Record transaction fees …


How Credit Card Processing Works – Transaction Cycle & 2 Pricing Models

Record transaction fee ...

Record transaction fee was shared among pool members

  • Two mining pools received millions of commissions

  • Mining pool Bitfly decided to split money between members

  • Bitcoin fees are falling

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A glitch in the Ethereum blockchain a few days ago caused the sender to pay a record high for transactions. In total, the commission for the transfer of 350.5 ETH cost the sender almost $ 5 million.

Divided and forgotten


Record transaction fee ...

This incident happened a few days ago. After an unexplained failure in the Ethereum blockchain, the commission for the transactions performed was automatically debited. In the first case, the sender transferred only 0.55 ETH, which is about $ 134 to the SparkPool wallet. At the same time, the size of the commission was 10.668 ETH, which in dollar terms is over $ 2.59 million.

The second recipient, which became the Bitfly mining pool, immediately became rich in one minute by $ 2.48 million, which were credited as a transaction fee. The amount of the transaction itself was 350 ETH.

As BeInCrypto previously reported, Trust Nodes suggests that a cryptocurrency bot could be behind the abnormal operations, since over 6,000 transactions have already been made from the address. Despite record spending, an additional 45 thousand ETH (~ $ 11.1 million) was later credited to the address. The address itself was opened relatively recently – on June 6, and, basically, only accepted transactions and did not conduct any transfers.

After the suddenly dumped wealth, the mining pools did not know what to do in such a situation. 4 days after the transaction, the Bitfly mining pool reported that it was decided to distribute the amount received between the participants, since the sender has not yet contacted them. Representatives of the company announced this on their official Twitter page. Such a message caused an instant reaction from users of the social network, and, as usual, the participants fell into two camps. Some of them wrote that the decision to divide the funds was correct, since the owner of millions has not yet approached them..

Others, on the contrary, accused the mining pool of fraud and asked simply to return the mistakenly received millions to the owner. For example, a user @Lefteris wrote the following:

“You did the right thing and have already waited a little. Don’t stop now. At least make it a week or two. 4 days over a long weekend (public holidays in most of Catholic Europe) is not enough in my opinion. ” However, the decision has already been made and the funds will go to the members of the mining pool..

As for the commission for the second transaction, which was received by the SparkPool mining pool, the final decision on the use of funds has not yet been made. Perhaps the pool organizers are just waiting for the owner of the coins to contact them for a refund..

Bitcoin transactions are falling

Record transaction fee ...


While users of the Ethereum blockchain pay a multi-million dollar commission, albeit by pure coincidence, the cost of transaction fees on the Bitcoin blockchain is falling rapidly. Bitcoin transaction fees have reached their lowest level since April 28 and, according to Bitinfocharts, is now only $ 1.083. A little more than two weeks ago, on May 20, the transaction cost $ 6,647 – this is the maximum value in the last two years, which was recorded in July 2018. In other words, the average bitcoin transaction size has decreased by 83.7% since May 20..

Despite falling more than 80% from the May 20 level, the current average Bitcoin transaction fee is much higher than at the beginning of this year. On January 1, processing a transaction with the main digital currency cost only $ 0.287.

This means that today’s figure is still 277% higher than January 1. However, if this trend continues, the average commission may decline to the levels of the beginning of the year..


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