The 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe rare assets via the new Runes Protocol.) in fees — worth just over $2.4 million at current prices — to nab their share of limited space on the fourth-ever Bitcoin halving block.
At 12:09 am UTC on April 20, Bitcoin miner ViaBTC produced the 840,000th block, triggering the automated protocol that cuts miner rewards by 50% from 6.25 BTC to 3.125 BTC per block. Block 840,000 rapidly became the most sought-after piece of digital real estate in Bitcoin’s history with users dropping a total of37.67 BTC on fees, according to
Including the miner subsidy of 3.125 BTC, a total of 40.7 BTC — worth $2.6 million — was paid to Bitcoin miner ViaBTC for producing the halving block.to degens racing to inscribe and etch rare satoshis on the halving block — with much of the activity stemming from a frenzy of activity on Bitcoin Ordinals creator Casey Rodmarmor’sMuch like BRC-20s, Runes leverages the Bitcoin network and pays fees in Bitcoin to create new tokens. However, the similarities end there.
In an April 20 post to X, pseudonymous Ordinals developer Leonidas claimed that the fees on the five most recent Bitcoin blocks following block 840,000 had surpassed the Coinbase reward.A total of $3.82 million in fees — excluding miner subsidies — was spent on the five blocks following the halving, according to aggregatedOutside of the battle to inscribe one of the first Runes, Bitcoin mining pools were also vying to grab what’san “epic” satoshi.
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