RATE Group | Bitcoin Cash’s Misdirected Transactions Make Up a $2.8 Million Jackpot
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Bitcoin Cash’s Misdirected Transactions Make Up a $2.8 Million Jackpot

29 Feb Bitcoin Cash’s Misdirected Transactions Make Up a $2.8 Million Jackpot

Posted at 16:53h in Cryptocurrency News by

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Millions of dollars worth of Bitcoin Cash have been misplaced due to erroneous transactions.

Ever since Bitcoin Cash forked from Bitcoin in 2017, users have inadvertently sent transactions to nested Segwit addresses, a type of address that Bitcoin Cash does not support. Later changes to Segwit rules caused the pool of lost funds to grow in 2018 and 2019.

CoinMetrics estimates that a minimum of 19,000 BCH has been lost over time.

Now, it has dug into past events to find out how much has been recovered—and how much is left.

The First Jackpot

In 2017, more than 400 BCH was at stake (worth $500,000 at the time).

To access those funds, miners needed to improve their chances at mining a block. To do so, they would have needed to spend $15,000 to rent out a small fraction of Bitcoin’s mining hashrate for a day. In return, they would gain a 63% chance of mining the “jackpot” and earning $500,000.

Though one miner seemingly attempted to reap a reward in this way, he never actually…

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