{"id":59352,"date":"2023-09-15T09:12:08","date_gmt":"2023-09-15T13:12:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59352"},"modified":"2023-09-15T09:14:08","modified_gmt":"2023-09-15T13:14:08","slug":"bitcoin-miner-returns-over-500k-overpayment-fee-to-paxos","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-miner-returns-over-500k-overpayment-fee-to-paxos\/","title":{"rendered":"Bitcoin Miner Returns Over $500k Overpayment Fee to Paxos"},"content":{"rendered":"\n

A Bitcoin miner who received the 19.8 BTC in fees has returned the funds to blockchain infrastructure company<\/a> Paxos after the company claimed to have paid over $500,000 in BTC transfer fees by error.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Miner Returns Over $500k Overpayment Fee to Paxos<\/figcaption><\/figure>\n\n\n\n

On September 10, the cryptocurrency community was perplexed by a BTC transaction that paid approximately $500,000 in fees to transfer roughly $2,000, while the average network fee was $2. <\/p>\n\n\n\n

Some hypothesized that copy-pasting data completed the transaction and accidentally pasted an output into the fee box without verifying twice.<\/p>\n\n\n\n

On September 13, Paxos announced that their server was responsible for the transmission. Following its assertion, the company reassured its customers that their funds were secure and belonged to Paxos. <\/p>\n\n\n\n

Additionally, the company clarified that PayPal <\/a>was not involved in the error and acknowledged that the blunder was its own.<\/p>\n\n\n\n

After consenting to refund the amount to Paxos, the Bitcoin miner who received the funds vented his frustrations on X (previously Twitter) almost a day after Paxos' claims. Most of the miner's followers voted to distribute the funds to other Bitcoin miners when asked what they would do in his place.<\/p>\n\n\n\n

However, this advice has yet to be followed. The funds were returned on September 15, according to blockchain information provided by Bitcoin explorer Mempool.<\/p>\n\n\n\n

Transaction fee errors have previously cost thousands of dollars. In 2019, a user of Ethereum lost nearly $400,000 in Ether due to the mistake of pasting values into the incorrect fields. Sparkpool, an Ethereum mining pool\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, assisted the user in recovering half of the lost funds.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Bitcoin miner who received the 19.8 BTC in fees has returned the funds to blockchain infrastructure company Paxos after the company claimed to have paid over $500,000 in BTC transfer fees by error. On September 10, the cryptocurrency community was perplexed by a BTC transaction that paid approximately $500,000 in fees to transfer roughly […]<\/p>\n","protected":false},"author":1,"featured_media":59359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[16430,370,16429,292],"class_list":["post-59352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bicoin-miner","tag-mining","tag-overpayment","tag-paxos"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/image-43.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59352"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59359"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}