Despite Rising Fees, A Bitcoin Wallet Moved Over $1 Billion In Bitcoin For Under $10
Quick Read
- A Bitcoin wallet has moved 88,989 Bitcoin, worth over $1 billion, for under $10 in fees.
- Bitcoin network fees continue to rise as the cryptocurrency rallies.
Large transfers aren’t uncommon on the Bitcoin network. However, the Bitcoin Block Bot spotted a massive 88,989 Bitcoin (~$1 billion) move Monday morning. Following the move, the wallet now holds just 0.00048255 BTC (~$5.50).
The move only cost 0.00080340 Bitcoin (~$9.16) in network fees. In addition to the block reward, which was halved following the Bitcoin halving, miners also earn the transaction fees paid for the transactions in that block.
Bitcoin Fees Continue To Rise
Bitcoin network fees continue to rise as the cryptocurrency rallies. Back in 2017 when Bitcoin reaches its all-time high, transacting on the network became very expensive as fees skyrocketed past $50.
According to privacypros.io, the current next-block transaction fee is estimated to be over $6 and the 6 blocks fee to be just under $5.
Moreover, the Ethereum network is also seeing a fee increase with the average Ethereum transaction fee nearing $2 yesterday according to BitInfoCharts.
Cover image by Alex wong on Unsplash
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