Alas! Bitcoin user overpays $3 million in fees

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The Bitcoin world is seeing new and amazing transfers these days. Read on to find the latest news in this respect.

 

A Bitcoin user appears to have accidentally paid a transaction fee of over $3.1 million today, setting a new record in U.S. dollar terms for a single Bitcoin transaction, more than six times the previous record of a $500,000 fee paid earlier this year.

This transaction was made at 9:59 a.m. UTC, paying 83.65 BTC ($3.1 million) to transfer 55.77 BTC ($2.1 million). The pre-transaction balance was 139.42 BTC ($5.2 million), with the user overpaying by 120,528 times, according to Bitcoin explorer Mempool.

The address used to make the payment was activated earlier today, making three Bitcoin transactions before a fourth incurred the record fee. The receiving address is also relatively new, dating back to October 16.

The transaction was mined by AntPool in block 818,087, according to the blockchain explorer Blockchair. AntPool has not yet publicly commented on the transaction and did not immediately return a request for comment from The Block.

The entity behind this latest transaction fee remains unknown.

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