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Bitcoiners Spend Record $2.4 Million On Block 840,000 for Halving Block
Many Bitcoin users are fiercely fighting for halving blocks, paying excessive fees to mine a single block after the fourth-year halves cycle.
Block fees cost Bitcoin mining pool almost $2.4 million
The anticipated Bitcoin halving event began today with the 840,000th block uploaded to the system. The halving raised transaction fees to record highs, but BTC prices did not.
In the fierce battle, ViaBTC mined the 840,000th Bitcoin block. Bitcoin users spent $37.7 BTC, or $2.4 million, on mining fees, the most ever paid for a block.
Mempool reported that ViaBTC automatically cut miners' rewards in half after the 840,000th block, from 6.25 BTC to 3.125 BTC. ViaBTC got 40.7 BTC, worth $2.6 million, for mining the landmark block in addition to the fees.
While spending almost $2.4 million on a single block may seem like Bitcoin miners went all out, the 840,000th block was significant in the cryptocurrency world. The first Satoshis, or ‘sats,’ the lowest units of BTC after the halving, may be in the historic Bitcoin block.
Several "epic sats," which occur after the halving event, are sought for by cryptocurrency collectors. Others believe these Bitcoin bits may be worth millions.
In addition to the hoopla around these fragmented BTC, the new Runes Protocol, which debuted at the same time as the Bitcoin halving, has spurred rivalry for Bitcoin blocks.
Degens rush forinfamous rune tokens
Casey Rodamor, a Bitcoin developer, devised the Runes Protocol, which has shocked the cryptocurrency industry as degens compete to etch and mint tokens on Bitcoin.
Degens paid $4.95 million for the rarest Runes with 78.6 BTC whilst mining pools mined fresh Bitcoin blocks. Increased Bitcoin network growth and activity are evident in this unprecedented exponential fee rise.
According to Ord.io, a ‘Decentralized’ Rune cost 7.99 BTC, or $510,760. Another named ‘Dog-Go-To-The-Moon’ cost 6.73 BTC, valued $429,831.
