With Bitcoin Finally completing its fourth-year halving cycle, many users are aggressively competing to halve blocks, paying exorbitant fees to mine a single block.
Bitcoin mining pool pays over $2.4 million in block fees
Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. Although the price of BTC did not see a drastic change after the halving, transaction fees reached all-time highs.
Amid massive competition, a mining pool identified as ViaBTC successfully mined the 840,000th Bitcoin block. In total, BTC users spent a staggering $37.7 BTC on mining fees, the equivalent of $2.4 million, recording the highest fees ever paid for a Bitcoin block.
According to reports from mempool, after ViaBTC produced the 840,000th block, the protocol had started an automated process miner reward reduction by half, going from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC received a total payment of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.
Although it may seem that Bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had major significance in the cryptocurrency space. History Bitcoin block is supposed to contain the first Satoshis, “sats”, the smallest units of BTC after the halving.
There are several of these “epic sats” that appear after the halving event, coveted as rare collectibles among cryptocurrency enthusiasts. Some even speculate that these Bitcoin Shards could be worth millions of dollars.
Including the hype surrounding these sharded BTCs, much of the competition for Bitcoin blocks, following the halving, has been attributed to the new Runic Protocol which was launched at the same time as the Bitcoin halving.
Degens rushes to secure the famous runic tokens
The Runes protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as people avidly desire. in competition to burn and mint tokens directly on the Bitcoin network.
As mining pools mined new Bitcoin blocks, Degens paid over 78.6 BTC worth $4.95 million to mint the rarest Runes. This exponential rise in fees is an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.
According to reports from Ord.io, a Rune labeled “Decentralized” was acquired for a fee of 7.99 BTC, the equivalent of $510,760. While another titled “Dog-Go-To-The-Moon” was obtained for a fee of 6.73 BTC, worth approximately $429,831.
Leonidas, protocol developer and host of the inauguration Ordinarya numbering system for “epic sats”, has declared The Runes protocol is a remarkable success because degens have “single-handedly offset the drop in miner rewards due to the halving.” He concluded that the Runes have a significant impact Bitcoin security budget, potentially playing a major role in ensuring the sustainability of the network.
BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com
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