Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

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As Bitcoin enters the fourth anniversary of its halving cycle, there’s been an uptick in intense competition among users vying for halving blocks. Consequently, they’re prepared to pay significantly higher transaction fees to mine just one block.

Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees

This afternoon, the 840,000th block was appended to Bitcoin’s blockchain, setting off the long-awaited halving process. Although the cost of a single bitcoin didn’t significantly increase after the halving, transaction fees reached new peaks.

In the intense mining competition, ViaBtc pool emerged as the winner by mining the 840,000th Bitcoin block. To date, Bitcoin users have collectively spent an astonishing $37.7 million on mining fees, which translates to approximately $2.4 million, marking the highest fee paid for a single Bitcoin block.

Based on information from the mempool, once ViaBTC mined the 840,000th Bitcoin block, the protocol automatically decreased the miner’s reward by half to 3.125 BTC per block from the previous 6.25 BTC. Alongside the fees, ViaBTC earned a total of 40.7 BTC, equivalent to around $2.6 million, for mining this significant block.

Although it might appear that Bitcoin miners splurged $2.4 million on a single block (the 840,000th one), this investment held great importance within the Bitcoin community. This significant block contained the first Satoshis, also known as “sats,” which are the smallest units of Bitcoin post-halving.

After a Bitcoin halving, there emerge some distinctive chunks, often referred to as “epic satoshis,” which are highly sought-after collectibles in the cryptocurrency community. Some believe that the value of these Bitcoin pieces could potentially reach millions of dollars.

During the Bitcoin halving event, there’s been significant excitement about the smaller bitcoin rewards. Many believe this competition for securing Bitcoin blocks can be linked to the recent introduction of the Runes Protocol.

Degens Rush To Secure Infamous Rune Tokens

Casey Rodamor, a Bitcoin developer, introduced The Runes Protocol, which has caused a stir in the cryptocurrency world. Enthusiasts, also known as degens, are eagerly vying to inscribe and mint tokens directly onto the Bitcoin blockchain.

During the process of mining new Bitcoin blocks, some individuals, referred to as degens, paid approximately 78.6 BTC or around $4.95 million to produce the scarcest Runes. This significant increase in fees for transactions is an unprecedented occurrence, signifying heightened acceptance and involvement in the Bitcoin network.

Based on information from Ord.io, a Decentralized Rune was bought for 7.99 Bitcoins, which is around $510,760. On the other hand, the Dog-Go-To-The-Moon Rune was purchased for approximately 6.73 Bitcoins, equivalent to around $429,831.

Leonidas, the creator of Ordinals and a protocol developer, is thrilled to announce that the Runes Protocol has been a great achievement. This innovative approach to numbering “epic satoshis” has allowed degen users to counteract the decrease in miner incentives following the Bitcoin halving. In his opinion, Runes have significantly bolstered Bitcoin’s security budget and could be crucial for maintaining the network’s longevity.

Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

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2024-04-21 00:04