{"id":604273,"date":"2024-04-20T21:00:08","date_gmt":"2024-04-20T21:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=604273"},"modified":"2024-06-11T06:59:42","modified_gmt":"2024-06-11T06:59:42","slug":"halving-block-bitcoin-840000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/halving-block-bitcoin-840000\/","title":{"rendered":"Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000"},"content":{"rendered":"

With <\/span>Bitcoin<\/span> 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.\u00a0<\/span><\/p>\n

Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees<\/h2>\n

Earlier today, the 840,000th block was added to the Bitcoin blockchain, <\/span>triggering the onslaught of the highly anticipated halving event<\/span><\/a>. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs.\u00a0<\/span><\/p>\n

Related Reading: Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target<\/a><\/div>\n

Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a Bitcoin block.\u00a0<\/span><\/p>\n

According to <\/span>reports<\/span><\/a> from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated <\/span>reduction of miners’ reward<\/span><\/a> by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.\u00a0\u00a0<\/span><\/p>\n

While it may seem that <\/span>Bitcoin miners<\/span><\/a> had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic <\/span>Bitcoin block<\/span><\/a> is said to hold the first Satoshis, \u2018sats,\u2019 the smallest units of BTC following the halving.\u00a0<\/span><\/p>\n

There are several of these \u201cepic sats,\u201d that appear after the halving event, coveted as a rare collector\u2019s item among cryptocurrency enthusiasts. Some even speculate that these <\/span>Bitcoin fragments<\/span><\/a> could be potentially worth millions of dollars.\u00a0<\/span><\/p>\n

Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new <\/span>Runes Protocol<\/span><\/a> which launched at the same time as the Bitcoin halving.\u00a0<\/span><\/p>\n

Degens Rush To Secure Infamous Rune Tokens<\/h2>\n

The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly <\/span>competing<\/span><\/a> to etch and mint tokens directly on the Bitcoin network.\u00a0<\/span><\/p>\n

While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at $4.95 million to <\/span>mint<\/span><\/a> the rarest <\/span>Runes<\/span><\/a>. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.<\/span><\/p>\n

Related Reading: Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?<\/a><\/div>\n

According to <\/span>reports<\/span><\/a> from Ord.io, a Rune labeled as \u2018Decentralized\u2019 was acquired for a fee of 7.99 BTC, equivalent to $510,760. While another titled \u2018Dog-Go-To-The-Moon\u2019 was obtained for a fee of 6.73 BTC, worth approximately $429,831.<\/span><\/p>\n

Leonidas, protocol developer and host of the groundbreaking <\/span>Ordinals<\/span><\/a>, a system for numbering \u201cepic sats,\u201d has <\/span>declared<\/span><\/a> the Runes Protocol a remarkable success as degens have \u201csingle-handedly offset the drop in miner rewards from the halving.\u201d He concluded that Runes have significantly impacted <\/span>Bitcoin\u2019s security<\/span><\/a> budget, potentially playing a major role in ensuring the network\u2019s sustainability.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Watcher Guru, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs.\u00a0 Related Reading: Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a Bitcoin block.\u00a0 According to reports from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.\u00a0\u00a0 While it may seem that Bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic Bitcoin block is said to hold the first Satoshis, \u2018sats,\u2019 the smallest units of BTC following the halving.\u00a0 There are several of these \u201cepic sats,\u201d that appear after the halving event, coveted as a rare collector\u2019s item among cryptocurrency enthusiasts. Some even speculate that these Bitcoin fragments could be potentially worth millions of dollars.\u00a0 Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new Runes Protocol which launched at the same time as the Bitcoin halving.\u00a0 Degens Rush To Secure Infamous Rune Tokens The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly competing to etch and mint tokens directly on the Bitcoin network.\u00a0 While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at $4.95 million to mint the rarest Runes. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network. Related Reading: Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low? According to reports from Ord.io, a Rune labeled as \u2018Decentralized\u2019 was acquired for a fee of 7.99 BTC, equivalent to $510,760. While another titled \u2018Dog-Go-To-The-Moon\u2019 was obtained for a fee of 6.73 BTC, worth approximately $429,831. Leonidas, protocol developer and host of the groundbreaking Ordinals, a system for numbering \u201cepic sats,\u201d has declared the Runes Protocol a remarkable success as degens have \u201csingle-handedly offset the drop in miner rewards from the halving.\u201d He concluded that Runes have significantly impacted Bitcoin\u2019s security budget, potentially playing a major role in ensuring the network\u2019s sustainability. BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":604302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,92107,656,679,1119,89185,1122,1144,78790,8080,92106],"class_list":["post-604273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-halving-news","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-halving","tag-halving-news"],"acf":[],"yoast_head":"\nBattle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000<\/title>\n<meta name=\"description\" content=\"With Bitcoin finally 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000","url":"http:\/\/wncen.com\/news\/halving-block-bitcoin-840000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/halving-block-bitcoin-840000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_0c2ec3.jpeg?resize=200%2C170","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_0c2ec3.jpeg?fit=297%2C170"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin halving news","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","halving","halving news"],"dateCreated":"2024-04-20T21:00:08Z","datePublished":"2024-04-20T21:00:08Z","dateModified":"2024-06-11T06:59:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/halving-block-bitcoin-840000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/halving-block-bitcoin-840000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_0c2ec3.jpeg?resize=200%2C170\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_0c2ec3.jpeg?fit=297%2C170\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin halving news\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"halving\",\"halving news\"],\"dateCreated\":\"2024-04-20T21:00:08Z\",\"datePublished\":\"2024-04-20T21:00:08Z\",\"dateModified\":\"2024-06-11T06:59:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_0c2ec3.jpeg?fit=297%2C170","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604273"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=604273"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/604302"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=604273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=604273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=604273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}