In a resolution to one of the most talked-about blunders in recent history, F2Pool, a prominent Bitcoin mining pool, has opted to return the inadvertently overpaid network fee of 19.82108632 BTC to Paxos, the stablecoin issuer and crypto brokerage firm. The disclosure came a few ago from a tweet by Mempool, a Bitcoin explorer, stating, “F2Pool have sent the 19.82108632 BTC fee overpayment back to Paxos.”
The Largest Bitcoin Fee Ever Paid
On September 10, 2023, Paxos, a company well-known for issuing stablecoins like PayPal USD and Pax Dollar (USDP), conducted a Bitcoin transaction that became infamous overnight for its disproportionately large network fee. The transaction involved a mere 0.07 BTC, roughly valued under $2,000 at the time, yet had an astonishing fee of nearly 20 BTC—translating to over $515,000.
Blockchain analytics first indicated that the sender had paid fees that were exponentially higher than what is generally required. Jameson Lopp, co-founder of Casa wallet,
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