Daily new runes minted on Bitcoin decline 99% from post-halving peak
The number of new runes engraved on Bitcoin daily has fallen below 250 over the past six days, with 157 runes excavated on Monday representing a 99% decline from its peak in late April.
The fall comes after a very successful streak that came a week after the launch, which saw an average of 14,700 new runes engraved each day between April 26-30, including a record 23,061 engraved on April 26, according to the Dune analytics dashboard created by RUNES. IS.
New daily runes have been mined on Bitcoin since April 20. Source: Dune Analytics
Runes is a new token standard that was launched in Bitcoin's fourth halving block on April 20. The protocol allows memcoins and NFT enthusiasts to record and dig their favorite artwork, images, audio, and videos on the Bitcoin network.
It initially provided a much-needed revenue boost to Bitcoin miners looking to mitigate the impact of the recent halving, which saw block support halved to 3,125 bitcoins (BTC) – worth $196,800 at prices.
However, the 157 runes engraved on May 13 alone contributed $3,835 in transaction fees to Bitcoin miners, far less than hundreds of thousands.
