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The Auction of “Epic Sat” Uncovered by ViaBTC
In a recent announcement, ViaBTC, the world’s third-largest mining pool, has revealed the initiation of an auction for the “epic sat” discovered during Bitcoin’s fourth halving event on April 20. This rare asset is being auctioned on the CoinEx crypto exchange and is set to conclude on April 26.
Significance of “Epic Sats” in the Bitcoin Ecosystem
Termed as “epic sats,” these units are the first satoshis generated after each halving event, which occurs approximately every four years after 210,000 blocks. With only 32 epic sats expected to exist, they hold remarkable importance within the Bitcoin network.
Details of the Auction
CoinEx has specified that bids for this exceptional asset will be accepted in Bitcoin, with a minimum bid of 1 BTC. At the time of writing, the highest bid stands at 2 BTC, equivalent to approximately $132,000. This reflects the strong interest in acquiring this limited and highly sought-after asset.
Response from Foundry USA and ViaBTC
Prior to the halving event, Foundry USA, the largest BTC mining pool, had expressed intentions to leverage the scarcity of epic sats. However, it was ViaBTC that successfully mined the block containing the epic sat. The distribution of auction proceeds among pool members remains uncertain, prompting curiosity within the crypto community about ViaBTC’s plans.
Isolation of Halving Block Rewards
In light of the recent mining activities, ViaBTC has taken the initiative to isolate the rewards obtained from mining the fourth halving block. This decision has led to a temporary suspension of payouts to miners as the pool recalibrates its operational processes.
Breakdown of Rewards and User Inquiries
On the day of the halving event, ViaBTC received a significant reward of 40.75 BTC, valued at $2.6 million, for successfully mining the halving block that reduced miners’ rewards by half. A portion of this reward was associated with validating transactions within the Runes protocol.
Following these developments, certain users of the mining pool raised concerns regarding the absence of BTC payout records on their dashboard. In response, ViaBTC assured users that the processing of rewards was underway and would be completed promptly to ensure transparency and fairness.
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