- Memepool has returned the over $500,000 BTC transaction fee mistakenly paid.
- The daily transaction fees have dropped back below $1 million.
A recent post from Memepool has put an end to the controversy surrounding the highest single transaction fee ever observed in the Bitcoin [BTC] network.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Record Bitcoin fee returned to owner
On 15 September, Mempool released a post confirming that the over 19 Bitcoin, which had been paid on 10 September, had been returned to its rightful owner. The post also confirmed that this substantial sum belonged to Paxos.
Notably, the exchange had mistakenly paid over $500,000 for a transaction valued at only $2,000. This incident initially caused a stir within the cryptocurrency community, as a Bitcoin transaction fee exceeding $500,000 was unprecedented.
There were even speculations that this colossal fee might have been sent in error by PayPal.
F2Pool have sent the 19.82108632 BTC fee overpayment back to Paxos https://t.co/IB32RNq5uO
— mempool (@mempool) September 15, 2023
This monumental fee set a new record for the highest transaction fee in the history of Bitcoin, and it had a noticeable impact on transaction fees recorded on 10 September.
On 11 September, Chun of F2 Pool posted that the fee would be held for three days in case the rightful owner came forward. With the latest developments, it appears that they have upheld their commitment and returned the funds to Paxos.
Current state of Bitcoin fees
Following its surge to over $1.2 million on 10 September, attributed to the historic transaction fee incident, Bitcoin transaction fees have experienced a significant decline.
According to data from Crypto Fees, these fees dropped to approximately $818,000 on 11 September and have largely remained in that range. As of this writing, the transaction fee was around $814,000.
Source: Glassnode
Additionally, miner revenue has also seen a decrease from the levels it reached in the aftermath of the fee error. At press time, the miner fee fell from over 4.8% to approximately 2.9%.
How BTC has fared so far
As of this writing, Bitcoin has sustained its upward momentum when viewed on a daily timeframe chart. The chart illustrated that BTC had been undergoing a series of successive uptrends in the past few days, accumulating a gain of more than 5% during this period.
How much are 1,10,100 BTCs worth today?
At press time, it was trading at approximately $26,570, with a noticeable price increase evident in the ongoing trading session.
Source: TradingView
This recent surge in price has had a noteworthy impact on Bitcoin’s Relative Strength Index (RSI). As of this writing, the RSI was hovering around the neutral line, indicating a relatively weak bullish trend in the market.
