Bitstamp Responsible For Colossal $930 Million Bitcoin Transaction That Cost Just $0.48
Quick Take
- Bitstamp moved nearly $1 billion in Bitcoin for just $0.48 in network fees.
- Bitcoin transaction fees continue to decline.
Cryptocurrency exchange Bitstamp is likely responsible for moving 101,857 Bitcoin, worth nearly $1 billion at the time of press. More importantly, the transaction only cost 0.00005271 BTC (~$0.48) in fees.
The sender of the mammoth-sized Bitcoin transaction was “3KZ526NxCVXbKwwP66RgM3pte6zW4gY1tD”. This address was confirmed to be Bitstamp’s cold wallet address in April by Bitstamp CEO, Nejc Kodrič.
Many cryptocurrency exchanges have a cold wallet to safeguard user funds. Cold storage refers to cryptocurrency storage that is not connected online and thus safer than hot wallets.
Bitcoin Fees On The Decline
Following the Bitcoin halving, Bitcoin fees skyrocketed, surpassing $5 per transaction at one point. Simultaneously, Bitcoin miners left the network in droves, resulting in a massive network wide hash rate drop.
However, Bitcoin hash rate has recovered significantly as miners join back the network and pushing hash rate back up to near pre-halving levels. Bitcoin fees have also been declining continuously since its peak following the halving. The current next block transaction fee is just under $1.
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