The Halving and the First Fee War of the New Bitcoin Epoch

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 23 April 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

For some, the fee war represented how much bitcoin is changing. For others, it was an indication of why we shouldn't be overly concerned about the long term security budget. Today's Show Brought To You By Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A. Superintelligent - Learn AI fast. Get 50% off your first month with code "breakdown" https://besuper.ai/ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.4	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.7	What's going on, guys? It is Monday, April 22nd, and of course, we are catching up on the halving.
0:24.0	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:27.4	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:30.7	come join us on the breakers discord. You can find a link of the show notes or go to bit.ly.
0:34.3	combe. Hello, friends. Well, it happened over the weekend just as anticipated Bitcoin's fourth having has completed,
0:41.6	ushering the protocol into the next epic.
0:44.0	The network's programmatic monetary policy adjusted right on schedule at block 840,000,
0:48.8	bringing the issuance schedule for the hardest money on Earth to 3.125 Bitcoin per block.
0:53.2	The having occurred late on Friday night
0:55.1	on the East Coast, but still happened on April 20th in UTC time. This halving featured a fee war,
1:00.6	unlike anything we've seen before, as users bid to place a transaction in the historic block.
1:05.6	In the lead-up to the halving, fees had already been running hot. On each of the previous three
1:08.9	days, Bitcoin fees outpaced Ethereum fees. The halving block brought in $2.4 million in fees, making it the most valuable
1:14.9	block ever mined. During previous cycles, mining the halving block has been nothing but a vanity
1:19.4	achievement for mining pools. So what's different now? The rise of Ordinals over the past year
1:23.7	has meant there was a significant monetary value attached to the achievement as well. Most of you already know all about this, but the Ordinals Protocol is based around the order
1:30.9	that individual SATs are produced, giving each SAT a unique identifier.
1:34.8	Ordinals enthusiasts have designated the first SAT produced in each halving block as the Epic
1:38.5	Sat. None of these ultra- Rare Sats have ever been sold, so it's difficult to put a price tag on them. A more common rare sat, however, was sold for $100,000 in January, and some ordinal's
1:47.7	collectors believe the Epic Sat could sell for over a million dollars.
	...

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