Monday Mining Metrics: $500,000 BTC Transaction Fee

Bitcoin Mining Update - 9/11/23

User pays over 19 BTC in single transaction fee

Sunday afternoon an address paid a transaction fee of over 19 BTC (~$510,000); with a fee rate of 8,182,079 sats/vByte.

While this single high fee transaction is certainly beneficial for the miner that mined this block, it is of no material impact to the broader landscape of Bitcoin and Bitcoin mining. But it is an important reminder of Bitcoin’s immutable nature and the importance of diligence when it comes to using the network.

The sending address has participated in 61,638 transactions; having sent and received over 760,000 BTC. In all likelihood this address belongs to either a miner or an exchange, and its transactions are automated. A bug in the automation code, and a subsequent broadcast of the transaction without manual confirmation, resulted in this absurdly high fee.

There are no “charge backs” or “do-overs” in Bitcoin. The power of a peer-to-peer, cryptographically secure payments network comes with an increased requirement for responsibility as there is no central power capable of costly reverting mistakes such as this.

Negative or Flat Difficulty Adjustment Projected

After the previous difficulty adjustment of -2.65%, no rebound is in sight as difficulty is projected to adjust slightly downwards, -0.7%.

ASIC Bidding

Below is the current spread between bids and asks as of 9/11/2023.

For each ASIC model, the spread is tighter compared to last week.

Spot ASIC Pricing

Below are the lowest current listing prices (asks) on the Blockware Marketplace for a variety of popular ASIC models, including the week-over-week change:

The lowest available price for an S19j Pro (96 TH/s) and Whatsminer M50 (120 TH/s) dropped by 21% and 14% respectively. 

Antminer S19j Pro (-21%)

• $1,107 (0.0439 BTC)

• $11.5 / T

Antminer S19j Pro+ (+13%)

• $2,539 (0.10 BTC)

• $21.15 / T

Antminer S19 XP (+0%)

• $4,500 (0.1788 BTC)

• $31.65 / T

Whatsminer M30s++ (+0%)

• $1,375 (0.0546 BTC)

• $13.4 / T

Whatsminer M50 (-14%)

• $2,500 (0.099 BTC)

• $20.8 / T

The chart below compares the final sales price for the past two weeks, for each model.

Bulk ASIC Pricing

Contact sales@blockwaresolutions.com or reach out here.

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All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.