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Bitcoin prices have so far ignored warnings that a halving could trigger a “violent selloff,” rebounding this week from less than $60,000 to around $65,000 per Bitcoin. .
Bitcoin miners and analysts are currently working to halve the “disruption” that drove Bitcoin transaction fees to “unprecedented” levels.
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Bitcoin price rises following Bitcoin halving, despite rising network fees … [+]
“This year's halving was as highly anticipated as any other halving, but there was a little incident that needed a little more explanation,” said Jimmy Song, Bitcoin author and self-proclaimed “Bitcoin expert.” said. Posted To X.
“As expected, the block subsidy decreased from 6.25 Bitcoins to 3.125 Bitcoins for block 840,000, but what was unexpected was the accompanying fee of 37.626 Bitcoins. To put this into context, this is a block subsidy This is the highest fee-to-gold ratio that Bitcoin has ever seen. Nearly 8 Bitcoins were paid in fees per transaction. The equivalent of $520,000.
So-called Bitcoin miners secure the Bitcoin network and conduct transactions through powerful computers that are thought to consume as much electricity as some small countries each year in exchange for newly minted Bitcoins and transaction fees. Process.
Song went on to say that the fees for the next five Bitcoin blocks mined were “4.486, 6.99, 16.068, 24.008, and 29.821 Bitcoin, respectively,” the highest fees ever, and that the situation was “unprecedented. ” stated that it is a thing.
In addition to people paying high amounts of money as one of the first transactions after the halving, Bitcoin's network fees will also affect the developers behind the controversial Bitcoin ordinal non-fungible tokens (NFTs). Casey Roddermore is being boosted by Rune, the new Bitcoin protocol by.
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Bitcoin prices are rising as we approach the Bitcoin halving in 2024.
Runes is designed to enable the issuance of fungible tokens, essentially meme coins similar to Dogecoin, on the Bitcoin network.
The first Rune was issued with 840,000 Bitcoin blocks, “causing the disruption we saw,” Song wrote.
Rodalmor said it's “thematically cool” that Rune launches to coincide with Bitcoin's fourth halving. coin desk Before the Bitcoin halving.
“We already frequently see blocks where fees exceed the block subsidy, but each halving will make it more common.”
Runes is similar to the BRC-20 token standard that brought fungible tokens to the Bitcoin network, but the protocol claims to be a more efficient implementation of token issuance.
