Another mistake in Bitcoin fees?

[AhmadM]

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees to send a 0.01088549BTC ($194) transaction.

Txid

Code:

3ba0c9eaf3185898164518cda7e3433d1d2049188d737f2b2a7e188aaeb8b4de

Sources:
[1] https://decrypt.co/48730/bitcoin-transaction-mistake-47k
[2] https://twitter.com/BtcBlockBot/status/1329073154581381130

[1715467947]

1715467947

[1715467947]

1715467947

[1715467947]

1715467947

[1715467947]

1715467947

[1715467947]

1715467947

[Lanatsa]

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees to send a 0.01088549BTC ($194) transaction.

Txid

Code:

3ba0c9eaf3185898164518cda7e3433d1d2049188d737f2b2a7e188aaeb8b4de

Holy cow!

Basing up into those input address I do presume its an exchange wallet because its impossible for it to be owned by a single person having 700+ address which had transferred

0.01 btc to a certain address and giving out that $47k total in fees.Miners are really that lucky eh? Mistakes like these do happen due to human error.

Its just odd that exchange doesn't have that automated system on processing transactions?

[BayAreaCoins]

Probably just someone paying what the Bitcoin wallet "estimates".  

[J1mb0]

It seems to be an exchange wallet and someone has made an unforgivable mistake. This is probably a lesson for everyone when doing manipulations in the cryptocurrency market, it's best to always check before agreeing.
Although it is difficult, I still hope this money will be returned.

[AhmadM]

Basing up into those input address I do presume its an exchange wallet because its impossible for it to be owned by a single person having 700+ address which had transferred

Hmm that makes sense, I didn't realize it has lots amount of input address before you point it out (just doing a quick shoot on that crazy fees) and as you said it seemingly impossible for those addresses to be owned by a personal wallet.

Hope a nice honest miner will refund this mistaken money to the owner. 

Although it is difficult, I still hope this money will be returned.

Somehow I doubting that it will be returned 

[oktana]

This is really scary! that's why I didn't manually construct the transaction fees, I always try to use auto generated fees, just manually set high-low-medium option.

But even with that, Bitcoin transaction fees are still on the high side. This is one of the downsides of transacting with bitcoin(at the moment).

Hope a nice honest miner will refund this mistaken money to the owner.  

And do you really think that can happen? I guess never.

Edit: I just looked it up on the blockchain and, if the person is kind hearted, he may return it. However, humans are naturally greedy. My solicitude to the owner.

[eaLiTy]

But even with that, Bitcoin transaction fees are still on the high side. This is one of the downsides of transacting with bitcoin(at the moment).

The BTCitcoin transaction fees are high but most of the time if you have the patience you can send with lower fees and i was able to sent with just 17 SAT/B and it got confirmed within half an hour. Sure there are times the mempool is full but sometimes it comes down drastically as well.

Edit: I just looked it up on the blockchain and, if the person is kind hearted, he may return it. However, humans are naturally greedy. My solicitude to the owner.

You can hope that the miner will return a portion and i remember a similar instance in the past where the miner returned a percentage if i remember correctly.

[Vaskiy]

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees.
~

There will be $47K

This is really scary! that's why I didn't manually construct the transaction fees, I always try to use auto generated fees, just manually set high-low-medium option.
Hope a nice honest miner will refund this mistaken money to the owner.  

He is one among the luckiest miner. Yeah, lets hope for the refund from the miner. We don't know for what purpose the fund is being transferred. Maybe this could be the users saving for a much longer time period. Whomsoever, it is a learning that we must always cross check the receiver bitcoin address, quoted transaction fee and transaction amount before making the transaction.

[electronicash]

i don't think it will be returned. even solo miner will not return it. not even a pool.

they wasted energy to keep mining transactions, they continue to do so when BTC price submerge that they hardly can't pay bills. this is just one instance that miners will have to breath good air that they at least get an amount they like. feel sorry for whoever made that mistake though.

[Joel_Jantsen]

This is really scary! that's why I didn't manually construct the transaction fees, I always try to use auto generated fees, just manually set high-low-medium option.
Hope a nice honest miner will refund this mistaken money to the owner.  

You can't do that in other wallets. Most of the online wallets have that option which I believe is bad because you also end up paying much higher/lower fees than the expected transaction fees depending on the network traffic. Always use a transaction fees calculator and pay accordingly. The above case looks like the sender didn't understand the conversion of sats/per-byte while calculating the fees.

[aesma]

750 addresses to one, this is a consolidation of transactions. It has to be an exchange wallet otherwise it would be horrible for privacy. It's probably run by a script, and a bug happened.

[livingfree]

i don't think it will be returned. even solo miner will not return it. not even a pool.

I don't think so too.

Whoever made that transaction don't look at the customization of the fee and didn't check the options, amount and size of his transaction. If this was made by an exchange, it isn't that much for them.

But if this was made by an individual, that sucks! a lot of money was wasted due to the fees. I remember the same thing that have made mistake but it's with Ethereum.

[tbct_mt2]

Probably just someone paying what the Bitcoin wallet "estimates".  

What I know is good non-custodial wallets gave people warnings if they use high fees for their transactions. I don't know what happened when the person broadcasted that transaction and terribly ignored warning from the wallet. For their stupid ignorance, they can not blame it on any wallet or anyone else.

Stupid transactions with high fees on Ethereum network occured months ago and Etheremine pool decided to waive the high fee to all of their miners. What bitcoin mining pool that confirmed that transaction will do?

The mining pool is Huobit for the block 657535

[Kemarit]

i don't think it will be returned. even solo miner will not return it. not even a pool.

I don't think so too.

Whoever made that transaction don't look at the customization of the fee and didn't check the options, amount and size of his transaction. If this was made by an exchange, it isn't that much for them.

But if this was made by an individual, that sucks! a lot of money was wasted due to the fees. I remember the same thing that have made mistake but it's with Ethereum.

Yeah, I don't think the miners returning as it is not their fault. And I'm sure majority of us checks for the existing transaction fees and adjust accordingly.

It could be an exchange or some gambling site, but what are the chances of those services paying so much fees an making that huge mistakes in payment, they've been doing this for a long time, just weird if they make one costly mistakes specially in this bull run.

[carlisle1]

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees.
~

There will be $47K

This is really scary! that's why I didn't manually construct the transaction fees, I always try to use auto generated fees, just manually set high-low-medium option.
Hope a nice honest miner will refund this mistaken money to the owner.  

Even How generous and honest a Miner is still this is something a Sender must learn because this is cryptocurrency and we must be aware of irreversible transactions so each mistakes must be pay off.

And besides this happens sometimes but we have not hear any claims that there are refunding that be given so Just say Sorry for the sender and Congrats for the miner lol.

[shinratensei_]

i don't think it will be returned. even solo miner will not return it. not even a pool.

That could be a reward for miners. I remember about someone was also mistakenly paying a huge tx fee in altcoin too.
The bitcoin fees will be divided among all of the miners. There's no way to get it back.

I guess, is he putting it manually? I meant when we are using electum or another bitcoin wallet and the fees were automatically calculated.

[Warkop]

I think this is the biggest mistake he has ever made for the amount of fees he's incurred, because he doesn't pay attention to the amount of fees he wants to spend on transacting there, this will be no tolerance or refund for the cost mistakes he made because it's not a miner wrong. So for that, consider this as a valuable lesson for all parties who wish to transact to remain careful and always pay attention to the amount of costs that must be incurred so that errors like this do not occur.

[pooya87]

how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

[BlackHatCoiner]

how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

I was thinking that too. Although, if I wanted to launder money, I wouldn't go through that way no matter my equipment. Maybe they didn't use a simple wallet. Could they possibly do a mistake through the command line?

[witcher_sense]

I agree with pooya87, it could have been a case of money laundering or any other fraudulent activity. Given that block containing this suspicious transaction was mined by unknown miners, it all makes me think it was done deliberately, the transactor had colluded with the miner and sent them a specific transaction.

Researchers Find New Way for Criminals to Launder Money Using Bitcoin

Either it was so-called "Exclusive mining" that took place here, or the sender was really uncautious.