Crypto:
30336
Bitcoin:
$65.099
% 0.23
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.099
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

 Runes Dominates Bitcoin Transactions Despite Declining Miner Revenue

Peter Schiff Bitcoin

Runes, a new token standard on the Bitcoin blockchain, has captured the attention of the crypto community by accounting for 68% of all Bitcoin (BTC) transactions since its launch. However, Bitcoin miners’ revenue from this area has declined slightly since the record-breaking halving event.

Runes Maintains Dominance in Bitcoin Transactions

Runes has continued to dominate Bitcoin (BTC) transactions; however, Bitcoin miners’ revenue from this area has declined slightly since the record-breaking halving event. Since its launch on April 20, more than 2.38 million Runes have been transacted on the Bitcoin blockchain, representing 68% of all Bitcoin transactions during that period, according to a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo.

Bitcoin’s Runes Craze Continues

Runes saw its biggest day on April 23 with over 750,000 transactions, but that number more than halved the following day to 312,000 transactions. These transactions contributed to approximately 70% of mining fees on halving day. Since then, the daily figure has fluctuated between 33% and 69%.

However, industry experts are divided on whether Runes can provide a sustainable revenue stream for Bitcoin miners. Additionally, there is already an inequality in the mining fees earned through Rune transactions.

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