June 24, 2024
Bitcoin Miner AntPool to Return Highest-Ever $3 Million Transaction Fee
Bitcoin News

AntPool Vows $3 Million Refund for Record-Breaking Bitcoin Transaction Fee Error

AntPool, a Bitcoin mining entity, has committed to reimbursing a $3 million transactional fee mistakenly processed last week, marking the highest fee ever recorded for a Bitcoin network transfer. In a Thursday announcement, AntPool acknowledged the incident on November 23rd, when certain users inadvertently submitted 83 BTC as a gas fee.

The risk control system of ANTPOOL took preventive action by temporarily freezing the fee during the transaction packaging process. Miners, like AntPool, employ extensive computational resources to validate transactions on blockchains like Bitcoin, earning set rewards for successfully mining a block. Although miners aren’t obliged to refund fees to users, they may opt to do so in exceptional cases of unusually substantial amounts.

AntPool outlined a method to verify the sender’s identity by requesting an on-chain message signed via another Bitcoin transaction using the same message, which serves as proof of ownership.

According to on-chain data from last Thursday, AntPool received the standard 6.25 bitcoin (BTC) in addition to 85.2163 BTC in fees for all transactions encompassed within that erroneous transaction. The sender’s wallet was created just moments before the transfer, resulting in the recipient receiving only 55.78 BTC out of the original 139.42 BTC sent.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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