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The cost of sending transactions on Bitcoin declined nearly 10 times after an initial spike following the BTC halving last week.&nbsp; 
Days after the Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) halving, on-chain analytics provider Mempool.space reported BTC gas fees of around $9.51 for low-priority transactions and $10.07 for medium-priority actions on crypto’s largest decentralized network.&nbsp;&nbsp; 
High-priority transactions cost as much as $10.44 per data seen at press time. The figures represented a massive drop compared to fees after last week’s halving. At the time, participants had to pay more than $146 for medium-priority transactions and over $170 for high-priority sends.&nbsp; 
According to CoinMarketCap, the price of BTC was relatively unchanged after the asset’s much-anticipated code change designed by Satoshi Nakamoto to bolster scarcity and kneecap token inflation. In the past seven days, BTC gained around 2.4% to trade at around $66,000. 
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 BTC transaction fee data | Source: Mempool.space
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 You might also like: <a href="https://crypto.news/will-norways-new-regulations-drive-bitcoin-miners-away/" rel=""> Will Norway’s new regulations drive Bitcoin miners away? </a> 
<h2 class="wp-block-heading" id="bitcoin-runes-meet-lackluster-post-halving-results">Bitcoin Runes meet lackluster post-halving results</h2> 
A primary concern during the BTC pre-halving was reduced revenue for miners due to block rewards being cut by 50%. Casey Rodarmor’s Runes protocol was touted as a solution and was slated to launch simultaneously with the halving to bootstrap on-chain activity.&nbsp; 
Rodarmor’s Runes enables users to create UTXO-based fungible assets on BTC’s blockchain, promising another avenue to kickstart decentralized finance (defi) on the world’s biggest blockchain.&nbsp; 
<a href="https://crypto.news/xverse-wallet-releases-guide-on-runes-preps-for-bitcoin-halving/" target="_blank" rel="">Bitcoin Runes</a> is said to improve on the BRC-2O token standard designed by the pseudonymous developer Domo. Domo’s idea was an offshoot of the Ordinal protocol released by Rodarmor.&nbsp; 
Days after the <a href="https://crypto.news/?s=halving" target="_blank" rel="">halving</a>, the Runestone NFT collection has nearly 50% of its floor price value. Per <a href="http://v" target="_blank" rel="">MagicEden</a>, the average cost of a so-called Runestole fell from 0.073 BTC to 0.035 as of writing, signaling reduced interest in the concept after the initial hype.&nbsp; 
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 Bitcoin Runes floor price | Source: MagicEden
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 Read more: <a href="https://crypto.news/bitwise-cio-bitcoin-halving-is-buy-the-news-event/" rel=""> Bitwise CIO: Bitcoin halving is ‘buy the news’ event </a>

Bitcoin gas fees drop almost 10x after halving

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