- A Bitcoin whale moves over $160 million in Bitcoin for just $1.65 in fees.
- Bitcoin transaction fees fall back below $5.
Large Bitcoin transactions aren’t an uncommon occurrence on the Bitcoin blockchain. However, Whale Alert, a cryptocurrency analytics service, detected a massive Bitcoin transfer totaling 13,392 Bitcoin, worth over $160 million Tuesday morning.
Moreover, the transaction only cost 0.00013720 BTC (~$1.65) in network fees. These fees are paid to Bitcoin miners who process and validate Bitcoin transactions. As the Bitcoin block reward continue to drop following every halving, miners will become more dependent on transaction fees.
Bitcoin Fees Fall
The Bitcoin network saw a surge in transaction fees in early August. The massive fee increase came as Bitcoin continued to rally crossing $12,000 for the first time this year.
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