Bitcoin’s Fourth Block Reward Halving: Viabtc Mines Block 840,000, Receives ‘Epic Satoshi’ and 3.125 BTC Reward

Bitcoin, the leading cryptocurrency in the world, experienced its fourth block reward halving on April 19, 2024, marking a significant milestone in its history. This event, occurring at block height 840,000, has garnered attention from crypto enthusiasts worldwide.

Viabtc, a Bitcoin miner, recently mined block 840,000 at 8:09 p.m. ET. This achievement earned them 3.125 BTC and the prestigious ‘epic satoshi’ title.

The event marked a reduction in block rewards from 6.25 BTC to 3.125 BTC, impacting miners’ incentives and the overall supply dynamics of Bitcoin.

The halving event made miners talk about how they make money. Coinshares said miners might earn less after the halving. So, companies are thinking of new ways to make money, like offering AI data services.

Bitcoin Halving: Impact and Future Rewards

Following the recent halving at block 840,000, Bitcoin miners saw their rewards decrease from 6.25 BTC to 3.125 BTC per block.

This reduction in rewards coincided with a notable increase in transaction fees for the mined block, totaling 37.626 BTC. The impact of these changes extends until the block height of 1,050,000 in 2028, marking Bitcoin’s fifth subsidy halving.

This gradual reduction in block rewards has implications for Bitcoin’s inflation rate, which has decreased from 1.75% to 1.10% post-halving and is expected to continue declining over the next four years.

The Bitcoin halving event remains a significant milestone celebrated by enthusiasts globally.

Therefore, the Bitcoin halving’s impact on the market and investors includes heightened scarcity, potential price increases, and increased interest in cryptocurrencies as an investment opportunity.

Bitcoin Halving Impact on Mining Revenue and Diversification Strategies

It should also be noted that the recent halving event has been a first-time experience for some and a familiar event for seasoned crypto enthusiasts.

Coinshares, an asset management firm, released a report alongside the halving, highlighting potential revenue reductions for miners.

According to James Butterfill, Coinshares’ head of research, the average production cost per bitcoin for listed mining companies now stands around US$53,000.

To offset this revenue decline, miners like Bitdigital, Hut 8, and Hive have ventured into offering artificial intelligence (AI) data services to generate additional income.

Therefore, the recent halving event, coupled with potential revenue reductions for miners, could influence BTC price due to increased production costs and miners diversifying into AI data services.

Bitcoin Halving Impact: Miners’ Financial Management and Innovations in Blockchain Technology

Coinshares’ report highlights miners’ financial management and their shift towards AI strategies, with companies like Terawulf and Core Scientific embracing these plans. Bitdeer and Iris Energy are also entering the AI sector.

James Butterfill’s observations on miners reducing debt with surplus funds are noteworthy. Additionally, Bitcoin enthusiasts’ enthusiasm for Casey Rodarmor’s Runes protocol, enabling token creation using Bitcoin’s UTXO model, is evident during the mining of block 840,000.

The miner who found block 840,000 holds the valuable ‘epic satoshi,’ worth about $1 million. This special satoshi is unique because it’s the first one mined after a halving, making it very rare and valuable.

People are excited about new protocols like Runes, showing how much the blockchain community wants to use Bitcoin’s tech for new ideas and grow the economy.

The halving also shows that miners can adapt and innovate within Bitcoin’s rules, making sure the industry stays strong and keeps moving forward.

Therefore, the excitement around new protocols like Runes and the ‘epic satoshi’ can contribute positively to the crypto market sentiment, influencing Bitcoin’s price through increased interest and adoption.