Fee in Unintended Transfer"

Bitcoin User Pays $3.1M Transaction Fee in Unintended Transfer”

Transferring 139.42 BTC costs a Bitcoin user 83.7 BTC, or $3.1 million in transaction fees. The $3.1 million transaction fee ranks eighth highest in the fourteen-year history of Bitcoin.

Earlier on November 23, the BTC wallet address bc1qn3d…wekrnl attempted to transfer 139.42 BTC to bc1qyf‒km36t4, but was required to pay a transition charge exceeding 50% of the transaction value.

Bitcoin User Pays $3.1M Transaction Fee in Unintended Transfer"

Antpool mining reward history. Source: Mempool

Remaining at the destination address were only 55.77 BTC. The mining pool Antpool obtained the mining fee for block 818087, which was absurdly exorbitant. Social media users speculated that the shipper opted for the most expensive transaction fee.

However, it appears that the sender’s ignorance and Replace-By-Fee (RBF), a node policy, also influenced the outcome. RBF permits the replacement of an unconfirmed mempool transaction with one that incurs a greater transaction charge so that the latter can be cleared sooner.

All Bitcoin transactions are scheduled in the mempool before approval and inclusion in the blockchain.

Mononaut, a developer for a mempool, stated on Twitter that whoever initiated the transfer was likely unaware that RBF orders are non-cancellable.

The user may have attempted to terminate the activity by replacing the fees on multiple occasions. According to the RBF history, the most recent replacement resulted in an additional 20% fee increase, totaling 12.54824636 BTC.

Bitcoin User Pays $3.1M Transaction Fee in Unintended Transfer"

RBF history of the 83.7 BTC transaction fee. Source: Mempool

A Bitcoin user has previously inadvertently transmitted an excessively high transaction fee for a solitary Bitcoin transaction. Paxos, a Bitcoin exchange platform, inadvertently transferred $500,000 in transaction fees for a $2000 BTC transfer in September.

Nevertheless, the f2pool miner responsible for validating that transaction reimbursed Paxos the $500,000 inadvertent transaction fee.

According to Mononaut, while the present incident of an unintended transition fee bears resemblance to the Paxos case, Antpool’s ability to reimburse the funds would be contingent on their payout policies.

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