Crypto News – In order to secure their spot on the fourth Bitcoin halving block, users have forked over an astounding 37.7 Bitcoin in fees, or a little more than $2.4 million at the current exchange rate.
Bitcoin Users Spent 2.4 Million Dollars on the First Halving Block
The 840,000th block was generated by Bitcoin miner ViaBTC on April 20, which set off an automated mechanism that reduces miner incentives by 50%, from 6.25 BTC to 3.125 BTC per block. According to data from Bitcoin block explorer mempool.space, block 840,000 quickly rose to the top of the most sought-after portion of virtual real estate in the history of the cryptocurrency, with users losing a total of 37.67 BTC in fees. For producing the halving block, Bitcoin miner ViaBTC was paid a total of 40.7 BTC, or $2.6 million, including the 3.125 BTC miner subsidy.
Rune Protocol is Another Reason for Fee Rise
The rush by degens to etch and inscribe unusual satoshis on the halved block was blamed for the record-breaking fees; however, a large portion of this activity was caused by a flurry of activity by Casey Rodmarmor, the developer of Bitcoin Ordinals, who launched his new Runes Protocol concurrently with the halving. When compared to the BRC-20 token standard, which uses Ordinals to create Bitcoin-based tokens, runes have been positioned as a more effective approach to creating new tokens on the Bitcoin network.
The fees on the last five Bitcoin blocks after block 840,000 have reportedly exceeded the Coinbase reward, according to a post made on April 20 on X by an Ordinals developer named Leonidas.
Runes degens have single-handedly offset the drop in miner rewards from the halving,
Leonidas
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