In a jaw-dropping incident, a Bitcoin user recently paid a mind-boggling $3.1 million in transaction fees for transferring 139.42 BTC, valued at $5.1 million. This exorbitant fee has now secured its place as the eighth-highest in Bitcoin's 14-year history, leaving the crypto community both astonished and puzzled.
The transaction originated from the BTC wallet address bc1qn3d...wekrnl, attempting to transfer 139.42 BTC to the destination address bc1qyf...km36t4 on November 23. However, instead of the intended transfer value, the recipient received a mere 55.77 BTC. The mining pool Antpool confirmed the shockingly high mining fee on block 818087.

Social media buzzed with speculation about the sender's intentions. Some suggested that the user intentionally selected a high fee, possibly due to an error or misunderstanding in the transaction process. However, other factors, such as the Replace-By-Fee (RBF) feature, a node policy, and the user's potential unawareness, also played a role.
RBF allows unconfirmed transactions in the mempool (where BTC transactions queue before approval and addition to the blockchain) to be replaced with a different transaction offering a higher fee for faster processing. It appears that the sender might not have been aware that RBF transactions cannot be canceled. In an attempt to modify the fee, the user likely replaced it multiple times, ultimately increasing the fee by an additional 20%, adding 12.55 BTC in fees.
This incident isn't the first of its kind. In September, the Paxos Bitcoin exchange platform accidentally sent a $500,000 transaction fee for a $2,000 BTC transfer. Fortunately, the F2Pool miner who verified the transaction returned the accidental fee to Paxos.

While such mishaps are not uncommon in the crypto world, this recent incident stands out as the largest Bitcoin transaction fee ever paid in dollar terms. It surpasses the previous record set in September, highlighting the importance of caution and awareness when navigating the intricacies of cryptocurrency transactions. As the crypto community reflects on this eye-watering fee, it serves as a stark reminder of the need for users to stay informed about the features and potential pitfalls of the ever-evolving crypto landscape.

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Here is what I found about Bitcoin transaction fees after halving in 2024 ¹ ² ³ ⁴ ⁵:
- Bitcoin transaction fees decreased: After Bitcoin's halving, transaction fees dropped significantly. The fees for medium-priority transactions are now around $8.48, and for high-priority transactions, they are around $9.32.
- Fees spiked right after the halving: Following the halving, fees briefly increased to $146 for medium-priority transactions and $170 for high-priority transactions.
- Runes protocol: The introduction of Casey Rodarmor’s Runes protocol, which went live at the halving, was expected to generate revenue for miners. However, floor prices for the runestone NFT collection dropped by almost 50% in the first 24 hours.
- Ordinal collections: Ordinal collections like Bitcoin Puppets and NodeMonkes are up 11% and 8%, respectively, but they don't appear to be the same revenue source as many hoped Runes would be.

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