Although the Bitcoin halving, which took place on April 20, halved the rewards given to miners by the system, the interest in the Runes protocol and the transaction fees it brought closed this gap. However, as interest in Runes decreased in May, transaction fees returned to normal levels. For miners who earned an average of 6 million dollars per day in the first 4 months of 2024, this figure has now dropped below 3 million dollars.

The fact that interest in the Runes protocol is decreasing day by day has further reduced the already falling income of Bitcoin miners. Although roughly half of the transactions on the Bitcoin network are still linked to the Runes protocol, the number of transactions has dropped from 800 thousand on April 23 to less than 350 thousand.

This situation, of course, was also reflected in transaction fees. According to the figures provided by The Block, the 7-day moving average of transaction fees, which rose up to 40 dollars, has now dropped below 10 dollars and continues to fall. On the next day of the halving, a total of $80 million was paid to Bitcoin miners.

All time low reached

Again, according to Block, Bitcoin miners' revenues dropped to $0.048 per terahash per second, which was the lowest level of all time. However, it is worth noting that the value of 3,125 BTC earned by miners per block today is much higher than the 25 BTC earned in 2013.

Giant Facilities are on the Way

Miners, who purchased thousands of machines before the halving and opened new facilities and will continue to do so, continue to struggle to surpass each other in this race. Many mining companies, from Bitfarms to RIOT to Cleanspark, will open new facilities with thousands of devices to be delivered in the 3rd quarter of 2024.

Not Investment Advice

#Binance #Runes #Bitcoin #BinanceSqaure #BinanceSquareTurkey