Runes, a new token standard on the Bitcoin blockchain, has seen a more than 88% decline in average daily transactions from its peak this month. Between June 22-28, daily Runes transactions averaged 37,820. This represents a decrease of nearly 90% compared to the average daily transactions of 331,040 from June 9-15.

The sharp decline in runes transactions has significantly impacted Bitcoin (BTC) miner fees. Runes have contributed less than 2 Bitcoins to miner fees in the last six days. This marks a large decline from the record drop of 884 Bitcoins on April 24.

These protocols have been touted as a new revenue stream for Bitcoin miners, who rely on ordinary peer-to-peer Bitcoin transfers to cash out network fees. However, the decline in network fees and the decline in Bitcoin's price caused Bitcoin's hash price, a critical metric that measures miner revenue, to drop to almost its lowest level.

Meanwhile, Bitcoin miner reserves dropped to 1.90 million Bitcoins on June 19, the lowest level in Bitcoin terms in more than 14 years. What do you think about this? Leave your comments below.#Bitcoin#Blockchain #Runes