20 April 2024
Today, Bitcoin mining pool ViaBTC has officially mined block 840,000, which not only ushers in the fourth Bitcoin halving, but also includes what has been deemed an “epic sat” by the Ordinals numbering system, which is the first satoshi (smallest unit of a bitcoin) of each halving epoch.
Ordinals, numbering schemes for satoshis, have sparked controversy but also created an emerging market since its launch. These satoshis can also be classified by rarity, with “epic satoshis” being among the rarest, because they only occur at each halving epoch, which is every 210,00 blocks or approximately every four years. This scarcity has made these satoshis more valuable amongst those participating in the Ordinals market.
The rarity of Ordinals have been labeled with six different ranks, as described below.
Ordinals rarity levels:
+ common: Any sat that is not the first sat of its block
+ uncommon: The first sat of each block
+ rare: The first sat of each difficulty adjustment period
+ epic: The first sat of each halving epoch
+ legendary: The first sat of each cycle
+ mythic: The first sat of the genesis block
The value of an epic satoshi is significant enough to attract attention from miners, developers, investors, and collectors. Bitcoin block 840,000, coinciding with the halving, includes an epic satoshi, intensifying interest in the first block of the halving.
Marketplaces for Ordinals, lists rare satoshis at higher prices than what 1 normal satoshi is normally worth at a given time. These market’s include high class auction houses like Sotheby’s, signaling mainstream interest and attention.
As Ordinals and related markets continue to grow, questions arise about their impact on Bitcoin’s ecosystem. The introduction of new protocols like Runes adds complexity, attracting miners and investors seeking opportunities in this evolving landscape, as the incentives tied to “rare satoshis” and Ordinals could introduce new strategies amongst Bitcoin miners.