Runes Transactions on Bitcoin Plummet by Over 88% This Month
Cointelegraph•1 year ago•
940

Runes Transactions on Bitcoin Plummet by Over 88% This Month

Bitcoin
Runes
MinerFees
Blockchain
Adoption
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Summary:

  • Daily Runes transactions on Bitcoin have plummeted by over 88% since their peak this month, dropping from an average of 331,040 daily transactions to 37,820.

  • Runes transactions have contributed less than 2 Bitcoin in miner fees over the past six days, a significant decrease from the record 884 Bitcoin earned on April 24.

  • The decline in Runes transactions has led to a significant drop in Bitcoin's hash price, which measures miner revenue, nearing its lowest level ever.

  • Bitcoin miner reserves have plummeted to their lowest level in over 14 years, raising concerns about the sustainability of the mining industry.

  • The unpredictable nature of Runes and Ordinals transactions raises questions about their long-term viability as a reliable revenue source for Bitcoin miners.

The number of daily Runes transactions on the Bitcoin network has plummeted by over 88% since its peak earlier this month. This decline has significantly impacted Bitcoin miner fees, which have been dwindling since the recent halving event. While Runes initially offered a potential new revenue stream for miners, their transaction volumes have become erratic and unpredictable, leading to a substantial decrease in miner fees. The sharp drop in Runes transactions has contributed to a decline in Bitcoin's hash price, a crucial metric measuring miner revenue, reaching nearly its lowest level ever. Additionally, Bitcoin miner reserves have plunged to their lowest level in over 14 years, signaling a challenging period for the mining industry. The decline in Runes transactions is a significant concern for the Bitcoin ecosystem, raising questions about the future viability of these new token standards.

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