👉👉👉 #Bitcoin’s Ordinals, Runes key to solving the #Mining subsidy problem: ViaBTC
With each Bitcoin halving event, miners receive reduced block subsidies, but ViaBTC remains optimistic about the future, believing that innovative Bitcoin applications will fill this gap, aligning with #satoshiNakamoto 's vision.
ViaBTC emphasizes transaction fees from applications like Ordinals, Runes, and BRC-20s for miners' sustainability during halving events. Before the launch of Ordinals in January 2023, miners relied on peer-to-peer transaction fees & block subsidies. However, halving block subsidies every 210,000 blocks affects miners' long-term revenue.
ViaBTC anticipates that network activity & utility will compensate miners adequately, driven by ongoing development at the application layer, despite mining revenue potentially increasing with Bitcoin's price surge. This was evident when ViaBTC mined block 840,000 on April 20, receiving a record-setting 37.6 BTC transaction fee alongside the new 3.125 BTC block subsidy.
This transaction fee resulted from enthusiasts competing to inscribe "rare satoshis" and tokens using the new Runes token standard launched at the halving block.
ViaBTC was surprised by the substantial reward at the halving block, expecting transaction fees to surpass significant thresholds eventually. Despite this, Bitcoin miners earned $78.3 million on halving day, outpacing Ethereum stakers & Uniswap liquidity providers in fee earnings on nine out of the last 20 days post-halving, per Crypto Fees.
Satoshi Nakamoto predicted transaction fees would become miners' main income source as block subsidies decrease. ViaBTC agrees, citing advancements in Ordinals, Runes, and BRC-20s. Yet, popularity fluctuations of these protocols cause revenue instability for miners.
Since 2016, ViaBTC has weathered three halving events and mined over 37,534 blocks in its 2,900-day existence. With a global hash rate and miners from 118 countries, ViaBTC remains dedicated to adapting to the changing crypto landscape.
Source - cointelegraph.com