Today, Bitcoin mining pool ViaBTC has officially mined block 840,000, marking the fourth Bitcoin halving and introducing what has been dubbed an “epic sat” by the Ordinals numbering system. The epic satoshi is the first satoshi of each halving epoch, occurring every 210,000 blocks or approximately every four years.
Ordinals, a numbering scheme for satoshis, have sparked controversy but also created a burgeoning market since their inception. These satoshis can be categorized by rarity, with “epic satoshis” being among the rarest due to their occurrence only at each halving epoch. This scarcity has made them highly sought after in the Ordinals market.
The rarity of Ordinals is classified into six different ranks, with epic satoshis being one of the highest levels. The value of an epic satoshi has attracted attention from miners, developers, investors, and collectors alike. The inclusion of an epic satoshi in Bitcoin block 840,000, coinciding with the halving, has intensified interest in the first block of the halving.
Marketplaces for Ordinals list rare satoshis at premium prices compared to the standard value of a single satoshi. High-end auction houses like Sotheby’s have also entered the market, indicating a growing mainstream interest in Ordinals.
As Ordinals and related markets continue to expand, questions have arisen about their impact on the Bitcoin ecosystem. The introduction of new protocols like Runes has added complexity, drawing in miners and investors looking for opportunities in this evolving landscape. The incentives tied to “rare satoshis” and Ordinals could potentially introduce new strategies among Bitcoin miners.
Overall, the emergence of epic satoshis and the Ordinals market signify a growing interest in the intricacies of Bitcoin and its underlying technology. With the landscape continuously evolving, it will be interesting to see how these developments shape the future of the cryptocurrency industry.
