User Accidentally Pays $59,204 in Fees While Trying to Replace Bitcoin Transaction

An unidentified user inadvertently paid approximately 0.75 BTC (around $59,204) in fees while attempting to replace a previously sent but unconfirmed transaction with a new one that had a higher fee.

Initially, the user had sent the transaction with a standard fee but then tried to expedite it through two consecutive attempts using the Replace-By-Fee (RBF) feature.

In the final attempt, the user mistakenly included an additional unspent transaction output (UTXO) of nearly 0.75 BTC to cover the increased fee but forgot to adjust the change output accordingly.

For reference, the average fee on the Bitcoin network at the time of writing is $1.87, according to Blockchair.

It’s worth noting that in February, this metric for the Ethereum blockchain dropped to levels seen in 2020.

Previously, CryptoQuant linked the current decline in the ETH/BTC ratio to its lowest points since 2020 with an unfavorable on-chain situation.