A person erroneously paid a $9,500 transaction fee for a simple transfer of only $120 to the Ethereum network. Now the user of Ethereum is trying to contact the miners who have processed the transaction.
“In a recent post, a Reddit user who goes by the name of” Proudbitcoiner, “said,” So I paid 200,000 Gwei for this transaction and destroyed my life. This amounted to ETH 23.5, worth $9,500.
The user said that while attempting to transfer $120, they accidentally typed the wrong transaction fee.
The Ethereum wallet used to process the transaction, MetaMask, did not automatically set a correct “gas” or transaction fee limit, resulting in the failure of the transaction. Then Proudbitcoiner decided to manually change the fee. However, the user entered the amount in the “Gas Price” field, instead of entering the desired fee on the “Gas Limit.”
Only if a transaction fee, called gas (measured in ‘Gwei’) is paid can any transaction in the Ethereum blockchain be confirmed. While the average gas fee for Metamask is automatically imposed on users, their own gas fee can be entered, but this must be entered on the “Gas Fee Limit” and not the “Gas Price.”
Ethereum 1.0 is a blockchain proof-of-work, meaning the transaction is confirmed by the miners. It was the Ethermine Mining Pool that confirmed this particular transaction. It was also, by accident, the same mining pool which handled the $2.6 million transaction fee to send 350 ethers in June, reports News.
Proudbitcoiner attempted to communicate via social media to Ethermine and its CEO, Peter Pratscher but received no reply. But the money is unlikely to be returned by Ethermine, News. Bitcoin.com reported. The Network distributed the block award to all miners within its pool in June, after confirming the $2.6 million transaction fee. Bitfly, Ethermine’s parent company, tweeted at the time that it would not be refunding any such errors in the future.