Exorbitant Block Fees Paid in Bitcoin Mining Pool
With Bitcoin completing its fourth-year halving cycle, users are competing fervently for halving blocks, paying substantial fees to mine a single block. Earlier today, the 840,000th block was added to the Bitcoin blockchain, signaling the start of the highly anticipated halving event. Despite no significant price change in BTC following the halving, transaction fees soared to unparalleled levels. Amidst intense competition, a mining pool known as ViaBTC successfully mined the 840,000th Bitcoin block. In total, BTC users spent a remarkable $37.7 BTC in mining fees, equivalent to $2.4 million, marking the highest fee ever paid for a Bitcoin block.
- Bitcoin’s Fourth-Year Halving Cycle Completion
- Users Competing Aggressively for New Blocks
- Paying High Fees for Block Mining
- 840,000th Block Added to Bitcoin Blockchain
- Commencement of Halving Event
- No Drastic Price Change in BTC
- ViaBTC Successfully Mines 840,000th Block
- Users Spend $37.7 BTC in Mining Fees
- Equivalent to $2.4 Million
Record Fees Paid for Bitcoin Block
According to reports from mempool space, after ViaBTC mined the 840,000th block, the protocol automatically halved miners’ rewards from 6.25 BTC to 3.125 BTC per block. In addition to fees, ViaBTC received a total payout of 40.7 BTC, valued at around $2.6 million, for mining the historic block. While some critics view spending over $2.4 million on a single block as reckless, the 840,000th block holds significant value in the cryptocurrency sector. This Bitcoin block is said to contain the first Satoshis, known as ‘sats,’ the smallest units of BTC post-halving.
- Automated Reward Reduction After Mining
- Miners’ Rewards Halved to 3.125 BTC
- Reports from Mempool Space
- High Payout for Mining Historic Block
- ViaBTC Receives 40.7 BTC
- Valued at Approximately $2.6 Million
- Significance of 840,000th Bitcoin Block
- Contains First ‘Sats’ Post-Halving
- Considered a Rare Collectible
Rush for Rare Rune Tokens
The Runes Protocol, developed by Bitcoin developer Casey Rodamor, has created a frenzy within the crypto community as enthusiasts engage in minting tokens directly on the Bitcoin network. While mining pools focus on new Bitcoin blocks, degens have paid over 78.6 BTC, valued at $4.95 million, to mint the rarest Runes. This surge in fees is unprecedented, showcasing the growing adoption and involvement in the Bitcoin network. Reports from Ord.io highlight significant acquisitions, such as ‘Decentralized’ for 7.99 BTC and ‘Dog-Go-To-The-Moon’ for 6.73 BTC.
- Introduction of Runes Protocol by Casey Rodamor
- Degens Minting Tokens on Bitcoin Network
- Exponential Surge in Fees
- Degens’ Significant Payments for Runes
- High Interest in Rare Runes
- Impact on Bitcoin Network Participation
- Acquisition of Rare Runes
- ‘Decentralized’ Token for 7.99 BTC
- ‘Dog-Go-To-The-Moon’ Token for 6.73 BTC
Runes Protocol Impact on Bitcoin Network
Leonidas, protocol developer and host of Ordinals, a system for numbering ‘epic sats,’ declared the Runes Protocol a resounding success. He attributed the surge in degens’ activities to compensating for the reduced miner rewards from the halving. Runes have significantly influenced Bitcoin’s security budget, potentially playing a vital role in ensuring the network’s sustainability amidst increasing competition post-halving.
With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block.
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