Epic Satoshi Fetches Over $2 Million at Auction

In a landmark event within the cryptocurrency world, the first satoshi mined after last week’s Bitcoin halving was auctioned off for a whopping 33.3 Bitcoin, equivalent to approximately $2.13 million. This historic satoshi, referred to as an “epic sat,” was mined by the Bitcoin mining pool ViaBTC and was auctioned on the cryptocurrency exchange CoinEX.

The auction began on April 20, one day following the halving event, with an initial bid set at 1 BTC, or about $63,310. The bidding war escalated dramatically in the final moments of the auction this Thursday, climbing from 18 BTC to a final bid of 33.3 BTC. The identity of the winning bidder remains undisclosed, adding an air of mystery to this significant transaction.

A satoshi, named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is the smallest unit of Bitcoin, representing one hundred millionths of a full coin. The “epic sat” in question gains its unique status by being the first mined following a halving event. During such events, the reward for mining new blocks is halved, thus reducing the rate at which new bitcoins are generated, which occurs approximately every four years. To date, only four epic sats have been mined, making them exceedingly rare and valuable.

CoinEx and ViaBTC highlighted the significance of this event, noting the mining of the 840,000th block and marking it as a milestone not only for this halving but also as a key moment in Bitcoin’s ongoing evolution. They emphasized that such sats are highly collectible due to their unique identifiers and the scarcity induced by Bitcoin’s design.

The high collectibility and potential for increased value are further enhanced when these sats are inscribed or etched with NFT-like Ordinals inscriptions. These inscriptions can add substantial value, particularly within communities like Bitcoin Runes tokens collectors. It is believed that if an Ordinals project successfully acquires and inscribes this epic sat, it could command a significant market premium due to its rarity and historical significance.

Blockspace Media co-founder Will Foxley expressed that the allure of such a satoshi is not just in its rarity but also in the potential for it to be marked with an Ordinal inscription, which could increase its value manifold, possibly reaching into the millions of dollars.

The sale of this epic sat not only represents a noteworthy chapter in Bitcoin’s history but also underscores the vibrant and evolving nature of digital asset collectibility. Such events highlight the unique intersections of technology, finance, and collectible culture within the cryptocurrency sector.