David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat. David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat.
Cryptocurrency exchange Binance moved a gut-wrenching $1.26 billion worth of Bitcoin today – and it paid just $124.60 in network fees for the service.
The epic transfer was signaled by Binance CEO Changpang Zhao earlier this morning in a tweet.
We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU.
— CZ Binance (@cz_binance) October 20, 2018
Sure enough, Twitter-based transaction monitor @whale_alert soon notified its followers that Binance had successfully sent a combined 145,980 BTC to a new, unknown wallet.
Bitcoin blocks #578327 and #578328 contain the flagged movements, broadcast at around 9:00 UTC, May 29.
Blockchain explorer data shows the first was for 77,410.477 BTC ($667 million), with $19.22 in network fees attached.
The second shifted 68,569.60 BTC ($594 million) for a slightly higher fee of $105.38.
Unlike traditional finance, the Bitcoin network allows users to decide the amount they would like to contribute to have their digital cash sent peer-to-peer.
It’s up to the miners themselves to figure out whether processing transactions – large or small – is in their best interest. If including them isn’t profitable (say, because the fees attached are too low), they simply won’t.
You can be absolutely sure whoever hit the button to initiate these transactions needed to bring a few pairs of underwear to work today.
Earlier this month, an infamous Bitcoin whale moved his stash of cryptocurrency worth $212 million (as he does every so often). When he did it, he paid just $3.93. Not bad, that’s less than it costs when I’m late for my credit card payment.
Maybe, this Satoshi Nakamoto person has a point.
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