You can also find out more about Bitcoin After completing the fourth year of halving cycles, users compete aggressively for halving block, paying exorbitant sums to mine just one single block.
Bitcoin Mining Pool pays over $2.4 million in block fees
The 840,000th Bitcoin block has been added today. triggering the onslaught of the highly anticipated halving event. Although the BTC price did not change significantly after the halving of the fee, the transaction costs soared to unheard-of levels.
ViaBTC, an anonymous mining pool that was part of the fierce competition, had mined successfully the 840,000th Bitcoin Block. BTC users collectively spent $37.7 BTC on mining fees. This is equivalent to $2.4 Million, the highest ever fee paid for a Bitcoin Block.
As per reports ViaBTC’s 840,000th block was produced by the mempool protocol. reduction of miners’ reward By half, the block value dropped from 6,25 BTC down to 3,125 BTC. ViaBTC also received an additional payout totaling 40.7 BTC valued at $2.6 million for mining this historic block.
Although it might seem as though Bitcoin miners After wasting $2.4 million in a single block and disregarding caution, the 840,000th Block had major significance for the cryptocurrency world. This historic block was a major milestone in the cryptocurrency space. Bitcoin block is said to hold the first Satoshis, ‘sats,’ the smallest units of BTC following the halving.
You can choose from a variety of them “epic sats,” These coins, which appear following the event of halving, are highly sought after by cryptocurrency collectors. They even suggest that some of these Bitcoin fragments The value of the property could potentially be worth many millions.
Following the Bitcoin halving, the majority of competition over the Bitcoin blocks has been attributable to these new Bitcoin fragments. Runes Protocol The launch of this coin coincided with the Bitcoin halves.
Degens Rush To Secure Infamous Rune Tokens
Runes Protocol was created by Casey Rodamor a Bitcoin developer. Degens were eagerly following the protocol. competing Tokens can be etched and mint directly through the Bitcoin network.
Degens paid over $4.95 Million in BTC to mining pools while they were creating new Bitcoin blocks. mint Rarest Runes. This unprecedented surge in Bitcoin transaction fees highlights increased Bitcoin adoption and network participation.
As per reports from Ord.io, a Rune labeled as ‘Decentralized’ was acquired 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, host and pioneer of groundbreaking OrdinalsA system of numbering “epic sats,” You can learn more about this by clicking here. declared The Runes Protocol is a great success, as the degens can attest “single-handedly offset the drop in miner rewards from the halving.” Runes had a major impact on him. Bitcoin’s security Budget can play a significant role in the sustainability of a network.
BTC prices now at $63,700, after halves | Source: BTCUSD on Tradingview.com
Featured picture from Tradingview.com. Chart by Watcher Guru
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