Ethereum User Mistakenly Sends $120 With A Transaction Fee Of $9,500
An Ethereum user will be ruing his loss after he mistakenly paid more for transaction fees than the actual transaction.
According to the report, the Ethereum user made a costly mistake after paying $9,500 as transaction fees to send $120. In a statement on Reddit, the user who is known as Proudbitcoiner on Reddit has said the transaction had given him sleepless nights for days since he made the mistake.
Also taking to reddit, he has appealed to miners to help him return the money. In a post that was shared on Reddit on November 4, Proudbitcoiner admitted that the transaction was an error on his part.
The user admits he made an error of inputting gas price instead of gas limit
In his statement, he said he was not initially aware of the error until after the transaction was made, as he had already paid more to send less. According to Proudbitcoiner, he was trying to make a coin swap on Uniswap using the Ethereum backed wallet, Metamask.
However, his lack of concentration cost him dearly as he paid for the transaction with about 23.5 Ethereum worth approximately $10,300. As at the time that Proudbitcoiner made the transaction, the average transaction fee on the Ethereum network was $1.07.
Going further, the user noted that immediately he made the transaction, the fees were immediately snapped up by the mining unit of Bitfly, Ethermine. Coincidentally, the said crypto mining unit also created a block with a $2.6 million transaction fee back in June.
In his explanation, Proudbitcoiner said that Metamask partly had a little blame in his misfortune as they failed to put the correct transaction fees needed to make a transaction in a previously failed transaction that he made. As a result, when he wanted to complete this transaction, he decided to change the transaction fees.
Proudbitcoiner appeals to the miner to return the cash
Proudbitcoiner admitted that instead of inputting the correct gas fees in the gas limit, he mistakenly clicked on the gas price field, a start of something he would probably remember in his entire life.
“When I was making the transaction, I chose the gas price field instead of the gas limit field where I inputted 200,000 Gwei for the transaction; turns out I mistakenly made an error that will haunt me forever,” Proudbitcoiner said.
The Ethereum blockchain has one of the most confusing transaction fees payment systems as its users are required pay for “gas” which are measured in “gwei.” The gas determines whether or not miners will allow a particular user to make a transaction on the network.
Another thing on the blockchain is that users can set the maximum amount they want to pay to make a transaction. This gas price is called gwei, a measurement of the amount paid per transaction. And because miners always consider and confirm transactions with higher gas fees, Proudbitcoiners transaction was approved and processed in seconds.
Now all Proudbitcoiner wants is that the miner should please return the transaction fee. “I have established contact with Ethermine on Twitter and have contacted their CEO too. I am presently clueless as to what step to take that is why I am posting this here (Reddit). It is now left for them to either want to pay back the money or not,” Proudbitcoiner added.