Bitcoin users spend record $2.4M in fees on halving block
The 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe rare assets via the new Runes Protocol.
Bitcoin users have spent a staggering 37.7 Bitcoin (BTC) in fees — worth just over $2.4 million at current prices — to nab their share of limited space on the fourth-ever Bitcoin halving block.
At 12:09 am UTC on April 20, Bitcoin miner ViaBTC produced the 840,000th block, triggering the automated protocol that cuts miner rewards by 50% from 6.25 BTC to 3.125 BTC per block.
Block 840,000 rapidly became the most sought-after piece of digital real estate in Bitcoin’s history with users dropping a total of37.67 BTC on fees, according to data from Bitcoin block explorer mempool.space.
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Author: Tom Mitchelhill
