Bitcoiners pay more than $2 million for historic block halving

Last night saw the long-awaited Bitcoin (BTC) halving, which the crypto community has been looking forward to for four years. At transaction block 840,000 the time had come. This block has become a notable piece of digital real estate as Bitcoiners have spent more than $2 million in fees to be included in it.

The most wanted BTC block of all time

The Bitcoin protocol states that a new halving occurs every 210,000 transaction blocks, which is about 4 years. So yesterday the fourth halving in Bitcoin’s history took place, with miners’ rewards halving from 6.25 BTC to 3.125 BTC.

In addition to the block reward, miners also collect the transaction costs paid. Due to the limited block size, miners decide which transactions are included in the new block. Transactions with high fees logically have priority. At block 840,000, Bitcoiners lined up en masse to stuff their transactions into the block, leaving the lucky miner with plenty of revenue.

Data from mempool.space shows that a total of 37.7 BTC was spent on fees, which is an astronomical amount of more than $2.4 million. A total of $3.82 million in transaction fees were also collected in the five subsequent blocks.

Bitcoin rune hype

The Bitcoin service Runes, launched with the halving, was the main driver of the Bitcoin community becoming part of the historic transaction block. The Runes Protocol makes it easy to place new tokens on the Bitcoin blockchain.

It is similar to the Ordinals service launched in January last year, which allows the creation of non-fungible tokens (NFTs) and BRC-20 tokens. However, Runes is considered a more efficient method of generating fungible tokens, such as. B. BRC-20 tokens, touted on the Bitcoin network.

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Bitcoin fans are desperate to write their “runes” on the famous halving block and are therefore spending a lot of money to make this happen. The miners are, of course, the ones who triumph. After halving the reward for their work, Runes still offers them a nice financial gain.

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