In an important milestone, the creation of Bitcoin‘s 840,000th block signified the fourth occurrence of a halving event. Consequently, the compensation given to miners for their efforts was reduced by half to approximately 3.125 BTC.
Users of Bitcoin invested 37.67 Bitcoins, equivalent to around $2.4 million, as fees to secure a position on an extremely popular block in Bitcoin’s history. ViaBTC, the miner, received approximately $2.6 million in total compensation for this task, which included the subsidy.
The excitement arose following the introduction of Runes Protocol, which enables easy and efficient token generation on Bitcoin. In contrast to BRC-20 tokens, Runes create new tokens using a UTXO (Unspent Transaction Output) model. This novel approach led fees to outstrip miner rewards, accumulating a substantial amount of $3.82 million in the five blocks following the halving event.
At the same time, cryptocurrency fans had mixed responses. Hsaka posted a humorous meme representing the brief thrill of the halving, while Peter Schiff voiced skepticism towards Bitcoin investors, predicting potential losses equivalent to a “halving” of their assets’ value.
Bitcoin’s ability to halve despite disputes over fees and new protocols demonstrated its robustness, reflecting the enthusiasm of the community and the ever-changing market conditions.
Read More
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Path of Exile 2: How To Find & Unlock the Realmgate
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Yarrow Slaps’ Distorted Celebrity Portraits Take Center Stage in New Video Game-Inspired Show
- Million-Dollar Crypto Scandal: Abra Pays Up in SEC Settlement
- Girls Frontline 2 Exilium tier list
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- Joel McHale Joined Scream 7 And His Role Destroys A Popular Fan Theory
- XLARGE Celebrates Lil Wayne With New Collection
2024-04-20 08:20