Bitcoin miners skilled a windfall as they raked in a staggering $107 million in income on the fourth Bitcoin halving day, due to the introduction of the Runes token on the blockchain.
The Runes protocol, which facilitates the creation of fungible tokens, performed a pivotal function in boosting miners’ earnings regardless of the halving occasion slashing block rewards by 50%.
On April 20, coinciding with Bitcoin’s halving, the Runes token normal was unveiled, driving transaction charges to unprecedented heights, with a mean of $128 and each day charges totaling $80 million, in accordance with information from IntoTheBlock. Nevertheless, this surge in charges was short-lived.
By the next day, charges dropped to round $34, nonetheless larger than the $18 recorded previous to the halving.
The launch of the Runes protocol, synchronized with the halving block, garnered vital consideration from the cryptocurrency neighborhood, notably memecoin and nonfungible token fans.
This heightened demand for block house resulted in a few of Bitcoin’s most worthwhile blocks to this point, with the primary halving block alone accumulating $2.6 million in charges and rewards, as highlighted by neighborhood members on social media.
Regardless of the spike in miner income and costs, the variety of new Bitcoin addresses remained unchanged, indicating that the surge in exercise was pushed primarily by current cryptocurrency customers quite than new buyers, famous Lucas Outumuro, head of analysis at IntoTheBlock.
