Over the past six days, Bitcoin miners have made less than 2 Bitcoin in profits from Runes transactions, a significant drop from the all-time high of 884 Bitcoin reached on April 24.

Average daily trading volume for Runes, a new token standard on the bitcoin blockchain, has plunged more than 88% from its peak in June.

According to Crypto Koryo’s Dune Analytics, the average daily rune trading volume from June 22 to 28 was 37,820, a drop of nearly 90% from the daily average of 331,040 recorded between June 9 and 15.

This included 23,238 transactions on June 24, which was the lowest transaction volume since the protocol was launched during Bitcoin’s fourth halving event on April 20.

The significant drop in Rune trading volume has had a considerable impact on Bitcoin miner fees, who are still feeling the effects of the last halving event.

Over the past six days, Runes have contributed less than 2 Bitcoin in miner fees — a sharp drop from the record 884 Bitcoin on April 24.

Ordinal Inscriptions and BRC-20 tokens had even lower fees during the same timeframe.

These protocols were initially touted as a new source of income for miners, who previously relied on ordinary peer-to-peer bitcoin transfers to earn network fees.

The fees generated by these runes and ordinals managed to make up for 50% of the block subsidy reduction in the days following the April 20 halving event — but since then, transaction volumes have become largely unpredictable.

Launched on April 20 by Ordinals inventor Casey Rodarmor, Runes is billed as a more efficient way to create new tokens on the Bitcoin network than the BRC-20 token standard and alternative solutions.

A drop in network fees and the price of Bitcoin has caused Bitcoin’s hash price – a key measure of miners’ revenue – to fall to an all-time low.

Meanwhile, Bitcoin miners’ reserves plummeted to 1.9 million BTC on June 19, the lowest level in 14 years. #符文 #btc #MiCA