- Bitcoin whale empties $143 million crypto wallet for just $0.30 in fees.
- Bitcoin and Ethereum network fees have been on the rise.
A large Bitcoin whale has moved almost 15,000 Bitcoin in a single transaction. More importantly, the transaction only cost $0.30 in network fees.
The Bitcoin whale has been steadily accumulating Bitcoin since April 3rd, with an initial deposit of over 12,000 Bitcoin. The wallet became the 48th richest Bitcoin wallet, prior to the massive transfer out.
The 14,922 Bitcoin transfer only cost 0.00003138 BTC (~$0.30) in network fees at a low fee rate of 1.815 sat/B.
Crypto Transaction Fees on the Rise
According to Billfodl’s Bitcoin fee estimator, the current next block Bitcoin fee is 234 sat/B and the 6 blocks fee is 204 sat/B.
Following the Bitcoin halving, the block reward halved to 6.25 Bitcoin. As a result, Bitcoin miners grew more dependent on transaction fees, evident by the spike following the halving.
Cryptocurrency fees have been rising as interest in cryptocurrencies increases. Bitcoin fees have increased by 900% in less than a month, to over $5 per transaction. Ethereum has also seen a significant increase despite its far lower block time. Ethereum fees have surged 350% during the same time frame, to over $0.55.
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