A single Bitcoin (BTC) transaction has caught the attention of many due to the size of the gas fee. Whale Alert blockchain analysis platform confirmed that a fee of 1.5 BTC was paid for a single transaction. This fee is equivalent to $100,254 based on the current market value of the main cryptocurrency. This fee is significantly higher than the average transaction cost.
A single Bitcoin (BTC) transaction has caught the attention of many due to the size of the gas fee. Whale Alert blockchain analysis platform confirmed that a fee of 1.5 BTC was paid for a single transaction. This fee is equivalent to $100,254 based on the current market value of the main cryptocurrency. This fee is significantly higher than the average transaction cost.
This user paid this huge fee to have his transfer included in a regular Bitcoin block. Some of these transactions have been recorded in the past. In September 2023, a Bitcoin user paid a transaction fee of 19 BTC. This was at the time when the price of Bitcoin was trading at $26,000, therefore the 19 BTC were equivalent to $509,563.
Separately, in January, another BTC account paid over 4 BTC to have its transfer included in a regular Bitcoin block. Therefore, the transaction had to pay a huge commission of 1,800,890 sat/vB.
Possible reason for high transaction fee
Paying such exorbitant fees often raises suspicion, with many market observers wondering what circumstances could have led to it. At press time, the average Bitcoin transaction fee was at a level of $4,696, up from $3,740 on May 4 and down from $6,696 a year ago. This is also a change of 25.57% from yesterday and -29.86% from a year ago, according to data from YChart.
It is worth noting that typically transaction fees can fluctuate due to network congestion. It once reached $60 during the 2017 cryptocurrency boom. Therefore, this outrageous transaction fee recently recorded could be the result of a bug or misconfiguration in the trading software. It could also be due to reasons known only to the initiator of the transaction or even a possible money laundering scheme.
