Post-halving Block 840004 gets 27 BTC in Subsidies. Who knows why? \ stacker news ~bitcoin

Post-halving Block 840004 gets 27 BTC in Subsidies. Who knows why?

1671 sats \ 26 comments \ @handsome_latino 20 Apr bitcoin

Nope, it's not an article from The Bitcoin Bugle.

Perhaps the biggest fee ever paid to miners in the modern era of Bitcoin, for a total of 24 + 3 = 27 BTC or an equivalent in fiat of $1,732,322.

I haven't analyzed the block, but perhaps it's trollspamming of inscriptions, who wanted to get as close to the halving as possible.

I'm bored, so anyone with good or funny conspiracy theories (or even better, proper tx analysis) gets the typical juicy bounty sats which I am famous for.

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1206 sats \ 5 replies \ @OriginalSize 20 Apr

Rune's has created a penny auction system that creates a lot of high fee transactions. Will be interesting to see how much money is at play in this.

0 sats \ 3 replies \ @handsome_latino OP 20 Apr

What exactly are runes? ELIHNINT (Explain like I have no interest in it).

51 sats \ 2 replies \ @OriginalSize 20 Apr

I have no idea but Jimmy Song does a pretty good job in his post -> #512009

0 sats \ 0 replies \ @handsome_latino OP 20 Apr

Thanks yeah, I read it as soon as it was published. Pretty good writeup.

0 sats \ 0 replies \ @nikotsla 20 Apr

Indeed, read that article to understand what is going on at the core.

0 sats \ 0 replies \ @jakoyoh629 20 Apr

This

1021 sats \ 2 replies \ @WeAreAllSatoshi 20 Apr

Just to be clear, the subsidy wasn’t 27 BTC, that was the award in total, including subsidy and fees.

100 sats \ 1 reply \ @handsome_latino OP 20 Apr

You're right, my bad, if the subsidy were to be 27 BTC because of a halving bug, well we would all be royally screwed XD

0 sats \ 0 replies \ @WeAreAllSatoshi 20 Apr

I knew you didn’t mean it that way, but I wanted to clarify for other readers :D

Thank you for the zap!!

2058 sats \ 5 replies \ @ZezzebbulTheMysterious 20 Apr

The one that paid the all time high (?) fee in 840000 was https://mempool.space/tx/2bb85f4b004be6da54f766c17c1e855187327112c231ef2ff35ebad0ea67c69e at 3,604,819 s/VB, paying 673,200,000s in fees. This is a fiat equivalent of $429,818;

The one that paid the highest transaction fee in that block was: https://mempool.space/tx/152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

799,987,800 sat at 3,575,364 s/VB. This is the fiat equivalent of $510,768;

Both tx included an OP return, but this could not be decoded by the bitcoin protocol. It was effectively a loss of funds for the users. Those sats were fortunately redistributed to the mining pool ViaBTC.

I hope ViaBTC distributes these faulty transactions fees fairly to their miners.

40 sats \ 2 replies \ @go 20 Apr

Imagine if a lottery miner with a usb stick got it

0 sats \ 1 reply \ @handsome_latino OP 20 Apr

that'd be cool but it's harder than winning the lottery, which is actually EASIER than getting an olympic medal. Might as well start brushing off my ice skates!

0 sats \ 0 replies \ @go 20 Apr

😂

0 sats \ 1 reply \ @handsome_latino OP 20 Apr

Thanks for the summary. Does it have to do anything with runes/inscriptions/anything else I'm purposely not keeping track of?

50 sats \ 0 replies \ @ZezzebbulTheMysterious 20 Apr

There is an incentive to pay high fees for block inclusion on a new name, as the first ordered transaction claiming the name owns it. These names are meaningless, in an isolated and proprietary namespace. They mean nothing and do nothing. Each name has some mintable fungible token.

This incentive is not compatible with economical use of Bitcoin (eg: fees do not outspend value transferred). In an environment where fees exceed the average spend, the protocol ceases to be censorship resistant value transfer and transforms into censorship by noise.

I will add that none of this means anything in Bitcoin, the order in a block is irrelevant — a txin references a tx and output index. Not order. No sats are ordered, but txout-index allows the spender to differentiate the spend+change, multiple recipients, etc. The only order that matters is the order of blocks, and we enforce that by proof of work.

It is sad that a bunch of scammers decided to use this moment of world attention to start spamming trash strings and scamming each other with worthless string scrip.

1020 sats \ 0 replies \ @shafemtol 20 Apr

Looking at the transactions, pretty much all of them contain an OP_RETURN output. From what I've gathered, there's supposedly some new kind of shitcoinery that's been activated since block 840000.

5000 sats \ 1 reply \ @CruncherDefi 20 Apr

No conspiracy theory needed. There was a fee bidding war for getting into the 840000 block. All txs that didn't make into the 840000 block due to block-size limit didn't just disappear from mempool. So they spill over to further blocks.

20 sats \ 0 replies \ @senf 20 Apr

It's mostly runes. Block 840,001 had 4.4858 BTC in fees, then 840,004 had 24 BTC in fees.

1011 sats \ 1 reply \ @OT 20 Apr

Its the new runes sh$tcoin launches on bitcoin from the halving. All these blocks are getting over $1m.

I guess after the initial hype, fees should come down. No conspiracy here

0 sats \ 0 replies \ @handsome_latino OP 20 Apr

yeah that makes sense. I guess it's similar to inscriptions?

1000 sats \ 1 reply \ @hodlpleb 20 Apr

Well there were 37 bitcoin awarded in block 840,000 ....

0 sats \ 0 replies \ @handsome_latino OP 20 Apr

I didn't notice that. Damn.

100 sats \ 0 replies \ @ama 20 Apr

Runes

100 sats \ 0 replies \ @kepford 20 Apr

Runes is what it looks like to me.

100 sats \ 0 replies \ @nym 20 Apr

I wonder if Strike will continue to provide free onchain withdrawals of willing to wait 24 hours, if the fees stay this high.

50 sats \ 0 replies \ @TheBTCManual 20 Apr

Runetards gotta get their mints first, and they're doing their part in smoothing out the pain of the slashing in block subsidy, so altruistic of them, we thank you for your support, i'm not that brave, i'm off to stack on liquid, let me know when this is done