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Bitcoin fees surge to record highs in fourth Bitcoin halving, competing for 840,000 block space, hoping to continue creating new tokens on the Bitcoin network Are bitcoin fees a new way of life for miners as electricity costs rise? in halving prizes
April 20, 2024 The fourth Bitcoin halving event passed early this morning. It happened in block 840,000 and the person who mined this block was a mining group called ViaBTC, causing the automatic mechanism of the Bitcoin network to work. By reducing the mining reward by 50% from 6.25 BTC to 3.125 BTC per block.
However, this Bitcoin halving is interesting, which is the fight for space in block number 840000.
CoinTelegraph reports that Bitcoin users are spending more than ever on fees. $2.4 million during the Bitcoin halving
Block 840,000, or the halving block, is the most expensive block ever mined in Bitcoin history, with users scrambling to negotiate to secure the protocol’s rare asset Runes.
Bitcoin users have spent a whopping 37.7 BTC to participate in the fourth Bitcoin Halving block.
Block 840000 became the most popular piece of digital real estate in Bitcoin history, with users dropping a total of 37.67 bitcoins in fees, according to data from Bitcoin block explorer mempool.space.
People are scrambling to get their hands on rare Bitcoin Satoshis on the halving block, which will be used to create NFT activity on Bitcoin Ordinals by creator Casey Rodmarmornew Runes Creation Protocol
Runes is a popular protocol recognized as an efficient way to create new tokens on the Bitcoin network compared to the BRC-20 token standard, which is a sequence-based method for creating tokens based on on Bitcoin.
These new developments on the Bitcoin network It remains to be seen whether the Bitcoin network can be used widely enough to distribute fees to miners in a worthwhile manner. Than mining There is a lower reward?
Focus on mining after Bitcoin Halving, is it worth it or not?
What follows 5 blocks after the halving is that there is still accumulated transaction volume. There are still many excellent items. Reflecting the higher usage rate A group of nodes / miners / miners that serve as proof of transactions on the Bitcoin network Significant income from fees will continue.
But this trend of increasing fee prices will only be large if there is a lot of use of the Bitcoin network. Of course, any new innovation, whether creating BRC 20, Rune, or Ordinals, must be practical and widespread. But depending on the reward of only 3.125BTC per block to be spawned, it will be difficult to keep the machines and energy costs running unless the “price” of BTC doubles as believed.
In any case, we must continue to keep an eye on him.
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