Eden

Bitcoin

April

Daily

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-miners-see-significant-drop-in-runes-minting/" data-wpel-link="internal">Bitcoin Miners See Significant Drop in Runes Minting</a> 
Bitcoin daily minted Runes fell below 250 in the last six days; the 157 Runes minted on May 13 indicate a 99% drop from the late April peak. The decline follows a highly successful series a week after launch, with an average of 14,700 new Runes minted daily from April 26-30, including the record 23,061 on April 26, according to the Dune Analytics dashboard created by RUNES. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-runes">What is Happening with Runes?</h2> 
Runes, launched on the fourth Bitcoin halving block on April 20, garnered significant interest as a new token standard. The protocol allows <a href="https://en.coin-turk.com/bitcoin-ada-and-binance-coin-price-analysis-will-meme-coins-continue-to-decline/" data-wpel-link="internal">memecoin</a> and NFT enthusiasts to transfer and trade their favorite artworks, visuals, sounds, and videos on the Bitcoin network. 
Initially, it provided a much-needed income boost for Bitcoin miners looking to offset the latest halving effect, which reduced the block subsidy to 3.125 Bitcoin worth $196,800 at current <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">prices</a>. However, the 157 Runes minted on May 13 provided Bitcoin miners with only $3,835 in transaction fees, a far cry from the hundreds of thousands of dollars they earned daily at the end of April. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351109" src="https://coin-turk.com/wp-content/uploads/2024/05/dune-3.webp" alt="" width="500" height="299"> 
Since the launch of Runes on April 20, a total of $4.5 million in transaction fees has been paid to Bitcoin miners, averaging about $189,000 per day. So far, just over 91,200 Runes have been minted on Bitcoin. 
<h2 class="p1" style="text-align: justify" id="notable-statements-about-runes">Notable Statements About Runes</h2> 
Despite the decline in minted Runes, Runes transactions continue to dominate in <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">markets</a> like Magic Eden, OKX, Ordinals Wallet, and UniSat in May. According to Binance Research, Runes were launched by Ordinals inventor Casey Rodarmor, aiming to use block space more efficiently than its main competitor, BRC-20s. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351108 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/key.jpg" alt="" width="1920" height="1674"> 
Unlike BRC-20s, Runes are compatible with Bitcoin’s unspent transaction output (UTXO) model, where UTXOs can hold arbitrary NFTs like Runes. However, Rodarmor emphasized in a recent interview that Runes are not the future of finance but rather something for degens to have fun with on Bitcoin. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-miners-see-significant-drop-in-runes-minting/" data-wpel-link="internal">Bitcoin Miners See Significant Drop in Runes Minting</a></h5>

Bitcoin Miners See Significant Drop in Runes Minting

Table of Contents

COINTURK NEWS

Other articles published on May 14, 2024

GameStop Crypto Soars Over 350% in 24 Hours, Boosting Stock Price

Lord of Sol ($LOS) – A Lord of the Rings-Inspired Memecoin Making Waves with Gotbit Hedge Fund Pa...

El Salvador Holds 5,750 BTC

BREAKING: Coinbase Adds a New Altcoin to Its Roadmap to List

Analysts Predict Critical Day for Cryptocurrencies

Artificial Intelligence Predicts Over 25X Gains for These Cryptos Amid Rising Trends

Join our free newsletter for daily crypto updates!