Today, the ViaBTC bitcoin mining pool Auctioned of his “epic sat” for a sum of 33.3 btc, equivalent to more than 2.1 million dollars. The auction, held on the CoinEx exchange platform, witnessed fervent bidding as collectors and enthusiasts competed for this satoshi.
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JUST IN: The first satoshi of twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinThe fourth halving block was just auctioned for 33.3 twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc valued at more than $2.1 million pic.twitter.com/Sw1tHxWVyR
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1783527786218451039?ref_src=twsrc%5Etfw”>April 25, 2024
The term “epic sat” refers to the first satoshi (the smallest unit of bitcoin) of each halving epoch. A halving epoch occurs approximately every four years, coinciding with a reduction in the block reward for bitcoin miners. These “epic sats” are part of the Ordinals numbering system, which classifies satoshis according to their rarity and their importance within bitcoin's historical milestones.
ViaBTC recently mined block 840,000, kicking off bitcoin's fourth halving and receiving this “epic sat” in the process. With the auction starting with a bid of 1 btc, currently worth $64,000, bidders battled and raised the price to the winning bid of 33.3 btc worth $2,134,452 at the time of writing.
The ordinal numbering scheme has generated controversy and excitement since its inception, creating an emerging market for satoshi collectors and investors. Rarity levels within the ordinals range from “common” to “mythical,” with “epic sats” standing out among the rarest and most sought-after satoshis due to occurring only in each halving epoch.
Specialized ordinal markets have seen increased activity, with rare satoshis fetching prices well above their face value. This trend has attracted widespread attention from miners, developers, investors, and collectors alike, due to its rarity and the growing interest in collectible satoshis. The winning bid of 33.3 btc reflects the high demand for these sats and the willingness of collectors to pay a premium for them.
The auction of this “epic sat” for over $2.1 million signifies the cultural and historical importance that these rare sats have within the bitcoin community. As the bitcoin ecosystem continues to evolve, the market is expected to of rare satoshis and related assets grow, offering new opportunities and strategies for participants in the bitcoin market.
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