Bitcoin Mining Pool Refunds $520,000 Transaction Fee for $2,000 Transfer After Community Discussion

Paxos paid a $520,000 BTC transaction fee on a $2,000 transaction due to a bug
Bitcoin mining pool F2Pool returned the 19.8 BTC overpayment to Paxos
Typical Bitcoin transaction fees are less than $20
The refund came after discussion in the Bitcoin community about whether to return it
Casa's Jameson Lopp said the refund shows Bitcoin is a "cooperative network"

coindesk.com

Relevant topic timeline:

9/13/2023

Paxos Confirms $510K BTC Fee was Bug, Says Miner Talks Ongoing to Recoup Overpayment

Crypto infrastructure provider Paxos has admitted to overpaying a $510,000 fee on a Bitcoin transaction due to a bug, but assured that it only affected their corporate operations and not their clients or customer funds.

9/14/2023

Bitcoin Bug Results in $500K Fee for $2K Transaction, Paxos Seeks Refund from Miners After Costly Mistake

Bitcoin miners are considering refunding a $500,000 bitcoin fee paid by Paxos for a $2,000 transaction due to a bug, with different options being considered for the distribution of the fee.

9/16/2023

Paxos Paid $500K in Fees to Move $2K in Bitcoin; Gemini Earn Users May Recover Funds

Paxos returns $500,000 bitcoin fee, FTX digital assets approved for sale, and Gemini proposes a recovery plan for Genesis Global creditors.