Today, the Bitcoin mining pool is ViaBTC By public auction From “Epic Sat” in the amount of 33.3 bitcoins, equivalent to more than 2.1 million dollars. The auction, which was conducted on the CoinEx exchange platform, saw intense bidding as collectors and enthusiasts competed for these satoshis.
Just in: First Satoshi #BitcoinThe fourth half block was auctioned for 33.3 #Bitcoin It is worth more than $2.1 million 🤯 pic.twitter.com/Sw1tHxWVyR
– Bitcoin Magazine (@BitcoinMagazine) April 25, 2024
The term “epic sat” refers to the first satoshi (the smallest unit of Bitcoin) in each halving period. The halving occurs approximately every four years, coinciding with the decline in the block reward for Bitcoin miners. These “epic satoshis” are part of the ordinal numbering system, which ranks satoshis based on their rarity and importance within Bitcoin’s historical landmarks.
ViaBTC recently mined block 840,000, kicking off the fourth Bitcoin halving and receiving an “epic session” in the process. With the bid starting at 1 BTC, currently worth $64,000, the bidders battled it out and raised the price to the winning bid of 33.3 BTC worth $2,134,452 at the time of writing.
The ordinal numbering system has generated controversy and excitement since its inception, creating an emerging market for satoshi collectors and investors. Rarity levels in Ordinals range from “Common” to “Legendary”, with the “Epic Satoshi” standing out among the rarest and most sought-after Satoshi due to only occurring every half-period.
Specialized markets for ordinal coins have seen increased activity, with rare satoshis fetching prices well above their face value. This trend has received widespread attention from miners, developers, investors and collectors alike, due to their scarcity and growing interest in collectible satoshis. The winning bid of 33.3 BTC reflects the high demand for these satellites and the willingness of collectors to pay a premium for them.
The auction of this “epic sat” for over $2.1 million demonstrates the cultural and historical significance this rare sat holds within the Bitcoin community. As the Bitcoin ecosystem continues to evolve, the market for rare satoshis and related assets is expected to grow, offering new features. Opportunities and strategies for Bitcoin market participants.