Bitcoin enthusiasts splurge a whopping 37.7 Bitcoin, valued at over $2.4 million, in fees to secure their slice of space on the fourth-ever Bitcoin halving block.
At 12:09 am UTC on April 20, Bitcoin miner ViaBTC made history by producing the 840,000th block, activating the protocol that halves miner rewards from 6.25 BTC to 3.125 BTC per block.
Record Fees for Limited Digital Real Estate
Block 840,000 becomes the most coveted digital real estate in Bitcoin’s history, witnessing users spending a total of 37.67 BTC on fees, according to data from Bitcoin block explorer mempool.space. Including the miner subsidy, ViaBTC receives a total of 40.7 BTC, equivalent to $2.6 million, for producing the halving block.
Runes Protocol Sparks Fee Frenzy
The surge in fees is attributed to enthusiasts rushing to engrave rare satoshis on the halving block, largely fueled by the frenzy surrounding Bitcoin Ordinals creator Casey Rodmarmor’s new Runes Protocol, launched concurrently with the halving.
Runes Protocol emerges as a more efficient alternative to the BRC-20 token standard, leveraging the Bitcoin network and employing an Unspent Transaction Output (UTXO) model to create new tokens, as explained by Rodarmor.
Following the halving, fees on the five subsequent Bitcoin blocks surpass the Coinbase reward, with Runes enthusiasts single-handedly offsetting the drop in miner rewards, according to pseudonymous Ordinals developer Leonidas.
Mining Pools Compete for “Epic” Satoshi
Aside from the Runes craze, mining pools compete for the coveted “epic” satoshi—the first-ever satoshi mined on the halving block. As the halving event unfolds, sentiments vary, with some celebrating the milestone while others, like outspoken Bitcoin critic Peter Schiff, cast doubt on its significance.
