Bitcoin (BTC) Gas Skyrocketing as Trader Spends $3.14 Million in Fees
The post Bitcoin (BTC) Gas Skyrocketing as Trader Spends $3.14 Million in Fees appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The once-concerning surge in Bitcoin (BTC) gas fees might be returning to the network as a gas-guzzling trader just paid 83.65 BTC worth $3.14 million for a single transaction. This transaction was spotted by the crypto analytics platform BitinfoCharts and is associated with the Bitcoin wallet with the tag “bc1qyf…” According to the details, the transaction took place at block height 818087. The whale reportedly imputed 139.42495946 BTC worth $5.23 million as the intended amount to send, and the received funds turned out to be 55.76998378 BTC, leaving the difference of 83.65 BTC as the expended fees. This kind of massive transaction fee is rare but not uncommon considering the fact that the network has no specific quote as the fee that users pay when transacting. While it remains unknown whether the massive gas fee implies a return of related bogus charges, retail holders have continually bemoaned the relatively high cost of using the Bitcoin network. The emergence of ordinal inscriptions and BRC-20 tokens contributed to the surge in BTC gas fees earlier in the year. Correcting Bitcoin transaction costs Bitcoin is relatively more expensive to use, and while it may offer enormous freedom compared to legacy traditional financial systems, this gas consideration has placed an embargo on its uses to an extent. To resolve this, the Lightning…
Filed under: News - @ November 24, 2023 11:18 pm