Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million

Foundry pool will distribute profits from mining “epic” satoshi among participants

18.04.2024 - 10:25

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4 min

What’s new? The team of the leading US mining pool Foundry made an important statement for participants in connection with the expected April 20 halving, following which the reward for mining blocks will be halved. Thus, the company admitted that it will be the company that mines the first block after the halving, in which case it will distribute additional profit among the pool participants.

Source: Twitter.com

What else is known? Foundry writes that the value of the first satoshi in the first block after the halving, called “epic” in the community, can significantly exceed the market price. Participants in the mining industry are on the hunt for the first block, as the value of an “epic” satoshi can reach several million dollars.

Satoshi (SATS) is the smallest fractional part of a bitcoin (0,00000001 BTC). Two years ago, bitcoin protocol developer Ordinals developed a classification system for rare satoshis, in which there are 10 categories.

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Uncommon are the first satoshis in each individual block. Rare are the first satoshis in the first blocks issued after network complexity adjustment. Epic are the first satoshis after halving. Vintage are satoshis mined in the first 1000 blocks of the Bitcoin network, and the Nakamoto category includes satoshis mined by the anonymous bitcoin creator himself, known as Satoshi Nakamoto.

There are also five additional categories, including “First Transaction,” which are the 10 bitcoins of satoshis that Satoshi Nakamoto sent to developer Hal Finney in the first-ever bitcoin transaction on January 12, 2009. There is also a “Palindrome” category, the number of such satoshis reads the same in both directions. The “Pizza” category includes satoshis from 10 000 bitcoins used to buy two pizzas at Papa John’s restaurant on May 22, 2010 (the crypto community now celebrates “Bitcoin Pizza Day” on this day).

The “Block 9” category includes the oldest satoshis in circulation (considered as such while Satoshi Nakamoto’s wallet is inactive), while the “Block 78” category includes satoshis mined by Hal Finney as part of Block 78 (the first block mined by anyone other than Satoshi Nakamoto).

Along with the launch of the Ordinals protocol, it became possible to number satoshis and trade them as non-fungible tokens (NFTs). Accordingly, the NFT of the first satoshi after halving, being an extremely rare asset, will be in high demand.

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The creator of the Ordiscan tracker under the nickname Tristan believes that the first satoshi will be worth at least $1 million.

In case Foundry mines the block, the pool managers will distribute 100% of the profits from the “epic” satoshi among the pool members in proportion to their hash \rate on the day of the halving. In March, Foundry mined 29,4% of all blocks.

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