12.5 BTC giveaway for the Bitcoin Halving🤩
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https://t.co/yfvC9pWOQY
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✨Bitcoin transaction fees are climbing, a sign of heightened interest and activity on the blockchain. The recent halving event, paired with the introduction of the Runes protocol, has significantly influenced this rise. Such events drive up fees as users compete to process transactions quickly, especially since halvings reduce the mining reward, pushing miners to depend more on transaction fees.💥
The Impact of Runes on Bitcoin
✨Runes, a new protocol developed by Casey Rodarmor, has revolutionized how fungible tokens are created on Bitcoin’s network. Following its launch at block 840,000, the protocol saw 853 tokens etched in less than an hour, showcasing the high demand and increased activity. This rush has led to a substantial hike in transaction fees, with the fees for the halving block hitting $2.4 million compared to typical fees of $40,000 to $60,000. The urgency to mint new tokens has kept the fees consistently above $1 million for several subsequent blocks.💥
