ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 99

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 BTC Halving Day Reaches Record $107M in Bitcoin Mining Revenue

Bitcoin’s Halving Day on April 20, 2024 saw mining revenue passing the $100 million mark, hitting a new high of $107.7 million. This significant milestone, fueled by investors itching a spot in Bitcoin’s history, spending 37.7 BTC approximately $2.4 million in fees to secure their transactions on block 840,000. The average fee per transaction amounted to approximately $800, much of this activity was driven by the launch of Runes Protocol on Bitcoin ordinals, happening with the Bitcoin Halving event. Previously, the highest mining revenue recorded was $78.7 million on March 11, 2024 when Bitcoin’s price peaked. With the halving event completed, Bitcoin mining rewards have been reduced to 3.125 BTC per block and the average transaction fee has dropped from a record high of $128 on April 20 to $8-$10 by April 21, 2024.

 New Protocol Allows Altcoins To Run On Bitcoin

The launch of Runes, the latest protocol developed by Casey Rodarmar, has provided the ability to create altcoins directly on the Bitcoin Blockchain, a feature previously available only on networks like Ethereum and Solana. Rodarmor’s previous project, Ordinals, which introduced NFT inscriptions to Bitcoin was a major success which caused network congestion and increased transaction fees. Runes utilizes Bitcoin’s capabilities by supporting UTXOs, a broad token system, enhancing its functionality, thus raising high enthusiasm for altcoins to thrive in Bitcoin’s ecosystem.

 Robert F. Kennedy Jr. Pledges To Revolutionize US Budget Management With Blockchain Integration

Robert F. Kennedy Jr., an independent candidate for the U.S. The Presidency supports leveraging blockchain technology to enhance transparency. During a Michigan rally, he proposed putting the entire U.S. budget on the blockchain, allowing every American access to budget data on the blockchain, allowing Americans to be able to watch transactions 24/7. This move would hold government officials accountable, preventing excessive spending. Kennedy also proposed backing the U.S. dollar with Bitcoin reserves despite the concerns for misuse and need of financial surveillance. With the rise of blockchain adoption we can see governments exploring solutions to provide a more transparent economy.

 Jack Dorsey's Ventures Into Bitcoin Mining with Comprehensive System Development

Jack Dorsey the CEO of Block has unveiled plans to develop a comprehensive Bitcoin mining system to solve challenges faced by mining operators. The announcement highlights Block’s completion of a 3 nanometer chip for BTC mining, marking progress towards Block’s goal of mining decentralization. Block aims to offer standalone mining chips and complete mining systems designed in house, seeking feedback from the mining community, Block addresses the challenges associated with mining like maintenance, transparency and software issues. This plan initiates amidst Intel’s decision to stop shipping its ASIC mining chips with the recent Bitcoin halving event which reduced block rewards in half for miners, changing the market dynamics for mining systems.

 Tesla Still Holds Their 9,720 Bitcoin & Has Not Sold Any In Q1

Tesla, the electric automaker, still maintains its Bitcoin holdings of 9,720 BTC, valued at approximately $711 million throughout the first quarter of 2024. Following Microstrategy’s approach of “HODLing” for consecutive quarters. This strategy highlights Tesla’s strong optimism of Bitcoin for future growth compared to 2022 when the automaker decided to sell 75% of its BTC holdings. With fortune 500 companies exploring Bitcoin as an investment opportunity, Bitcoin has a bright future ahead for growth.

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