The actual transaction value was 2.9 BTC, which means the fee amounted to 133% of the cryptocurrency’s worth and surpassed the network’s average commission by nearly 30,000 times. It is possible that the user made a simple mistake, or perhaps they were engaged in money laundering activities.
As of now, the average commission on the Bitcoin network stands at around $11.35. However, in December, this figure was higher due to increased activity, reaching $37. The commission rates are also influenced by the price fluctuations of Bitcoin itself, which currently hovers near its highest level in the past year and a half.
Commissions represent the fees users pay to miners for processing transactions and confirming transfers to different addresses. The transaction processing speed depends on the size of the commission. Normally, transactions are completed within an hour, but during times of high network congestion, they can take several hours or even days.
In another incident in November, an unknown user sent bitcoins worth $2.1 million, specifying a commission of $3.1 million. Blockchair, an observer, reported that the user’s wallet held 139.42 BTC ($5.2 million) before the erroneous transaction. The user transferred 55.77 BTC ($2.1 million) and set the commission amount to the remaining 83.65 BTC ($3.1 million). This commission was approximately 120,500 times higher than the network’s average commission at that time.