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ViaBTC Secures the Fourth Epic Bitcoin Sat Extraction in Halving History

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ViaBTC Secures the Fourth Epic Bitcoin Sat Extraction in Mining History

Satoshis: The Smallest Unit of Bitcoin

A satoshi, or sat for short, is the smallest unit of a bitcoin (BTC). It is named after Satoshi Nakamoto, the pseudonymous creator of Bitcoin. 1 satoshi is equal to 0.00000001 BTC.

Bitcoin Halving

The Bitcoin halving is an event that occurs every 210,000 blocks, or approximately every four years. During a halving, the block reward for miners is cut in half. This process ensures that the total supply of Bitcoin remains limited at 21 million coins, making it a deflationary currency. The halving also helps to maintain the value of Bitcoin by making it more scarce.

ViaBTC’s Success

ViaBTC is one of the largest Bitcoin mining pools in the world. On 15 December 2022, the pool successfully mined the block that triggered the fourth Bitcoin halving rewards era. ViaBTC’s hashrate contributed 19.04% on that block, being the largest hashrate contributor. This marks the fourth time that ViaBTC has secured the Bitcoin halving block. This achievement is a testament to the pool’s expertise and its commitment to the Bitcoin network. Mining a block triggers the release of 6.25 BTC, an extra reward of 1.81 BTC released due to the time ViaBTC’s block was mined. All miners who contributed to the block receive BTC rewards based on hashrate contribution ratios.

Conclusion

ViaBTC’s successful mining of the Bitcoin halving block is a significant achievement. It demonstrates the pool’s strength, reliability, and commitment to Bitcoin. The halving is an important event for Bitcoin, and ViaBTC’s contribution to the network is greatly appreciated.

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