A Bitcoin user has moved over $420 million in a BTC transaction paying just $0,69 in fees, a fee that is 5,2 times lower than on Ethereum.
On-chain data shows that a transaction BTC Of 10.124,5 bitcoins, only $0,63 has been spent on fees, which represents a 524% savings compared to the current fees that must be paid on the network. Ethereum.
If this commission rate is compared to the one charged by commercial banks, which can range from 0,5% to 1%, then the Bitcoin network is significantly cheaper than traditional banking. Undoubtedly, the user who made this million-dollar transaction has benefited from the low fees of the Bitcoin network.
At the time of the transfer, the 10.124,5 bitcoins were worth $428 million, making it one of the largest transactions on the network this year.
Source: Bit2Me Explorer
Bitcoin, the future of finance
Hugo Botto, founder of financial education site Healthy Pockets, tweeted about this transaction at almost $0 in fees. Botto noted that the Bitcoin network is the future of finance.
In February this year, a Bitcoin whale also moved a significant sum of money by paying a few dollars in commission fee. In total, 44.979 BTC, valued at almost $2.000 billion, were transferred on the network by paying a fee of just $3,5.
Although the commission paid by the user was quite low, many may think that Bitcoin miners are not receiving almost any benefit for their investment and work within the network. blockchain, we must not forget that thousands of BTC transactions occur every day within the network.
Block #731.150, which included the 10.124,5 bitcoin transaction, processed another 3.516 BTC transactions. The total value of the rewards earned by the miner from this block, including the block reward, was 6,41 BTC, worth over $263.980 today.
More than $400.000 in network fees
According to data from The Block Research, Bitcoin miners are receiving over $460.000 per day in commission fees on the network. However, total mining revenue is over $40,7 million per day, including block rewards, which are currently 6,25 BTC.
Since July last year, Bitcoin miners' daily earnings have increased by 99%. In March alone, mining revenue amounted to $1.210 billion, according to the platform's data.
Source: The Block Research
Network fees in Bitcoin account for 1,27% of total mining revenue, while in Ethereum, with the current commission fee exceeding $3,6 For simple transactions, miners receive about 8% of their income from network fees.
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