Brief Overview:

• Following the Bitcoin halving event, miners’ daily revenue experienced a surge, reaching $107 million.

• This is mainly due to transaction fees, which account for approximately 75% of total proceeds.

• The introduction of the Runes protocol significantly increased Bitcoin network activity and transaction congestion.

Following the Bitcoin halving, Bitcoin mining operations have reached unprecedented levels of daily revenue, allaying concerns about their viability.

According to available data, miners earned a total of about $107 million in revenue from block rewards and transaction fees.

This figure significantly exceeds the previous record of $77 million set in April 2021. Why Bitcoin Miners' Revenues Are Soaring The largest share of these revenues, approximately 75% or $80 million, comes from transaction fees. The remaining $27 million comes from block subsidies.

It is worth noting that Bitcoin miners are paid for validating transactions and solving blocks. When examining the top ten most expensive Bitcoin blocks by dollar value, a clear trend can be found, with the majority of blocks mined after Bitcoin halving. The first halving block alone earned $2.6 million in fees and block rewards, almost dominating the highest value block position.

The next block is worth between $1.3 million and $2 million. Baylor Landing, a director at Bitcoin mining company Core Scientific, said, "The first 77 blocks of the fifth era brought miners $75 million in revenue. By comparison, the last 77 blocks of the fourth era only generated $35 million in revenue. This halving? More like doubling the revenue."

Bitcoin transaction fees | Source: CryptoQuant

The surge in revenue can be attributed to increased minting activity on the newly launched Runes protocol, which brings Memecoin to the Bitcoin blockchain and uses an unspent transaction output (UTXO) model, a departure from the BRC-20 token standard.

It facilitates the creation of altcoins through a process of “etching” directly on the network.

Data shows that the introduction of the Runes protocol triggered a surge in Bitcoin network activity, leading to increased network congestion and transaction fees.

Analysis by Dune Analytics shows that Runes transactions accounted for 57% of all transactions after the halving, totaling more than 12,200 BTC.

Despite the surge in trading fees, experts noted that average fees have decreased compared to 2017 and 2018. This was highlighted by Julio Moreno, head of research at CryptoQuant, who stressed that even with the increase in Rune activity, average trading fees remain lower than in previous years.

This could mean that despite rising fees in the short term due to network congestion, the transaction fee efficiency of the Bitcoin network has improved in the long term, or that the market's tolerance for high transaction fees has increased.

If you feel helpless, confused, and can’t see the direction in trading right now, you can click on my avatar and we can make progress together.
#比特币减半 #大盘走势 #BTC🔥🔥🔥🔥🔥🔥 #ETH🔥🔥🔥 #COOK