As a seasoned cryptocurrency enthusiast and observer of the Bitcoin community, I find the recent auction of the “epic” satoshi by ViaBTC to be an unprecedented event that surpasses the significance of past Bitcoin halving competitions. This historic moment came about following the fourth Bitcoin halving on April 20th, which saw ViaBTC mining pool winning the race to mine the first satoshi after the halving.
Expert: ViaBTC, a significant player in the Bitcoin mining scene, recently sold an exceptional Satoshi, or a bitcoin unit once mined by the cryptocurrency’s creator, Satoshi Nakamoto. This specific Satoshi amounted to 33.3 Bitcoins, equating to approximately $2.13 million at present Bitcoin market values.
The Historic ViaBTC Auction
After the fourth Bitcoin halving on April 20th, ViaBTC mining pool successfully mined the first satoshi. They then chose to put this up for auction for buyers eager to place bids above a certain price. The value of the “sat,” a term coined by crypto exchange CoinEx for the smallest Bitcoin denomination, was set at $0.0006 during the bidding process.
Notably, the auction was conducted on the CoinEx crypto exchange.
The finalized auction revealed that the sat was sold for an impressive $2.13 million. As anticipated, numerous bidders engaged in fierce competition during the process. It is important to mention that this remarkable sat represents the very first one created prior to the Bitcoin relaunch, marking the beginning of the countdown towards the next halving event.
Based on the information given, The auction on X, as announced by CoinEx, was anticipated to draw significant attention from crypto enthusiasts. Some analysts went so far as to estimate potential value in the millions. For CoinEx, this event transcended simple bidding and represented acknowledgment, media exposure, and broad acceptance within the Bitcoin community.
Bitcoin 4th Halving Surpass Expectations
Previously during Bitcoin halving events, the primary significance was limited to mining the inaugural block post-halving. However, with the advent of Ordinals protocol, the perception of a satoshi – the equivalent of 0.00000001 BTC – has evolved. Satoshis can now be distinguished and traded on blockchains as if they were singular tokens, reminiscent of Non-Fungible Tokens (NFTs) on other platforms.
According to the unusual classification proposed by Casey Rodarmor, the creator of Ordinals, these Sats could be described as follows: “uncommon” for being the initial Sats in every block, “rare” for being the first Sats following Bitcoin’s bi-monthly difficulty adjustment, or “epic” for emerging as the first after a quadrennial halving event.”
It’s still undecided how ViaBTC intends to use the funds from the auction. There are rumors that they might distribute the entire profit among miners. As of now, Bitcoin is priced at $64,745.97, marking a 1.11% increase in value over the past day.
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2024-04-25 22:16