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Bitfly, ETH fee error, Ethermine, Gas limit, gwei, metamask, mining pool, Peter Pratscher, Proudbitcoiner, Reddit, uniswap
Ethereum users erroneously paid a transaction fee of $9,500 and only sent $120. The user, identified by his Reddit nickname “Proudbitcoiner”, said that the transaction “destroyed my life” and is now desperately asking the miners to return the money.
According to a post on Reddit on November 4, Proudbitcoiner said that they accidentally entered the wrong transaction fee, causing the transfer amount to be close to 80 times the expected amount.
In total, the user exchanged tokens on Uniswap through the Ethereum wallet Metamask and paid 23.5 ether (ETH) at the time of writing, worth approximately $10,300. When Proudbitcoiner trades, the average ETH fee is $1.07.
The funds were immediately received by the Ethermine mining pool, a subsidiary of the cryptocurrency miner Bitfly, which happened to have created a block containing a transaction in June with a transaction fee of $2.6 million.
“Metamask did not fill the’gas limit’ field with the correct amount in my previous transaction, and the transaction failed, so I decided to manually change it in the next transaction (this transaction) instead of entering 200000 in the’gas limit’ In the “input field”, I wrote it on the “gas price” input field, so I paid 200,000 Gwei for this transaction and ruined my life,” Proudbitcoiner explained.
Transaction fees on the Ethereum blockchain are paid in “gas” and measured in “gwei”. The system may confuse many people. As long as the miners agree to the price threshold, natural gas can be traded on the network.
Users can set a limit on the maximum amount of gas they are willing to spend for each transaction. Combined with the “gasoline price” (gwei) expressed in a small amount of Ether, the two together set the fee for each transaction on the Ethereum network.
And because miners prioritize transactions with the highest fees, Proudbitcoiner transfers can be completed within a few seconds. Now, they beg the miners to return the money to them. The user sighed:
I contacted Ethermine on Twitter and their CEO Peter Pratscher on Twitter, and I published this article here… I have no idea. Ethermine, because they have mined the block where my exchange is, so whether they are willing to refund this is their goodwill.
Ethermine has no obligation to repay this money. When it encountered a similar problem in June with a transaction fee of $2.6 million, the miner held the funds for four days, intending to repay the owner, but later distributed the collective reward to the miners in its mining pool.
Ethermine’s parent company Bitfly said at the time It won’t Investigate or refund any such errors in the future.
What do you think of Proudbitcoiner’s mistake? Let us know in the comments section below.
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