As an observer with some experience in the crypto world, I find the sale of the “epic sat” to be an intriguing event that highlights the unique aspects of Bitcoin and its community. The epic sat, being the first satoshi mined in a new Bitcoin halving block, is a rare and collectible piece within the Bitcoin ecosystem. Its sale for approximately $2.13 million on CoinEx Global attracted significant media attention and recognition from the community.
A highly uncommon satoshi, known as an “epic sat,” was recently sold for approximately 33.3 Bitcoins (BTC), equating to a value of around $2.13 million.
I observed the sale of a single satoshi, the smallest unit of Bitcoin, occurring on CoinEx Global around April 25. Approximately five days prior to this event, one of its partners, mining pool viaBTC, had mined it in block 840,000 on April 20.
The auction, initiated on April 22, drew 34 bids before an anonymous bidder secured the winning claim to satellite number 1.96875e15.
The next closest competitor bidded 20 Bitcoin for the rare sat.
“CoinEx announced on April 25 that the epic sat in the auction had been sold for a winning bid of 33.3 $BTC, equivalent to approximately $2,134,000.”
“At this auction, #Bitcoin wasn’t merely up for bids; instead, it signified the commemoration by the community, attracted significant media coverage, and experienced widespread acceptance.”
In simpler terms, an “epic sat” refers to the very first satoshi, which is the smallest unit of Bitcoin, mined in the initial block following each Bitcoin halving event. Since there have been a total of four such halvings up to now, only a mere four epic sats have ever been generated.
Under the Ordinal number system, each sat (short for satellite) is assigned a distinct sequence number, derived from the timestamp of its mining process.
One satoshi in Bitcoin is equivalent to a value of approximately 0.00065 US dollars.
But certain sats have a special meaning within the Bitcoin ecosystem, CoinEx explained.
“Given that satoshis are assigned unique identifiers, they inherently possess higher collectible value. As periodic events occur within the Bitcoin network, some more frequently than others, scarcity is naturally promoted.”
As an observer, I can share that Bitcoin enthusiasts with a penchant for exploring Ordinals, such as Ordiscan and OrdinalHub, possess the ability to discern whether a specific Bitcoin wallet is in possession of a rare sat. This is accomplished by meticulously examining the exact Unspent Transaction Output (UTXO) and output number associated with each transaction. Those fortunate enough to own a precious sat can subsequently transfer it into a wallet that supports Ordinals for safekeeping or further utilization.
ViaBTC mined the fourth halving block, block 840,000, at 12:09 am UTC on April 20.
The new block was awarded a subsidy of 3.125 Bitcoins, accompanied by a significant fee revenue of 37.6 Bitcoins, equivalent to approximately $2.4 million at that point in time.
Approximately every four years, the reward for mining new Bitcoins is reduced by half. The upcoming reduction is projected for around 2028 when block number 1,050,000 is reached, resulting in a new reward of 1.5625 Bitcoin per mined block.
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2024-04-26 03:18