New Bitify Art Auction Tribute Of Hal Finney By Cryptograffiti For ‘Running Bitcoin’ Sees Bid Of $31,000 So Far
Cryptograffiti Is Currently Hosting Auctions Of Bids Upwards Of $30,000
Cryptograffiti is host auctions which comes to an end on February 7th. Recent work being auctioned called “Running Bitcoin” has bids of over $31,000. It is an ode to the well-known cryptographer Hal Finney. There are rumors that Hal was one of the first people to receive Bitcoins from Satoshi himself in 2009.
What’s notable is that 50% of the proceeds from the auction will go to the ALS Association Golden West Chapter who supported Hal during his battle with Amyotrophic Lateral Sclerosis.
Lowest Bidder Wins
He shared the journey, from conceptualizing to realizing and auctioning off his art. The rather diminutive piece has the tiny dimensions of 1.44 in x 1.75 in (3.55 cm x 4.44 cm). The thing that grabbed everyone's attention was the fact that he auctioned this work to the lowest bidder. The winner reportedly paid one milli-satoshi. This works out to be about $0.000000037, making this the world’s cheapest win at an auction.
The idea was clearly not monetary gains, but in fact to highlight the capabilities of Bitcoin LN. In his blog, Cryptograffiti noted:
“Yesterday I auctioned this piece to the lowest bidder to help promote the lightning network. The piece has been sold for 1 milli-satoshi or $0.000000037 through the Lightning Network, which makes it possible to send a fraction of a Satoshi, the lowest possible amount that could be transferred otherwise on the Bitcoin blockchain.”
More About Cryptograffiti
Cryptograffiti was one of the earliest artists in the cryptocurrency space. His work is dedicated to spreading the crypto/blockchain movement. He was the first to explore how cryptocurrencies could benefit artists through alternative revenue channels. His current work repurposes materials from industries being disrupted by the blockchain. These materials will shortly become scarce even though the monetary systems from which they were derived are not.
His work is in the collections of Blockstream, Ledger, Blockchain Capital, Kraken, Pantera Capital, Shapeshift, Binary Financial, Digital Currency Group, Wachsman PR, Ribbit Capital, Xapo, The Montreal Bitcoin Embassy, TokenSoft, Jesse Powell, Brad Stephens, Matthew Roszak, Erik Voorhees, Marc Andreessen, Charlie Shrem, Mike Novogratz, Linda Xie, Samson Mow, Francis Pouliot, Ted Rogers, Marshall Hayner, and other notable figures within the space.