Network congestion has been a huge issue for the bitcoin in latest months. As a result, transaction costs keep to rising, it seems that somebody is intentionally sending 750 bitcoin to and fro each five seconds. This action has gone on for a while, albeit nobody knows for sure what is going on exactly.
More transactions on the bitcoin network lead to the higher average fees. Therefore, it makes no sense for everybody to spam the network with needless transactions nowadays. For a few reason, one person is doing precisely that, as a 750 Bitcoins transaction keeps transferring from side to side each five seconds. This provides more pressure on the bitcoin as it fills up essential transaction space in network blocks.
It looks like this ping-ponging transaction has been occurring for a while now. Even as nobody knows for sure who’s at the back of it, that is distinctly a deliberate try to push up bitcoin costs. The Bitcoin core customer uses a smart fee estimate, for most bitcoin transfers. With this transaction going back and forth, that TX rate is slowly moving and higher. This 750 Bitcoins transaction comes with excessive fees, which have an effect on the estimate fee on the network.
It is possible a particular miner is liable for doing so. They will not just recuperate part of their personal fee, but also they force everybody else to pay higher costs. A completely complicated scheme if that is the case, which much is certain. Rest assured there could be lots of hypothesis as to who’s in the back of this transaction spree. Pushing up fees isn’t assisting the bitcoin environment at all nowadays.
Another option is how a mining pool or a group of specific bitcoin supporters is liable for this conduct. Moving up the fees advantage miners, but it might be pools purposefully carrying out this behavior. Thinking about the tension among core and unlimited is growing, such an attack isn’t unthinkable. On the other hand, it is going to show the people at the back of this action, which don’t have main interest in Bitcoin. It is a costly manner to destabilize bitcoin, but to the proper people, it may be really worth it.
Similarly, investigation into the problem by one Reddit user suggests this activity dates back to December 2016. High-fee transactions are sent to and fro without pause for an unknown motive. Thus far, it is predicted $30,000 worth of bitcoin has been spent on transaction fees alone. A baffling improvement increases plenty of questions nobody can answer nowadays.