As a researcher with a background in cryptocurrency and blockchain technology, I find the recent sale of an “epic sat” by ViaBTC for over $2 million to be an intriguing development in the world of Bitcoin. This rare satoshi, which is one of only four considered exceptionally rare and valuable after a Bitcoin halving event, was highly sought after due to its scarcity and collectibility, thanks to the Bitcoin Ordinals protocol.
In a recent transaction, a highly sought-after “epic sat” – representing thousands of bitcoins from the Bitcoin network’s fourth halving block – was snapped up for over $2 million.
On April 25, ViaBTC mining pool sold an astronomical amount of Satoshis, equivalent to “63 Quintillion” in regular numbers, fetching a price of 33.3 Bitcoins or around $2.13 million, at CoinEx Global exchange.
ViaBTC’s Rare Satoshi Auctioned
ViaBTC mining pool, a partner of CoinEx Global, recently achieved a significant accomplishment by mining Bitcoin’s 840,000th block. This milestone event also signified the fourth occurrence of Bitcoin’s halving process. Notably, this block was distinguished as a rare “Satoshi block.”
Based on CoinEx’s perspective, this occasion transcended being merely a bidding event. Instead, it represented a significant moment in Bitcoin’s blockchain annals. This milestone underscored the community’s recognition, garnered extensive media attention, and bolstered the asset and network’s broader acceptance.
I’m thrilled to share that the auction I participated in has come to a close with great success. The extraordinary sat, which was the only one up for grabs, was sold for an impressive 33.3 $BTC, equivalent to approximately $2,134,000. This auction transcended mere bidding; it represented the acknowledgement and appreciation of our vibrant #Bitcoin community, as well as attracted significant media attention. A heartfelt gratitude goes out to each one of you who supported us throughout this journey.
— CoinEx Global (@coinexcom) April 25, 2024
An “epic satoshi,” referred to as a remarkable digital coin, drew significant attention, amassing 34 bids prior to an anonymous buyer acquiring its ownership rights during the auction. The second highest bidder proposed a deal of 20 Bitcoins for this rare piece but was ultimately surpassed in the bidding process.
In the Bitcoin network, there are approximately 100 million satoshis (sats) in circulation, each valued at roughly $0.00065. Not all sats hold equal significance within the Bitcoin system, though. Some sats possess unique qualities or historical importance within the community.
Four satoshis, the smallest unit of a bitcoin, mined right after a Bitcoin halving event are considered extremely rare and valuable by some in the crypto community. These “epic satoshis,” as they’re now known due to the Bitcoin Ordinals protocol, assign metadata to these satoshis making them collectible items that are highly sought after.
Bitcoin Struggles Following Fourth Halving
As a crypto investor, I’ve experienced the fourth Bitcoin halving on April 20, 2024, which saw mining rewards drop from 6.25 BTC to 3.125 BTC. Nevertheless, my earnings took an upturn as ViaBTC, the mining pool I’m part of, raked in an additional 37.6256 BTC in reward fees. This translates to roughly $2,401,399 in revenue.
As a crypto investor, I’ve noticed that bitcoin’s price has been facing some challenges since the last halving. Early Thursday morning, its value dipped below $64,000. This downturn came after over $209 million worth of long crypto positions were liquidated during an overnight market correction. Specifically, around $52 million in bitcoin long positions took a hit. Just before the halving, bitcoin had surged to a record high of $73,000.
Despite a previous setback, Bitcoin, the leading cryptocurrency according to market capitalization, has bounced back slightly. As of now, CoinGecko reports its value at approximately $64,386, representing a minor increase of 0.2% over the past day.
As a researcher, I’m currently studying the Bitcoin network and its upcoming events. One significant event approaching is the next Bitcoin halving, which is projected around April 17, 2028. During this event, the reward for mining new blocks will be reduced to 1.56 Bitcoins. This decrease represents the fifth time the “reward per block,” or the so-called “epic sat,” has been halved in Bitcoin’s history.
Read More
- WLD PREDICTION. WLD cryptocurrency
- BTC EUR PREDICTION. BTC cryptocurrency
- Best coins for today
- Top gainers and losers
- SEC Demands $5.3 Billion From Do Kwon And Terraform Labs
- PRISMA PREDICTION. PRISMA cryptocurrency
- PRMX PREDICTION. PRMX cryptocurrency
- Brent Oil Forecast
- Do Kwon, Terraform Labs Should Get $5.3B Fine, SEC Tells Court
- ICP PREDICTION. ICP cryptocurrency
2024-04-26 23:11