⚡ Bitcoin Network Celebrates Its Fourth Halving
posted 20 Apr 2024
On April 20th, at 0:09 UTC, the Bitcoin network reached a new milestone with the completion of its fourth halving at block 840,000, reducing the mining reward from 6.25 BTC to 3.125 BTC per block.
The mining pool ViaBTC had the honor of adding this historic block, receiving a record 37.626 BTC ($2.41 million) due to exceptionally high transaction fees at the time. For context, miners typically earn about $50,000 for each block added to the network.
During this event, the demand for transactions was immense; one enthusiast even paid approximately $430,000 to ensure their transaction was included in block 840,000.
The Runes protocol launch also played a role in boosting fees as it debuted alongside the halving, prompting users to create new tokens and adding to the network's load.
Celebrations varied, with some opting for simple greetings, memes, and block-explorer screenshots, while others hosted live streams and barbecues. At PubKey, a Bitcoin bar in New York, the halving was marked with a gala party.
Looking forward, the next Bitcoin halving is anticipated to occur at block 1,050,000 in 2028.
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