<![CDATA[<figure class="image"><img src="https://cimg.co/news/124708/329417/mistake.jpeg" srcset="https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_1280_853.jpeg 1280w, https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124708/329417/responsive-images/mistake___media_library_original_300_200.jpeg 300w" width="1280" class="content-img" alt=""><figcaption>Source: Adobe / olly</figcaption></figure>A <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a> user paid around $500,000 in transaction fees to send just $200 of BTC last weekend, setting a new record in Bitcoin transaction fees.The <a href="https://mempool.space/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd">transaction</a>, made on September 10 at 5.10 PM UTC, was sent from a well-experienced Bitcoin user, which many believe must be either an exchange or some sort of Bitcoin payment provider given a history of sending and receiving more than 120,000 transactions.According to mempool.space, the user paid close to 20 BTC (around $500,000) in transaction fees, overpaying by a whopping 481,299x.Average transaction fees for Bitcoin typically varies between $1 and $2.<figure class="image"><img src="https://cimg.co/news/124708/329416/bitcoin-transaction.jpg" srcset="https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_1966_1392.jpg 1966w, https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_1200_850.jpg 1200w, https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_900_637.jpg 900w, https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_720_510.jpg 720w, https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_600_425.jpg 600w, https://cimg.co/news/124708/329416/responsive-images/bitcoin-transaction___media_library_original_300_212.jpg 300w" width="1966" class="content-img" alt=""><figcaption>Source: mempool.space</figcaption></figure><h2 id="community-speculates-on-reason">Community speculates on reason</h2>The transaction quickly became a topic of discussion in the Bitcoin community on social media platform X, where many people speculated on the reason why the user would overpay by such a massive amount.While some suggested it could be part of a money laundering scheme agreed to with certain mining pool operators, others noted that such a theory make little sense because it would be practically impossible for any party to benefit from the fee payment.<figure class="media"><oembed url="https://twitter.com/mrgrauel/status/1700959530685768097"></oembed></figure>So far, the most likely explanation appears to have come from Casa chief technology officer and popular Bitcoiner Jameson Lopp, who wrote that the transaction likely comes from an automated payment system &ldquo;with buggy software.&rdquo;&ldquo;They've received 60,000+ txns and sent 60,000+ txns from the same address (bad practice) and likely calculated their change output incorrectly,&rdquo; Lopp wrote.He added in a follow-up post that there is a good chance the sender hasn&rsquo;t even noticed the blunder yet, saying &ldquo;they still have a ton of funds in the wallet and it's still sending transactions.&rdquo;<figure class="media"><oembed url="https://twitter.com/lopp/status/1700995320409387079"></oembed></figure>The specific transaction fee was received by the major Bitcoin mining pool F2Pool, which mined the block that included the transaction.<a href="https://twitter.com/satofishi/status/1701042302238724512">According</a> to F2Pool co-founder Chun Wang, the 20 BTC will be placed on hold for three days.If they remained unclaimed after that, the fee will be distributed among miners in the pool.
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Crypto Blunder: User Accidentally Pays $500,000 in Fees for a $200 Bitcoin Transfer

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