Sparkpool’s $2.6 Million ETH Miner Fee, A Costly Mistake?

On June 10th 2020, someone paid 10,668.73 ETH (about $2.6million) in gas fee to send 0.55 ETH (about $134) wallet to wallet. The transaction fees on the Ethereum network often fluctuates as transactions with higher gas fees are given higher priority to be confirmed by miners but on sighting a transaction with a transaction fee of $2.6 million, the miner must have jumped at such a once in a lifetime opportunity lol.

Since this transaction was spotted by the crypto community there has been a whole lot of comments and reactions, with some people giving possible reasons for the huge transaction fee. The most likely being it could be a mistake from the sender. Gas fees for ethereum transfers can be adjusted by the sender, so it is possible the sender wanted to send $2.6 million worth of Ethereum for a gas fee of 0.55 ETH ($134) but failed to cross check before clicking send.

Another possible scenario could be it was an attempt to launder money. The said transaction was sent to an address in Bithumb Exchange and was mined by Sparkpool, one of Ethereum’s biggest mining pool. With the anonymous nature of cryptocurrency transactions, it is impossible to know who made the transaction but Sparkpool has frozen it. This tops the records as the highest transaction fee ever.

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“We are further investigating the incident of unusually high tx fee, and you are welcome to provide clues to SparkPool has had the experience of handling similar issues properly. There will be a solution in the end,” SparkPool tweeted.