In a historic event, Bitcoin’s 840,000th block marked the fourth-ever halving, cutting miner rewards by 50% to 3.125 BTC.
Bitcoin users spent 37.62 BTC, valued at $2.4 million, on fees for a spot on this coveted block, making it the most sought-after real estate in Bitcoin history. ViaBTC, the miner earned a staggering $2.6 million, including the reward.
The frenzy stemmed from Runes Protocol’s launch, promising efficient token creation on Bitcoin. Runes, unlike BRC-20 tokens, etch new tokens using a UTXO model. This innovation drove fees to surpass miner rewards, totaling $3.82 million in five blocks post-halving.
Meanwhile, crypto enthusiasts reacted variedly. Hsaka shared a meme capturing the halving’s fleeting excitement, while Peter Schiff criticized Bitcoin holders, anticipating a “halving” of their net worths.
The halving showcased Bitcoin’s resilience amidst fee wars and innovative protocols, highlighting the community’s zeal and the market’s dynamic nature.
Also Read: Bitcoin Nears Halving Event, Less Than 100 Blocks Remaining
