A Bitcoin user accidentally paid a staggering 83.7 BTC (approximately $3.1 million) in transaction fees while transferring 139 BTC, marking the highest fee ever recorded on the Bitcoin blockchain. Here's what happened and why it matters.
The $3.1 Million Bitcoin Fee: What Went Wrong?
On 23rd November, wallet bc1qn3d…wekrnl initiated a transfer of 139.42 BTC, but the recipient received only 55.77 BTC—83.65 BTC was deducted as a fee paid to miners. This occurred in Block 818087 and dwarfed the average Bitcoin transaction fee, which had risen to $14** that month (up from **$1 in October).
How Could This Happen?
- Mempool Mechanics: Bitcoin transactions enter a mempool (waiting area) for miner validation. Users can opt for RBF (Replace-By-Fee) to prioritize their transaction by offering higher fees.
- User Error: The sender likely misunderstood RBF, repeatedly triggering it in an attempt to lower fees, inadvertently inflating the fee to 83.7 BTC. Data shows their final RBF attempt added 12.548 BTC to the fee before they gave up.
Historical Context: Bitcoin's Most Expensive Fees
| Rank | Fee (BTC) | USD Value (at time) | Year |
|---|---|---|---|
| 1 | 291 BTC | $129,000 | 2016 |
| 8 | 83.7 BTC | $3.1 million | 2023 |
While the 2016 fee of 291 BTC remains the highest in Bitcoin terms, its value was just $129,000** (BTC at **$420). The 2023 fee set a record in USD value due to Bitcoin’s price surge (~$37,000 per BTC).
Corporate Precedents
- Paxos Incident: Two months earlier, custody firm Paxos paid $500,000** in fees for a **$2,000 transfer. The miner (F2Pool) refunded the fee.
- This Time: The miner (Antpool) has yet to comment on refunding the $3.1 million fee.
Key Takeaways
- Double-Check Fees: Always review transaction details before confirming.
- Understand RBF: Misusing RBF can backfire catastrophically.
- Market Volatility: High BTC prices amplify fee costs in USD terms.
FAQs
Q: Can the sender recover the $3.1 million fee?
A: Unlikely, unless Antpool voluntarily refunds it (as F2Pool did for Paxos).
Q: Why do Bitcoin fees fluctuate?
A: Fees depend on network congestion and mempool demand. Higher demand = higher fees.
Q: How to avoid overpaying fees?
A: Use fee estimators (e.g., mempool.space) and avoid unnecessary RBF.
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