Categories: Bitcoin Business

Who is Moving 750 BTC Worth of Coins on the Bitcoin Network Every 5 Seconds?

Click here to view original web page at

Network congestion has been a significant problem for the bitcoin network in recent months. As a result, transaction fees continue to rise, It appears someone is deliberately sending 750 bitcoin back and forth every 5 seconds. This process has gone on for quite some time, albeit no one knows for sure what is going on exactly.

More transactions on the bitcoin network result in higher average fees. In that regard, it makes no sense for anyone to spam the network with unnecessary transactions right now. For some reason, one individual is doing exactly that, as a 750 BTC transaction keeps moving back and forth every five seconds. This adds more strain on the bitcoin network as it fills up necessary transaction space in network blocks.

Increasing Network Transaction Fees For No Reason

It appears this ping-ponging transaction has been going on for some time now. While no one knows for sure who is behind it, this is definitely a deliberate attempt to push up bitcoin fees. The Bitcoin Core client uses a “smart fee estimate”, for most bitcoin transfers. However, with this transaction going back and forth, that TX fee is slowly pushed higher and higher. This 750 BTC transaction comes with high fees which affect the estimate fee on the network.

It is possible a specific miner is responsible for doing so. Not only will they recuperate part of their own fee, but they also force everyone else to pay higher fees. A very elaborate scheme if this is the case, that much is certain. Rest assured there will be a lot of speculation as to who is behind this transaction spree. Pushing up fees is not helping the bitcoin ecosystem at all right now.

Another option is how a mining pool or a group of particular bitcoin supporters is responsible for this behavior. Driving up the fees benefit miners, yet it might be pools purposefully conducting this behavior. Considering the tension between Core and Unlimited is rising, such an attack is not unthinkable. Then again, it goes to show the people behind this attack don’t have bitcoin’s best interest at heart. It is an expensive way to destabilize bitcoin, but to the right people, it may be worth it.

Further investigation into the matter by one Reddit user shows this activity dates back to December 2016. High-fee transactions are sent back and forth without pause for an unknown reason. So far, it is estimated US$30,000 worth of bitcoin has been spent on transaction fees alone. It is a baffling development that raises a lot of questions no one can answer right now.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin Is Up Against An Extremely Important And Powerful Resistance Zone On The Monthly Chart: The Kijun-Sen (Base Line)

We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More

40 mins ago

BTC ATM goes missing and no one notices

When you think of thieves stealing an ATM, the mind jumps to the idea of an exciting crime. Maybe there’s… Read More

40 mins ago

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More

40 mins ago

Researchers Concur Current Bitcoin Market Cycle is Only Just Beginning

Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More

40 mins ago

Hopes for Bitcoin as China’s Renminbi Drops to 11-Year Low

A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More

40 mins ago

Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates

Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More

41 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More