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Bitcoin Miner F2Pool Returns 19.8 BTC to Paxos After Overpaid Fee
Paxos paid $520,000 for a $2,000 bitcoin transaction earlier this week.
Updated Sep 15, 2023, 12:13 p.m. Published Sep 15, 2023, 12:13 p.m.
Bitcoin mining pool F2Pool has returned 19.8 to Paxos after the crypto services firm paid a $520,000 fee on a transaction worth just $2,000 earlier this week.
Paxos said the overpayment was due to a "bug" in the corporate operations side of business. Bitcoin fees are typically no more than $20 per transaction. Blockchain data shows the funds were returned to Paxos on Friday.
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A bitcoin fee is what miners receive after a transaction is confirmed on the Bitcoin blockchain. Fees can be adjusted by the user to give certain transactions priority over others.
"After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender," F2Pool wrote on X.
The refund comes after intense discussion amongst the bitcoin community, with the likes of Stake.fish founder Chun Wang saying that he "regretted" agreeing to a refund with Paxos.
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Casa Hodl co-founder and early bitcoin developer Jameson Lopp praised Bitcoin as being a "cooperative network" after the fee was returned.
"Bitcoin is an adversarial network, but on the flip side it's also a cooperative network," Lopp wrote on X. "Miners are humans too, and they realize that people make mistakes. While retaining egregious transaction fees makes for a nice short-term profit, returning those funds is the humane decision."
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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