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<div class="finbold"> 
 <p class="paragraph">An expensive <a title="mistake" href="https://thebittimes.com/tag/mistake.html" rel="dofollow">mistake</a> of over half a million dollars sparked debates, goodwill, regrets, and controversial opinions in the Bitcoin (BTC) community recently.</p> 
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 <p class="paragraph">It all started with the Bitcoin network fee overpayment of 19.82 BTC ($510,750) from an entity that later was revealed to be Paxos, to the lucky miner who discovered the block: F2Pool, the third largest Bitcoin mining pool in the world. This <a title="mistake" href="https://thebittimes.com/tag/mistake.html" rel="dofollow">mistake</a> occurred in block height 807057, on September 10.</p> 
 <figure class="wp-block-image size-large">
  <img class="wp-image-128506" src="https://cdn.thebittimes.com/images/2023/09/14/29fc81aee555522d80058d55cb73a15e.webp" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://cdn.thebittimes.com/images/2023/09/14/29fc81aee555522d80058d55cb73a15e.webp 1024w, https://cdn.thebittimes.com/images/2023/09/14/29fc81aee555522d80058d55cb73a15e.webp 300w, https://cdn.thebittimes.com/images/2023/09/14/29fc81aee555522d80058d55cb73a15e.webp 768w, https://cdn.thebittimes.com/images/2023/09/14/29fc81aee555522d80058d55cb73a15e.webp 1200w" alt="Transaction with the overpaid Bitcoin fee. Source: mempool.space" width="1024" height="404"> 
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   Transaction with the overpaid Bitcoin fee. Source: <em>mempool.space</em>
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 </figure> 
 <p class="paragraph">Considering the average fee rate in this block, the supposed Paxos fee was overpaid 481,299 times. Block 807057 received a total of 20.013 BTC in fees, of which 99.04% came from this single transaction.</p> 
 <h2 id="h-to-return-or-not-to-return-that-is-the-question" class="wp-block-heading">To return or not to return, that is the question</h2> 
 <p class="paragraph">Apparently, after the <a title="mistake" href="https://thebittimes.com/tag/mistake.html" rel="dofollow">mistake</a> was made, both entities entered an agreement so the overpaid amount could be <a title="return" href="https://thebittimes.com/tag/return.html" rel="dofollow">return</a>ed to the sending address.</p> 
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 <p class="paragraph">However, Wang Chun (@satofishi), co-founder of F2Pool, started a poll on X on September 13, showing regret about the previous agreement after the other party supposedly used “EST instead of EDT/UDC”, when talking about different timezones.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p dir="ltr" lang="en">I was annoyed and regretted agreeing to refund that 20 BTC. Especially when I saw the person claiming it kept saying EST instead of EDT/UTC. Last time a Zcash guy did that, I blocked his entire company.<br><br>Ref:https://t.co/MQh0ijLR11https://t.co/lxtcFH9mq3<br><br>So what should I do?</p> — Chun (@satofishi) September 13, 2023
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 <p class="paragraph">On that, the renowned Bitcoin developer Peter Todd (@peterktodd) commented that:</p> 
 <blockquote class="wp-block-quote"> 
  <p class="paragraph">“Better to distribute it to the miners to make it clear that a fee is a fee. You have no obligation to give it back.”</p> <cite>— Peter Todd</cite>
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 <p class="paragraph">At the time of publication, poll results show over 3,800 votes, with the leading option being ‘Distribute it to miners’ (35.2%). The second most popular choice is ‘Refund Paxos 20 BTC as is’ (28.8%).</p> 
 <h2 id="h-f2pool-has-been-selling-btc" class="wp-block-heading">F2Pool has been selling BTC</h2> 
 <p class="paragraph">Data retrieved by <strong>Finbold</strong> from <em>CryptoQuant</em> shows a huge drop in F2Pool’s BTC reserves since the last week of August. Moving from 13.598 BTC to as low as 8.165 BTC (-40%), indicating a massive sell-off event by this entity.</p> 
 <figure class="wp-block-image size-large is-resized">
  <img class="wp-image-128507" src="https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp" sizes="(max-width: 834px) 100vw, 834px" srcset="https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp 1024w, https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp 300w, https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp 768w, https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp 1536w, https://cdn.thebittimes.com/images/2023/09/14/fbb9a8b4f2110f1c1546c16845e9e606.webp 1800w" alt="Bitcoin: Miner Reserve - F2Pool. Source: CryptoQuant" width="834" height="525"> 
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   Bitcoin: Miner Reserve – F2Pool. Source: <em>CryptoQuant</em>
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 <p class="paragraph">F2Pool is the third largest Bitcoin mining pool, having mined over 14% of all Bitcoin blocks in the last 12 months, responsible for this same amount of hashrate to the network.</p> 
 <p class="paragraph">&nbsp;</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-dev-says-fee-is-a-fee-about-returning-510k-paid-by-mistake-tbt62771.html">https://thebittimes.com/bitcoin-dev-says-fee-is-a-fee-about-returning-510k-paid-by-mistake-tbt62771.html</a></p>

Bitcoin dev says ‘fee is a fee’ about returning $510k paid by mistake

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