Halving Event Sparks Block Competition
As Bitcoin’s fourth halving cycle concludes, users are fiercely competing for halving blocks, paying exorbitant fees to mine a single block.
ViaBTC Pays Record Fee
The 840,000th block was mined by ViaBTC, who paid a staggering $2.4 million in fees. This is the highest fee ever paid for a Bitcoin block.
Epic Sats and Runes Protocol Fuel Competition
The 840,000th block holds the first “epic sats,” the smallest units of BTC after the halving. These fragments are highly sought after by collectors.
Additionally, the Runes Protocol, which allows users to mint tokens directly on the Bitcoin network, has contributed to the competition. Degens have spent over $4.95 million to mint rare Runes.
Rune Protocol Impact
The Runes Protocol has offset the drop in miner rewards from the halving. According to Leonidas, the protocol developer, Runes have strengthened Bitcoin’s security budget, ensuring the network’s sustainability.
