Bitcoin Mining Milestone: Nine of Top Ten Blocks Mined in a Day
Bitcoin mining hit a milestone today, with nine out of the ten most valuable blocks ever mined being mined in a single day. This comes amidst a significant change in Bitcoin's block subsidy and the activation of a new token standard, Runes, on the network.
Earlier today, the 'Block Subsidy' for Bitcoin miners was halved at Block 840,000. Despite this reduction, miners are currently setting revenue records and high profits in the seven-figure dollar range. This is partly due to the high demand for block space, exacerbated by the activation of Runes, a new token standard created by Ordinals inventor Casey Rodarmor.
Runes uses a UTXO-based transaction model, allowing any number and variation of tokens to be directly linked to the Bitcoin underlying data structure. This has led to increased competition for block space, resulting in significantly higher transaction fees. Users of non-custodial savings plan providers like Relai or Pocket are among those affected by these high network fees. Providers like 21bitcoin or BISON, which offer customers an integrated wallet, are currently a better alternative for users looking to keep transfers affordable.
In times of exceptionally high fees, it may be sensible to wait with savings plan executions or use custodial wallets. The company providing the Bitcoin app known for low fees, trading stocks and ETFs, and offering a demo mode for testing purposes is Bitpanda.
Today's Bitcoin mining milestone and the activation of Runes have led to increased competition for block space and higher transaction fees. Despite the halved block subsidy, miners are still profiting significantly. Users are advised to consider their options carefully in light of these changes.
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