Someone Just Paid $47K to Send $194 Worth of Bitcoin

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Wed, 11/18/2020 - 17:30
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Alex Dovbnya
A rare Bitcoin transaction with an abnormally high fee has been spotted
Someone Just Paid $47K to Send $194 Worth of Bitcoin
Cover image via stock.adobe.com
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An abnormally expensive Bitcoin transaction once again occurred on Nov. 18.  

According to Blockchain.com, someone has just paid a $47,419 fee in order to move just $194 worth of Bitcoin at blockheight 657535. 

The block with the “jackpot” was produced by the mining arm of leading cryptocurrency exchange Huobi.      

“Goose-egg” transfers are rather rare    

So-called “goose egg” transactions have been around since the inception of the blockchain but they don’t happen often.   

The most likely explanation for such ultra-high fees is a fat-finger error. A certain someone apparently entered the amount he or she was intending to sell into the fee field. 

47 grand is just pocket change compared to the 291 BTC ($5.2 mln at press time) someone shelled out just to transfer a minuscule $1.78 back in April 2016. 

This August, the cryptocurrency community got baffled by mysterious Ethereum transactions with multi-million gas fees. Some suspected that they were meant to launder ill-gotten gains.

Related Share of Miner Revenue from Bitcoin Transaction Fees Skyrockets to Early 2018 Levels
Related
Share of Miner Revenue from Bitcoin Transaction Fees Skyrockets to Early 2018 Levels

Bitcoin’s fees are on the decline

Blockstream CSO Samson Mow jokingly suggested that Bitcoin Cash proponent Roger Ver would jump on the opportunity to scold high Bitcoin fees.

Yesterday, Ver took aim at Bitcoin investors who he believes fail to realize that the flagship cryptocurrency was “meant to be cash.”   

In reality, the average Bitcoin transaction has been steadily falling since hitting their 2020 high of $13.157 on Oct. 31.

Bitcoin Fees
Image by bitinfocharts.com

On Nov. 15, it was just $2.688 before going up slightly during Bitcoin’s rally above $18,000. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.