- An Ethereum whale recentely spent over $5.2 million in Ethereum fees over two transactions.
- Bitfly, the operator of the Ethermine mining pool, has announced that it will distribute the massive fees to the miners.
A mysterious Ethereum whale recently made crypto headlines after sending just 0.55 ETH with a 10,668 ETH (~$2.5 million) fee. Following the transaction, the same wallet sent another massive transaction with an identical fee.
The second transaction was mined by Ethermine.org, an Ethereum mining pool operated by Bitfly. After providing four days for the sender to claim the exorbitant Ethereum fee, Bitfly has decided to distribute the $2.6 million in Ethereum fees to the pool’s miners.
Ethereum Fees on the Rise
Not counting the apparent outliers due to the recent massive Ethereum fee transactions, Ethereum fees have been on the rise. According to Blockchair, a block explorer, the average transaction fee on the Ethereum blockchain today is 0.00278 ETH (~$0.65).
Furthermore, while Ethereum fees rise, Bitcoin fees decline. As a result, the network fee spread between the two largest cryptocurrencies continues to decrease.
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