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

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Updated 22 Jul, 2022 | 10:24:31 AM UTC

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.

Ethereum Transaction with Insanely High Fees (Source)

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.

Ethereum Average Transaction Fees (Source)

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.”

In February, Vitalik told the media that the timeline for the PoS launch was unknown, he only mentioned that,

A lot of optimization is currently underway with Phase 0, which we will continue to refine over the next few months.

Recently, in a Blockchain conference in May he misheard a question and said yes to a July launch of Phase 0. Later, he clarified that “if they are now saying ‘Q3’ more broadly then I believe them.” The date can also be pushed to early 2021 if the development is delayed.

When do you think mainstream Ethereum 2.0 transactions will hit the market? Please share your views with us.

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

Published by

Nivesh Rustgi

Updated 22 Jul, 2022 | 10:24:31 AM

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