# Bitcoin user’s costly error leads to record transaction fee of $510,000

Source: https://cryptoslate.com/bitcoin-users-costly-error-leads-to-record-transaction-fee-of-510000
Kiwi News: https://news.kiwistand.com/stories/Bitcoin-users-costly-error-leads-to-record-transaction-fee-of-dollar510000?index=0x6504ed4934c7e8bed44867481d950e38f3d12bab3af48d2c81323102677653f483c350e2
Submitted by accountless.eth on 2023-09-15 UTC, 1 upvote, 0 comments

## Summary

A Bitcoin user paid about 19 BTC, roughly $510,000, in transaction fees to transfer 0.074 BTC (under $2,000) on Sept. 10, the highest fee ever recorded on the Bitcoin network. Per mempool data cited in the article, the user overpaid by more than 480,000 times, while the average fee was $2.176 at press time per ycharts.com. Jameson Lopp, co-founder of CasaHODL, said the error may stem from buggy software at an exchange or payment processor, noting the address had sent more than 60,000 transactions and likely miscalculated the change output. Chun Wang, co-founder of F2Pool, said the fees will be temporarily held for a three-day claim window, after which miners will redistribute them if unclaimed.

## Article

Image by CryptoSlate

The average transaction fee on the Bitcoin network was less than $3.

Sep. 11, 2023 at 8:54 am GMT

According to on-chain data, a Bitcoin user spent a staggering 19 BTC, around $510,000, in transaction fees for transferring a mere 0.074 BTC, valued at less than $2,000, on Sept. 10.

The average transaction fee on the blockchain network was $2.176 as of press time, per data from ycharts.com. Per mempool, the user overpaid more than 480,000 times for the transaction, making the fee the highest ever recorded on the Bitcoin network.

Jameson Lopp, the co-founder of CasaHODL, who analyzed the incident, noted that the fat finger error might be due to buggy software from an exchange or payment processor address.

According to Lopp, the address has received and sent more than 60,000 transactions and likely miscalculated the change output, causing transaction fee errors.

“The address in question that made the fee calculation error has the characteristics of a withdraw-only hot wallet from an enterprise. It looks like it only receives deposits from one address to top up its balance now and then,” Lopp added.

Source: Mempool

Chun Wang, co-founder of F2Pool, said the 20 BTC fees will be temporarily held. The user responsible for the transaction has a three-day window to claim these fees. However, if no one comes forward to claim them, miners will redistribute the fees.

This decision aims to address the unclaimed fees fairly and equitably.

Interestingly, it appears the user has not noticed the mistake, as they are still sending transactions from the wallet.

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