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.
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2024-04-20 08:20