The Bitcoin network facilitated a transaction worth over $500 million on Oct. 27, transferring around 24,530 BTC. The entire transaction was sent, processed, and confirmed for a fee of just $0.83.
According to data from mempool.space, the 24.5 sat/vB fee was significantly overpaid, as only around 10 sat/vB would have been enough to include the transaction in the ongoing block. The transaction was confirmed and executed within minutes, the data showed.
CryptoSlate analysis showed that the $500 million transaction, while certainly an outlier in terms of value, follows an ongoing trend of higher number and volume of transactions on the Bitcoin network.
The end of October brought on a significant spike in the total number of transactions waiting in the Bitcoin mempool and the total amount of coins waiting to be sent.
The cost of sending the $500 million transaction stands as a stark reminder of the speed and efficiency of the Bitcoin network. If such a transaction was sent through the SWIFT network, banks facilitating the transaction would have taken a 3% to 5% exchange rate fee on top of a standard transaction fee.
A standard SWIFT transaction takes up to four working days to complete. A 3% exchange rate fee on a $500 million transaction is $15 million.
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