Bitcoin

April

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-network-sees-significant-activity-with-runes-protocol/" data-wpel-link="internal">Bitcoin Network Sees Significant Activity with Runes Protocol</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoins-surge-towards-50000/" data-wpel-link="internal">Bitcoin</a> Runes</strong>, in terms of daily transactions, has regained the top spot in the Bitcoin network, leaving behind Bitcoin ecosystem transactions, Ordinals, and BRC-20 tokens. The Runes protocol was introduced on April 20th alongside the fourth Bitcoin halving event as an experimental standard for fungible tokens on the Bitcoin blockchain, aimed at improving the efficiency of BRC-20.</p> 
<h2 class="p1" style="text-align: justify" id="notable-development-in-the-bitcoin-ecosystem">Notable Development in the Bitcoin Ecosystem</h2> 
<p class="p1" style="text-align: justify">Data from the blockchain data analysis protocol <strong>Dune Analytics</strong> shows that transactions related to Runes constituted the majority of the transactions on the Bitcoin network until April 24. On April 23, Runes captured 81.3% of transaction share, reducing Bitcoin’s share to 18.15%; both Ordinals and BRC-20 transactions were at 0.1% each. However, Runes transactions steadily declined over the following nine days until May 2.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-348287 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/dune.webp" alt="" width="1816" height="940"></p> 
<p class="p1" style="text-align: justify">As seen in the graph above, Runes began to recover from May 3 onwards. In the following days, on May 4 and 5, Runes transaction share rose above 60%. The rapid increase in transaction numbers inadvertently raised network fees, but this situation often works in favor of Bitcoin miners. The Runes protocol earned the mining community 2,253 Bitcoins in transaction fees over 16 days.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-348286 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-veri.webp" alt="" width="1285" height="397"></p> 
<h2 class="p1" style="text-align: justify" id="mining-sector-and-bitcoin">Mining Sector and Bitcoin</h2> 
<p class="p1" style="text-align: justify">The mining community welcomes the increased fees following the Bitcoin halving event, as their earnings significantly decreased. In May, the total revenue of Bitcoin miners fell below $30 million per day. To maintain profitability, miners are reducing operating costs and enhancing performance and profitability through high-efficiency mining platforms with existing technology roll-up solutions.</p> 
<p class="p1" style="text-align: justify">Bitcoin mining company <strong>Bitfarms</strong> allocated $240 million for upgrades, which will eventually triple the hash rate to 21 exahashes per second. Additionally, while continuing to reinvest in expanding its mining fleet, Bitfarms sold almost all of the Bitcoin it mined in the last two months.</p> 
<p class="p1" style="text-align: justify">These developments in the Bitcoin ecosystem, along with the fourth Bitcoin halving event, have led to a process very different from previous events. Transaction fee earnings for mining firms and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>‘ interest in Bitcoin and tokens within the Bitcoin ecosystem directly affect the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> of Bitcoin.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-network-sees-significant-activity-with-runes-protocol/" data-wpel-link="internal">Bitcoin Network Sees Significant Activity with Runes Protocol</a></h5>

Bitcoin Network Sees Significant Activity with Runes Protocol

Table of Contents

COINTURK NEWS

Other articles published on May 6, 2024

Litecoin Price Analysis: $LTC Bullish Reversal in Sight as Whale Buying Heats Up

Choise.ai Ecosystem Set to Catapult CHO Token Beyond Its 700% Gain: What You Need to Know to Prof...

Bitcoin mining revenue hits post-halving yearly low

Crypto: BitFinex narrowly escapes a major cyber attack, the hackers were bluffing!

Could stablecoin volumes overtake Visa this quarter?

Jack Dorsey Steps Down from Bluesky Board

Join our free newsletter for daily crypto updates!