Bitcoin (BTC) user paid $100,254 for a single transaction by U.Today

U.Today – A single (BTC) transaction has caught the attention of many due to the level of gas costs. Blockchain analytics platform Whale Alert confirmed that a 1.5 BTC fee was paid for one transaction. This fee is equal to $100,254, based on the current market value of the top cryptocurrency. This fee is significantly higher than the average transaction costs.

This user paid this huge fee to have his transfer recorded 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 around the time the Bitcoin price was trading at $26,000, so the 19 BTC equaled $509,563.

In January, another BTC account paid over 4 BTC again to have their transfer included in a regular Bitcoin block. A whopping 1,800,890 sat/vB fee was therefore charged for the transaction.

Possible reason for high transaction costs

It is worth noting that transaction fees can normally fluctuate due to network congestion. During the 2017 cryptocurrency boom, it once reached a high of $60. Therefore, these outrageous transaction fees recorded recently could be due to an error or misconfiguration in the transaction software. It may also be possible that there are reasons that are known only to the initiator of the transaction, or even that there is a possible money laundering scheme.

This article was originally published on U.Today