Here’s how much Binance paid to move $1.26 billion worth of Bitcoin

Cryptocurrency exchange Binance moved a gut-wrenching $1.26 billion worth of Bitcoin BTC today – and it paid just $124.60 in network fees for the service.

The epic transfer was signaled by Binance CEO Changpang Zhao earlier this morning in a tweet.

Sure enough, Twitter-based transaction monitor @whale_alert soon notified its followers that Binance had successfully sent a combined 145,980 BTC to a new, unknown wallet.

Bitcoin blocks #578327 and #578328 contain the flagged movements, broadcast at around 9:00 UTC, May 29.

Blockchain explorer data shows the first was for 77,410.477 BTC ($667 million), with $19.22 in network fees attached.

Here’s how much Binance paid to move $1.26 billion worth of Bitcoin 1

The second shifted 68,569.60 BTC ($594 million) for a slightly higher fee of $105.38.

Unlike traditional finance, the Bitcoin network allows users to decide the amount they would like to contribute to have their digital cash sent peer-to-peer.

It’s up to the miners themselves to figure out whether processing transactions – large or small – is in their best interest. If including them isn’t profitable (say, because the fees attached are too low), they simply won’t.

Here’s how much Binance paid to move $1.26 billion worth of Bitcoin 2

You can be absolutely sure whoever hit the button to initiate these transactions needed to bring a few pairs of underwear to work today.

Earlier this month, an infamous Bitcoin whale moved his stash of cryptocurrency worth $212 million (as he does every so often). When he did it, he paid just $3.93. Not bad, that’s less than it costs when I’m late for my credit card payment.

Maybe, this Satoshi Nakamoto person has a point.

Published May 29, 2019 — 14:04 UTC

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E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin24,532 0.45 % 0.37 % 6.73 %
Ethereum1,986.1 0.14 % 0.43 % 17.29 %
Tether1.000 0.09 % 0.03 % 0.08 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB326.49 0.22 % 1.00 % 3.48 %
Cardano0.5831 0.05 % 4.48 % 13.69 %
XRP0.3857 0.32 % 1.55 % 3.55 %
Binance USD0.9998 0.14 % 0.04 % 0.00 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot9.330 0.48 % 1.37 % 9.33 %

bitcoin
Bitcoin (BTC) $ 24,581.00
ethereum
Ethereum (ETH) $ 1,991.00
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 327.26
cardano
Cardano (ADA) $ 0.582058
xrp
XRP (XRP) $ 0.386678
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 46.67
polkadot
Polkadot (DOT) $ 9.35