# Bitcoin Transaction Error Costs Sender $3M in Fees
## Costly Mistake in Bitcoin Transaction
An unfortunate error a Bitcoin (BTC) sender has resulted in the payment of an unprecedented $3 million in transaction fees for a single transaction. The sender intended to send 139.42 BTC, valued at around $5.1 million, but mistakenly lost 83.64 BTC in fees, leaving the recipient with only 55.77 BTC, approximately $2 million. This mistake has set a new record in Bitcoin’s history.
## Unprecedented Transaction Fee
The transaction was processed Bitcoin miner AntPool in block 818087, according to blockchain data from Bitinfocharts. While Bitcoin transactions can be costly during busy periods, data from Bitinfocharts indicates that the average transaction fee on the Bitcoin network is currently $14.1.
In a previous incident in September, stablecoin issuer Paxos paid a $500,000 fee for processing a transaction worth just $2,000. Fortunately, Bitcoin miner F2Pool agreed to refund the excessive payment in that instance.
## Surging Bitcoin Transaction Fees
Bitcoin transaction fees have been surging lately due to the growing interest in Bitcoin Ordinals. Ordinals are digital assets inscribed on the smallest unit of Bitcoin, called a satoshi. The inclusion of Ordinals on the Bitcoin blockchain has increased network activity, resulting in higher transaction costs.
This costly mistake serves as a cautionary tale for Bitcoin users to carefully verify their transactions to avoid such significant losses in fees.
## Reactions and Refunds
Following the error, there have been discussions about the need for better safeguards against such mistakes in the cryptocurrency ecosystem. Some speculate about the potential for implementing additional verification steps to prevent such costly errors in the future.
In response to the incident, Bitcoin miner F2Pool agreed to refund the excessive payment in a previous similar case, offering a glimmer of hope for the sender in this instance.
As Bitcoin continues to gain mainstream attention, it is imperative for users to exercise caution and due diligence when processing transactions to avoid such costly mishaps.
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I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
