History Made: Over $22,200,000,000 in Bitcoin Moved In a Single Block

The Bitcoin network has set a new record for the largest amount in USD value moved in a single block. On June 27, 2024, at 10:02:21 UTC, the Antpool mining pool added Bitcoin block 849,662 to the chain.

The block has turned out to be historic, with 365,505 BTC (approximately $22.2 billion worth of value) transferred. On-chain data shows this is the highest amount in USD moved in a single Bitcoin block. As many Bitcoin users know, miners bundle several transactions in a single block, with the reflected $22.2 billion value being a cumulative sum moved across the 3,375 transactions included in block 849,662.

AntPool received 3.37 BTC (approximately $210,000) as a reward for mining the historic block. The base reward was 3.125 BTC, which is the current block reward following Bitcoin’s recent halving, which the pool received an additional 0.345 BTC paid as fees by users.

Bitcoin Proves Reliability as Store of Value Transfer Mechanism

The latest transaction has caught the eye because of the large amount involved. At the same time, its success demonstrates Bitcoin’s reliability as a store of value transfer mechanism.

Often compared to gold, the transaction shows how quickly one can move substantial value across the world using the Bitcoin network. Moving a similar amount in physical gold would require substantial human effort, security, and resources, which are constraints that Bitcoin does not have.

At the same time, the average cost of moving Bitcoin is relatively cheaper than traditional payment networks. For instance, this historic Bitcoin block included several transactions that had over $1 billion worth of value moved. Each of these transactions costs roughly $5. The median fee for the entire 3000+ transactions comes in at 0.00004698 BTC (approximately $2.89).

Lastly, the Bitcoin network has maintained a notable 99.97% uptime since its inception in 2009. This reliability has evidently contributed to its global adoption and current market value, which stands at $1.2 trillion.

Meanwhile, the increased involvement of more institutions in the Bitcoin investment landscape suggests that the newly set record of value moved in BTC may be topped in the near future.