So people are bidding up fees to move files around on a secondary market and people think this is an achievement? We all saw what happened to ICOs, DEFI tokens and NFTs on other chains activity eventually dies off and so will this, and many getting suckered into it now will get rekt
As noted in the responses, there was at least one block on 2017-12-22 that also had transaction fees greater than the block subsidy due to fee market conditions (as opposed to e.g. transactions with excessive fees due to mistakes). That was during a crazy bull run, though.
The first block to ever have had transaction fees greater than the block subsidy was block 157077 in 2011, with total fees of 85.974 BTC and a subsidy of 50 BTC. The block included tworelated transactions, each with a fee of exactly 2**32 sat, or 42.94967296 BTC, which makes me think there may have been a 32-bit integer overflow when calculating the sum of inputs, and the intended fee was zero (zero fee was common back then). That was only about 240 USD in total back then, though, so not the most expensive mistake in Bitcoin history by any means.
2**32sat, or 42.94967296 BTC, which makes me think there may have been a 32-bit integer overflow when calculating the sum of inputs, and the intended fee was zero (zero fee was common back then). That was only about 240 USD in total back then, though, so not the most expensive mistake in Bitcoin history by any means.