Bitcoin Worth $1 Billion Transferred for a Fee of $4
Twitter handle Whale Alert has highlighted the transfer of 92,857 BTC, equaling $1,092,603,640, from an unidentified wallet by paying a fee of just $4.
Even though the Bitcoin network is popular for transacting large value by paying negligible fee, the average cost paid per transaction has gone up by about 500% in the past month.
Another twitter handle Bitcoin Block Bot, which also tracks large transactions by whales, had identified and revealed a 101,857 BTC transaction on June 27, carried out by paying a fee of merely $0.48.
That quantity refers to almost 0.5% of all Bitcoin that is currently in circulation. There are no further details regarding the transacting parties (remitter and receiver).
Social media users believe that a BitGo custodial wallet administering Bitstamp’s holdings is involved in the transaction.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 92,857 #BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 6, 2020
Whale alert! 🐋 Someone moved 101,857 BTC ($933M) in block 636,503 https://t.co/sy099uLVBV
— Bitcoin Block Bot (@BtcBlockBot) June 26, 2020
Before Bitcoin halving event took place, the average transaction charges hit a high of $3.19. This mirrors a rise of more than 300% from the average fee paid on April 26, as per data provided by Bitinfocharts. Notably, back in 2019, Bitcoin transaction charges were more than $3.
There has been a pattern in the rise of Bitcoin transaction charges. Before halving events took place, Bitcoin transaction charges used to increase. Weeks before the previous halving event on July 9, 2016, average charges surged to $0.62 per transfer from $0.10 in a span of 24 hours.