Shocking Bitcoin Transaction Fee: User Pays $510k to Move $2k – What You Need to Know

2023-09-12 06:01:01

At the time of writing, the average transaction fee for BTC moves is around $2. Higher transaction fees generally appear as news in connection with the Ethereum network. Now, however, a user has made a serious mistake on the Bitcoin network. He paid 1,982,108,632 satoshis to move 0.074 BTC. So you paid around $510k to move just under $2k. Such a high fee is really shocking among bitcoin transaction fees. The transaction was included in one of the mined blocks of F2Pool. F2Pool, currently one of the largest Bitcoin mining pools, announced that they will temporarily suspend the 20 BTC and if no one applies for it within 3 days, it will be distributed among the miners. One of the main reasons for the increase in BTC transaction fees was the appearance of “indents”, i.e. Bitcoin Ordinals. These Bitcoin NFTs also occasionally caused severe disruptions to the performance of the BTC network a few months ago. Of course, interest in Bitcoin NFTs has waned since then, but transaction fees are still higher than average. It is interesting that the possibility of BTC mining will cease for bitcoin miners from 2140. From here on, a whole new world will come for miners, in which they will be able to earn only through transaction fees. If we look at the oldest people in the world, a recently born baby still has a chance to be worth it.
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