An unknown Bitcoin investor is paying tens of thousands of dollars in transaction fees to move a small amount of BTC.
According to the latest block explorer data, the user sent a total of 0.01088549 BTC worth $194 to an unknown wallet and shelled out 2.66 BTC worth $47,000 in transaction fees.
The transfer was initially sighted by the automated distributed ledger tracking tool known as Bitcoin Block Bot.
The expensive transfer comes as Bitcoin’s transaction fee is going through a sharp decline.
BitInfoCharts reports that the current average transaction fee is just 0.00027 BTC worth $4.82, down 63% from transfer charges in October when fees skyrocketed to an average of $13.15 after the leading cryptocurrency breached key resistance of $10,000.
Earlier this month, two Bitcoin whales moved nearly half a billion dollars worth of BTC and paid a combined transaction fee of just $46.
The case of the unusually exorbitant transaction fee is likely the result of human error. The Bitcoin user may have made a mistake in manually constructing the BTC transaction.
In addition, block explorer data indicates that the transaction may have been a self-transfer since there’s no change. In many cases, BTC transactions have two outputs: one for the payment and the second for returning the change, if there’s any, to the user.