Oof that fee đ¤Żđ¤Ł
Discussion
What the hell for?? That's insane. Could have paid 200/vb and gotten into next block.
Lol exactly. I wonder what happened. Original fee was 145 and then they RBFâd it to nearly 34,000 sat/vB. Crazy
Giggity
Can you explain what this is? is this a mining reward, you providing liquidity for transactions or itâs the fee for sending money across the bitcoin network?
Just to be clear this wasnât my transaction. I just noticed it. But yea the transaction fees go to whichever miner mines the block with your transaction in it. Paying a higher fee will get your transaction mined sooner, but this was way too high. This was like 150X more than the âhigh priorityâ fee at the time. Someone probably goofed up when sending it.
Why would someone pay multiples above the actual price to move the transaction faster? Whatâs the incentive to be a few minutes quicker instead of waiting for the next block
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There's no incentive to pay way over like that. No matter how much you pay though, the fastest it can ever confirm is when the next block is found. Blocks are found every 10 minutes on average, however the next one could be found in 10 seconds or an hour...
loving it
Yowza. That's gonna sting.
What does overpaid mean?
It means they paid more than they needed to to get their transaction in the next block. In this case they overpaid by 175X what they needed to pay.
Why would they do that?i mean overpay?
I would assume an error on someoneâs part. Thereâs no reason to overpay by that much.
Someone's using mempool who doesn't understand how it works and for that he/she overpays the fees by x175%?
And no ones out there to help,because no one knows who he/she might be?
Where does the overpaid fees go then?
To the miners?
They set the fees in their wallet when they send the transaction. Depends which wallet they used. But yea, thatâs on them to learn from this mistake. The fees go to whichever miner or mining pool mined that block.
Miners are happy. Someone needs to do more HW though.
Miners heaven.
Oof rekt