The crypto community was buzzing about an unknown user who spent $510,000 on a Bitcoin transaction, making it the transaction with the highest fee paid in USD in history.
It is unclear why the trader has to pay such a high fee but F2Pool confirmed on Twitter X that it has processed the block of the above transaction. The founder Chun said they will put this fee on hold and if nobody comes to claim it after 3 days, these BCT will be redistributed to miners.
The average Bitcoin transaction fee is around $1,410 and can fluctuate based on network congestion, reaching nearly $60 during the 2017 cryptocurrency boom. However, such a staggering fee is clearly an exceptional case, which could be the result of errors, misconfiguration in the transaction software or possibly for reasons known only to the transaction.
In fact, transactions with huge fees are no longer strange in the crypto market. In the past, someone spent $2.5 million in fees just to send $133 worth of ETH, or a 0.1 ETH transaction had a fee of up to 2100 ETH.