5 months ago
With Bitcoin yet completing its fourth-year halving cycle, galore users are aggressively competing for halving blocks, paying exorbitant amounts of fees to excavation a azygous block.
Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees
Earlier today, the 840,000th artifact was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the terms of BTC did not witnesser a melodramatic alteration pursuing the halving, transaction fees spiked to unprecedented highs.
Amidst the monolithic competition, a mining excavation identified arsenic ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC successful mining fees, equivalent to $2.4 million, signaling the highest interest ever paid for a Bitcoin block.
According to reports from mempool, aft ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In summation to the fees, ViaBTC had received a full payout of 40.7 BTC, valued astatine astir $2.6 million, for mining the historical block.
While it whitethorn look that Bitcoin miners had thrown caution to the upwind by spending implicit $2.4 cardinal connected a azygous block, the 840,000th artifact had a large value wrong the cryptocurrency space. The historical Bitcoin block is said to clasp the archetypal Satoshis, ‘sats,’ the smallest units of BTC pursuing the halving.
There are respective of these “epic sats,” that look aft the halving event, coveted arsenic a uncommon collector’s point among cryptocurrency enthusiasts. Some adjacent speculate that these Bitcoin fragments could beryllium perchance worthy millions of dollars.
Including the hype surrounding these fragmented BTC, overmuch of the contention for the Bitcoin blocks, pursuing the halving has been attributed to the caller Runes Protocol which launched astatine the aforesaid clip arsenic the Bitcoin halving.
Degens Rush To Secure Infamous Rune Tokens
The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves done the cryptocurrency community, arsenic degens are avidly competing to etch and mint tokens straight connected the Bitcoin network.
While mining pools were mining caller Bitcoin blocks, degens had paid implicit 78.6 BTC valued astatine $4.95 cardinal to mint the rarest Runes. This exponential surge successful fees has been an unprecedented event, highlighting the accrued adoption and information of the Bitcoin network.
According to reports from Ord.io, a Rune labeled arsenic ‘Decentralized’ was acquired for a interest of 7.99 BTC, equivalent to $510,760. While different titled ‘Dog-Go-To-The-Moon’ was obtained for a interest of 6.73 BTC, worthy astir $429,831.
Leonidas, protocol developer and big of the groundbreaking Ordinals, a strategy for numbering “epic sats,” has declared the Runes Protocol a singular occurrence arsenic degens person “single-handedly offset the driblet successful miner rewards from the halving.” He concluded that Runes person importantly impacted Bitcoin’s security budget, perchance playing a large relation successful ensuring the network’s sustainability.
Featured representation from Watcher Guru, illustration from Tradingview.com
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