- The second richest Bitcoin address has moved over $1.1 billion in Bitcoin for just $4 in network fees.
- Bitcoin network fees have been on the rise as the cryptocurrency rallies.
Large Bitcoin transactions amounting to millions of dollars are a daily occurrence on the Bitcoin blockchain. However, the Bitcoin Block Bot, spotted a massive 96,857 Bitcoin (~$1.1 billion) move Thursday morning. The address currently holds just 0.00192253 Bitcoin (~$0.23) at the time of press.
The transaction only cost 0.00033699 Bitcoin (~$4.01) in network fees. Network fees are paid to Bitcoin miners who process and validate Bitcoin transactions. As the Bitcoin block reward drops, miners will become more dependent on Bitcoin transaction fees.
According to BitInfoCharts, the address was the second richest Bitcoin address prior to the massive Bitcoin move. The address is no longer the second richest Bitcoin address with a balance of just 0.00192253 Bitcoin (~$0.23) at the time of press. According to BitInfoCharts, the second richest Bitcoin address currently holds 94,506 Bitcoin, worth over $1.1 billion.
Bitcoin Transaction Fees Soar
While the $4 fee paid the move over $1 billion in Bitcoin may seem minuscule compared to the transacted value, Bitcoin network fees have surged in recent weeks.
At the time of press, according to privacypros.io the estimated fee for a next-block confirmation is over $6 with the six blocks confirmation estimated at just above $5.
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