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KEY POINTS
- A user accidentally typed the wrong transaction fee while trying to transfer $ 120
- The user is trying to contact the miners who confirmed the transaction
- It was the same mining pool that processed a $ 2.6 million fee for another transaction in June
One person mistakenly paid a $ 9,500 transaction fee for a simple transfer worth only $ 120 on the Ethereum network. The Ethereum user is now trying to contact the miners who processed the transaction.
“So I paid 200,000 Gwei for this transaction and destroyed my life,” a Reddit user calling himself “Proudbitcoiner” said in a recent post. This was equivalent to 23.5 ETH, worth $ 9,500.
User claimed they accidentally typed the wrong transaction fee while trying to transfer $ 120.
MetaMask, the Ethereum wallet used to process the transaction, did not automatically enter a correct “gas” limit or transaction fee, which resulted in the transaction failing. Proudbitcoiner therefore decided to manually change the commission. But instead of entering the desired tariff in the “Gas limit”, the user has entered the amount in the “Gas price” input field.
Any transaction in the Ethereum blockchain can only be confirmed if a transaction fee, called gas (measured in “Gwei”) is paid. While Metamask automatically enters an average gas tariff, users can choose to enter their own gas tariff, but this must be entered in the “Gas tariff limit” and not in the “Gas price”.
Ethereum 1.0 is a proof-of-work blockchain, which means miners confirm the transaction. For this particular transaction, it was the Ethermine mining pool that confirmed it. Coincidentally, it was also the same mining pool that processed a $ 2.6 million transaction fee for sending 350 ether in June, News.Bitcoin.com reported.
Proudbitcoiner tried to send a message to Ethermine and its CEO Peter Pratscher through social media, but received no response. But Ethermine is unlikely to return the money, News.Bitcoin.com reported. In June, after confirming the $ 2.6 million transaction fee, the network distributed the block reward to all miners within their pool. At the time Bitfly, the parent company of Ethermine, tweeted that will not refund such errors in the future.
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