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Bitcoin halving spurs miner rush for million-dollar 'Epic Sat'; Details inside
Cryptocurrency miners around the world are preparing for what could be the most profitable event in Bitcoin history: mining the first block following the upcoming halving.
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Upcoming halving event has triggered a race among miners worldwide to mine first post-halving block
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The first sat mined after the halving, classified as 'epic,' could be worth $50 million
Cryptocurrency miners are preparing for what could be the most profitable event in Bitcoin's history: mining the first block following the upcoming halving, as per Coin Desk. This event, which is expected to occur within a week, has sparked fierce competition among miners because it could yield a rare and highly valuable fragment of a bitcoin known as an "epic sat."
The race for the 'Epic Sat'
Unlike previous halvings, this one is particularly significant because it introduces the Ordinals protocol, which allows individual satoshis (sats) to be assigned a specific value and traded like non-fungible tokens (NFTs). This means that the first sat mined after the halving could fetch millions of dollars on digital collectibles markets.
"Ordinals protocol has introduced a new dimension to Bitcoin mining, turning it into a lottery for miners aiming to strike gold with the first block after the halving," says Tristan, the founder of Ordiscan.
Rarity and value of 'Epic Sats'
Casey Rodarmor's rarity scale, implemented via the Ordinals protocol, classifies sats as uncommon to mythic. The first sat after a halving falls into the epic category, with the potential for staggering profits. Tristan estimates that its value could be around $50 million, making it a highly sought-after prize.
Mining firms gear up for the challenge
Mining companies are taking this opportunity seriously. With such high rewards at stake, they are ramping up operations to increase their chances of mining the coveted block. This includes installing new, more powerful equipment and optimizing existing configurations to maximize computational power.
Marathon Digital Holdings' Chief Growth Officer, Adam Swick, acknowledges the race's speculative nature. "It's like a lottery ticket, but we're ensuring all our machines are online to maximize our chances," Swick said.
Challenges and opportunities ahead
While the idea of hitting an epic sat is appealing, practical challenges remain. Many mining operations are part of pools, and the distribution of rewards may dilute the potential gains from mining an epic block.
Thomas Chippas, CEO of Argo Blockchain, discusses the practicality of mining in a pool. "Pools may drop outlier blocks, including those containing rare sats, affecting miners' earnings," according to Chippas.
Despite these challenges, there is a growing interest in creating future markets for rare satellites. This could entail prepaying mining firms for the anticipated value of an epic sat, thereby opening up new avenues for cryptocurrency speculation and investments.
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