User Spends $2.5 million in Fees for Transferring 0.55 Ethereum [ETH]

A bizarre Ethereum [ETH] transaction just gave a hefty reward to the miners. In fact, the amount sent was far too less than the fees paid. 

Glassnode, an on-chain data-tracker and analytics firm tweeted,

#Ethereum fees shot up to $2,631,127 within a single hour. Historically, this is by far the highest value we’ve seen. This increase was due to a single Tx that spent 2.5 million USD in fees to transfer 0.55 $ETH.

Fees can be changed by altering the offer gas price to the miners. Apparently, this user set the GAS price to 500,000,000 Gwei. The maximum gap price in the last couple of months has been 50,000 Gwei only.

Apart from this, the average transaction fees on the network have been on the rise since May. The average amount which used to be below $0.2, is currently ranging higher to about $0.4-$0.6. The user was probably setting the fees higher for a faster transaction and added a few more zeros due to fat fingers. Who knows?

Ethereum 2.0 Update

Yesterday, the developing team launched a new testnet as it headed one step closer to the Phase 0 launch. Preston Van Loon, tweeted,

The pull request for ETH2 “final” phase 0 version 0.12.1 has merged to master for Prysm. Now, we sunset Topaz and launch our next testnet, Onyx. But, also added, “This isn’t the “official” multiclient testnet, but is multiple client-ready. Any client may join on v0.12 specification.”