A Bitcoin whale has transferred a whopping 44,000 BTC for a measly fee of just $0.32.
When making cross-border payments with traditional fiat currencies, payment processors often charge absurd fees depending on the amount transferred.
Digital currencies seek to remedy this by offering drastically cheaper fees, though it is also common to see some cryptocurrency exchanges charging high fees to cover costs and facilitate the buying and storing of coins.
However, one cunning crypto whale has managed to transfer almost $300 million worth of Bitcoin while paying only a microscopic fee.
The investor sent 44,000 Bitcoin from one unknown wallet to another unknown wallet and was only charged $0.32 for the entire transaction.
The whale’s activity can be monitored on Blokchain.com’s block explorer, which shows how the entire sum was sent in a single transaction for the obscenely low fee of 0.00004551 BTC.
Back in May, Coin Rivet reported that transaction congestion on the Bitcoin network had soared to an 11-month high.
At the time, the average fee for a transaction was roughly $2.50 – up by $0.75 from earlier in the same month.
The average transaction fee is currently approximately 0.000069 BTC according to bitinfocharts – or around $0.45 at the time of writing.
This figure is also calculated against the average transaction of 3.39 Bitcoin.
This shows that despite the whale moving an astronomically large sum, they have still only been charged a tiny fee.
Interested in reading more about transaction fee movement? Discover more about why the Bitcoin network was heavily congested back in the summer.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.