A Bitcoin user paid more than $105,197—slightly less than one BTC at the time—to send just $10 of the digital coin on Tuesday, according to blockchain data.
First flagged on Crypto Twitter—or X—by the digital asset community, the user paid the huge amount to send just 0.00010036 BTC, data from Mempool shows.
"It was definitely some non-standard way of crafting a transaction," Nick Hansen, CEO and co-founder of the Luxor mining pool, noted dryly to Decrypt.
Bitcoin transaction fees are generally only a fraction of the amount sent, although they may vary when traffic spikes on the blockchain. Fees have been low recently after mining pools slashed them in July to increase blockchain activity.
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A Bitcoin user paid more than $105,197—slightly less than one BTC at the time—to send just $10 of the digital coin on Tuesday, according to blockchain data.
First flagged on Crypto Twitter—or X—by the digital asset community, the user paid the huge amount to send just 0.00010036 BTC, data from Mempool shows.
"It was definitely some non-standard way of crafting a transaction," Nick Hansen, CEO and co-founder of the Luxor mining pool, noted dryly to Decrypt.
Bitcoin transaction fees are generally only a fraction of the amount sent, although they may vary when traffic spikes on the blockchain. Fees have been low recently after mining pools slashed them in July to increase blockchain activity.
The average BTC transaction currently stands at $0.91 cents, according to data provider BitInfoCharts. On Tuesday, Decrypt was able to pay less than $0.30 cents to miners to send $10 worth of Bitcoin.$BTC #CoinDeskNovGateReportComing #AreYouBullishOrBearishToday? #SpotETFApprovalUpdates #CryptoMarketWatch #TopDipPicks