https://mempool.space/tx/3fd32ef4d95c12c88238a2c1e850a16af1c204863803ae76fa54d1c855064bb6

Why would anyone overpay by so much.

I took a deeper dive and discovered it was a CPFP transaction pulling a 2.8sat/vB transaction along. So effectively they paid 52.8 sat/vB, which is about right for the fee at the time.

What's CPFP? It's child pays for parent - a fee bumping technique that allows you to add extra sats to a fee for a transaction (child) that depends upon the original transaction (parent) and thereby get transactions in a block sooner.

Miners look for combinations of transactions where even if a given transaction has a low fee, by including it and higher fee transactions that depend on the 'parent' low fee transaction they can earn more total fees.

So much to learn about Bitcoin!!!

#bitcoin #bitcoinfees #mempool #cpfp #rbf