Categories: Bitcoin Business

Bitcoin Miner Repays Customer Who Accidentally Paid 2.5 Bitcoins Transaction Fee

Click here to view original web page at news.bitcoin.com

A customer of Bitcoin hardware and service provider Bitmain recently found himself in a “rather embarrassing” predicament. Accidentally having paid a 2.5 bitcoin fee on a transaction mined by Bitmain’s Antpool in Bitcoin block 456363, the user took to social media, desperate to get the funds back.

Also Read: How Much Does it Cost to Run a Full Node?

The fee, after having already been dispersed to miners as a mining reward, could have been lost forever. But instead, Bitmain decided to compensate the user for the loss with their own money. In a reply to a service ticket submitted over the issue, Bitmain notified the client of their decision.

Dear Customer,

We are sorry to hear this…

First of all, this mistake caused by himself, and we don’t have responsibility for this. And since now, Antpool has taken PPS+ and PPLNS+ payment method, so his 2.5 bitcoin transaction fee has already paid out to all the miners in Antpool. But thanks for all of your supports and unconditional trust for Antpool and Bitmain, our company has decided to pay his loss.

Looking forward to continuing to build your trust and bringing you more added values through our advanced technology and passion.

Best Wishes,

Hugh

Bitmain

Hardly the first Bitcoiner to Overpay a Transaction Fee

Regularly on social media, people recount their transaction fee nightmares. They nearly ubiquitously hope they can somehow get their miscalculated or ‘fat-fingered’ transaction fees back. In January, for instance, someone apparently paid 50 bitcoins in transaction fees. The sender might have mixed up the fee and the amount meant to be sent. In general, the average transaction fee is up more than 1,200% in the past two years.

Some users believe there could be a solution to overpaid transaction fees. When a Bitcoin user chooses a fee that is too low, for example, a transaction can be outright rejected. Many Bitcoiners suggest that, when a Bitcoiner pays a fee that is too high on a transaction, miners could similarly reject it.

As one social media commentator postulates, “Nodes should check that fees don’t exceed the average of the last 10 blocks highest fees. If it’s significantly higher, send a return message back asking for confirmation of the fee.”

He adds: “[This has] nothing to do with miners as it is on a node level, and in theory, a mistaken fee shouldn’t enter the network beyond the first node it reaches, which would hold it and require a signed message from the sender to confirm it is correct.”

Many Bitcoin wallets manage transaction fees so their users don’t have to bother.

Bitmain Technologies Limited, based in China, specializes in custom mining chips, miners, and also runs a mining pool.

Miners refunding transactions is not completely unheard of, as ASIC miner refunded a more than 200 bitcoin mining fee paid by a customer approximately three years ago.

What do you think about Bitmain’s repaying of the transaction fee? Let us know in the comments below.

Images courtesy of Shutterstock, Bitmain, Getty Images

Now you’ve got your first bitcoin, where can you spend it? Well, the easiest place to try it out is our very own bitcoin.com Store. You’ll find everything bitcoin-related, from clothing to all kinds of accessories and much more. You’ll experience that “wow” moment all bitcoiners have felt after paying with bitcoin for the first time.

cinerama

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...
Share
Published by
cinerama

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

4 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

4 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

4 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

4 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

4 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

4 hours 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