with Bitcoin With the four-year halving cycle finally complete, many users are competing aggressively to get blocks halved, 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. Sparking an onslaught of highly anticipated halving events. While the BTC price has not changed dramatically since the halving, transaction fees have soared to unprecedented highs.
Amidst massive competition, a mining pool identified as ViaBTC successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users spent 37.7 BTC (equivalent to $2.4 million) in mining fees, marking the highest fee ever paid for a Bitcoin block.
According to report After ViaBTC generated the 840,000th block, the protocol started an automated block in the mempool. Miner Reward Reduction Halved from 6.25 BTC to 3.125 BTC per block. In addition to fees, ViaBTC was paid a total of 40.7 BTC, worth approximately $2.6 million, for mining the historic block.
It may seem that way, but bitcoin miner Although more than $2.4 million was spent on a single block to draw attention, the 840,000th block had significant significance in the cryptocurrency space. historic bitcoin block It is said to hold the first Satoshi, the smallest unit of BTC after the halving.
Here are a few of these “epic poops” that appear after the halving event, which are coveted as rare collector’s items among cryptocurrency enthusiasts. Some people speculate that this is it. Bitcoin Piece It could potentially be worth millions of dollars.
Much of the competition for Bitcoin blocks after the halving, including the hype surrounding fragmented BTC, is due to the new blockchain. Rune Protocol It was released simultaneously with the Bitcoin halving.
Degens’ Rush to Secure the Infamous Rune Tokens
Runes Protocol, created by Bitcoin developer Casey Rodamor, has sent shockwaves through the cryptocurrency community. compete Etch and issue tokens directly on the Bitcoin network.
While the mining pool was mining a new Bitcoin block, degens paid out over 78.6 BTC, worth $4.95 million. Mint rarest rune. This exponential fee surge is unprecedented and highlights the growing adoption and participation of the Bitcoin network.
According to report A rune marked ‘Decentralized’ was obtained from Ord.io for a fee of 7.99 BTC (equivalent to $510,760). Another prize titled ‘Dog-Go-To-The-Moon’ was won for a fee of 6.73 BTC (equivalent to approximately $429,831).
Leonidas, protocol developer and groundbreaking facilitator ordinal numberThe system for numbering “epic sats” is declare The Rune Protocol has been an incredible success because, according to Degen, “it single-handedly offset the reduction in miner rewards due to the halving.” He concluded that the runes had a great influence. Bitcoin Security Budgets potentially play an important role in ensuring the sustainability of the network.
BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com
Featured image by Watcher Guru, Tradingview.com chart
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Source: NewsBTC.com