Today, Bitcoin mining pool ViaBTC auctioned off its “epic sat” for a sum of 33.3 BTC, equivalent to over $2.1 million. The auction, conducted on the CoinEx exchange platform, witnessed fervent bidding as collectors and enthusiasts competed for this satoshi.
JUST IN: The first satoshi of #Bitcoin's fourth halving block just auctioned off for 33.3 #BTC worth over $2.1 million ? pic.twitter.com/Sw1tHxWVyR
— Bitcoin Magazine (@BitcoinMagazine) April 25, 2024
The term “epic sat” refers to the first satoshi (the smallest unit of Bitcoin) of each halving epoch. A halving epoch occurs approximately every four years, coinciding with a reduction in the block reward for Bitcoin miners. These “epic sats” are part of the Ordinals numbering system, which categorizes satoshis based on rarity and significance within Bitcoin’s historical milestones.
ViaBTC recently mined block 840,000, initiating the fourth Bitcoin halving and receiving this “epic sat” in the process. With the bid starting at 1 BTC, currently worth $64,000, bidders battled and drove up the price to the winning bid of 33.3 BTC worth $2,134,452 at the time of writing.
The Ordinals numbering scheme has sparked both controversy and excitement since its inception, creating an emerging market for satoshi collectors and investors. The rarity levels within Ordinals range from “common” to “mythic”, with “epic sats” standing out as among the rarest and most sought-after satoshis due to their occurrence only at each halving epoch.
Marketplaces specializing in Ordinals have seen increased activity, with rare satoshis fetching prices well above their nominal value. This trend has garnered widespread attention from miners, developers, investors, and collectors alike, due to their rarity and the growing interest in collectible satoshis. The winning bid of 33.3 BTC reflects the high demand for these sats and the willingness of collectors to pay a premium for them.
The auction of this “epic sat” for over $2.1 million signifies the cultural and historical significance these rare sat” hold within the Bitcoin community. As Bitcoin’s ecosystem continues to evolve, the market for rare satoshis and related assets is expected to grow, offering new opportunities and strategies for participants in the Bitcoin market.