Bitcoin, the leading cryptocurrency, underwent its fourth mining subsidy halving, reducing the mining rewards from 6.25 BTC to 3.125 BTC. The 840,000th block produced 37.626 BTC in fees, which equates to about $2.4 million for the winning Chinese mining pool ViaBTC. To be part of the historical 840,000th block, an individual paid nearly $430,000 in fees. Celebratory activities in the bitcoin community included BBQ dinners and live chats, with some individuals wearing tuxedo ties. Analysts believe the halving was factored into Bitcoin's price, while Caitlin Long, CEO of Custodia Bank, emphasized the halving's implication of increased Bitcoin scarcity.
Read in-depth analysis on this topic at: https://theweb3.news/crypto/how-did-a-430000-transaction-fee-turn-a-regular-bitcoin-halving-into-an-unforgettable-celebration/
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