The user paid about $510,000 in fees for transferring 0.074 BTC

An unknown user paid 19.8 BTC for a transfer of 0.074 BTC.

An unusual Bitcoin block fee occurred today. A user paid 1,982,108,632 sat (about $510,000) in miner fees to transfer 0.074 BTC. This is the largest transaction fee paid in US dollars to date. F2Pool stated that it will temporarily shelve the fee of 20 BTC, and if no one claims…

— Wu Blockchain (@WuBlockchain) September 11, 2023

Thus, the commission for one transaction was about $510,000 at the time of publication. The source claims this is the largest transaction fee in history.

The reward for this transfer was received by the mining pool F2Pool. Its representatives stated that they were ready to return the funds to the user.

Will put these 20 BTC on hold for now. To be redistributed to miners if nobody comes to claim it after three days. https://t.co/GsRUnAP9jQ

— Chun (@satofishi) September 11, 2023

To get his bitcoins back, he must make a formal request within three days. Otherwise, all assets will be distributed among miners.

What caused such a high transaction fee is still unknown. The size of the commission may increase as the load on the network increases.

Thus, in May 2023, the average transaction fee on the Bitcoin network reached $19.21. The load was caused by a surge in demand for tokens minted on the BRC-20 network.

In April, the number of NFT Ordinals exceeded 1 million. However, in the first two weeks of August, trading volume in such assets decreased by more than 90%.