An unknown crypto investor just paid tens of thousands of dollars worth of BTC to move a minuscule amount of Bitcoin.
According to the latest block explorer data, the unknown user shelled out 3.49 BTC worth $82,000 to transfer 0.00005 BTC worth just $1.18.
The transaction was first detected by the distributed ledger tracker known as Bitcoin Block Bot.
The transfer comes as BTC’s average transaction fee spikes over 339% from $2.71 to $11.90 in just a week, the highest price level since November 5th. The surge in transaction fees corresponds with the rally that saw the leading cryptocurrency ascend to an all-time high of $24,209, according to CoinMarketCap.
The exorbitant cost of this transaction could be result of a human error made by the Bitcoin user when manually constructing the transaction details
Just last month, another user paid 2.66038352 BTC worth $47,000 to transfer 0.01088549 BTC worth $194.
Block explorer data also suggests that the transaction may have been a self-transfer as there’s no change. In many cases, BTC transfers have two outputs. The first one is for the payment and the second is for returning the change, if there’s any, to the sender.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc