With bitcoin Finally completing its fourth-year halving cycle, many users are aggressively competing to halve blocks, paying exorbitant amounts of fees to mine a single block.
bitcoin Mining Pool Pays Over $2.4 Million in Block Fees
Earlier today, block number 840,000 was added to the bitcoin blockchain. bitcoin-halving-2024-complete-what-expect/” rel=”nofollow”>triggering the attack of the long-awaited halving event. While the btc price did not see a dramatic change after the halving, transaction fees skyrocketed to unprecedented levels.
Amid the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th block of bitcoin. Collectively, btc users had spent a staggering $37.7 btc in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a bitcoin block.
According reports from mempool, after ViaBTC had produced block number 840,000, the protocol had started an automated process miners reward reduction halved, from 6.25 btc to 3.125 btc per block. In addition to the fees, ViaBTC had 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-accumulating-btc-100000/” rel=”nofollow”>bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, block 840,000 held great importance within the cryptocurrency space. the historical bitcoin-block-800000-mined-btc-epic-achievements/” rel=”nofollow”>bitcoin block It is said to contain the first Satoshis, 'sats', the smallest units of btc after the halving.
There are several of these “epic sats”, appearing after the halving event, coveted as a rare collector's item among cryptocurrency enthusiasts. Some even speculate that these x.com/ord_io/status/1780680724749627677?s=46″ rel=”nofollow”>bitcoin Shards could potentially be worth millions of dollars.
Including the hype surrounding these fragmented btc, much of the competition for bitcoin blocks, post-halving, has been attributed to new ones. Rune Protocol which was launched at the same time as the bitcoin halving.
Degens Rushes to Get Nefarious Rune Tokens
The Runes Protocol, created by Casey Rodamor, a bitcoin developer, has caused a stir in the cryptocurrency community as degens are hungry. x.com/ord_io/status/1781493312995635317?s=46″ rel=”nofollow”>competing to record and mint tokens directly on the bitcoin network.
As mining pools mined new bitcoin blocks, degens had paid over 78.6 btc valued at $4.95 million to mint the most rare bitcoin-halving-nears/” rel=”nofollow”>Runes. This exponential increase in fees has been an unprecedented event, highlighting the increased adoption and participation of the bitcoin network.
According x.com/ord_io/status/1781505819214856405?s=46″ rel=”nofollow”>reports from Ord.io, a Rune labeled 'Decentralized' was purchased for a fee of 7.99 btc, equivalent to $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 innovation host bitcoin-runes/” rel=”nofollow”>Ordinalsa system for numbering “epic sats” has x.com/leonidasnft/status/1781482652895203741?s=46″ rel=”nofollow”>declared The Runes Protocol was a notable success as degens have “single-handedly offset the drop in miner rewards due to the halving.” He concluded that the Runes have significantly impacted bitcoin-is-king-of-security/” rel=”nofollow”>The security of bitcoin budget, potentially playing an important role in ensuring the sustainability of the network.
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btc price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com
Featured image by Watcher Guru, chart from Tradingview.com
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