Bitcoin

Impact

April

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-liquidate-holdings" data-wpel-link="internal">Bitcoin Miners Liquidate Holdings</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-faces-turmoil-price-drop-and-miner-sell-offs-amid-etf-decision-anticipation" data-wpel-link="internal">Bitcoin</a> miners have offloaded a substantial portion of their holdings this year, driving their total reserves to new lows. While Ordinals had previously boosted miner revenues through high transaction fees, this trend has reversed as interest dwindles, compelling miners to sell due to falling profits.</p> 
<h2 id="why-are-transactions-declining">Why Are Transactions Declining?</h2> 
<p style="text-align: justify">Data from Dune Analytics reveals a rapid decline in the number of Runes transactions on the Bitcoin network. Between June 22 and 28, the average daily transaction count was 37,820, a stark contrast to the 331,040 daily average at the beginning of June. This 90% drop signifies a significant loss of interest.</p> 
<p style="text-align: justify">On June 24, the protocol recorded just 23,238 transactions, marking the first such low since the April 20 halving date. Last week’s transactions ranged from 4.9% to 11.1% of all Bitcoin network activities.</p> 
<h2 id="what-is-the-impact-on-bitcoin-runes">What Is the Impact on Bitcoin Runes?</h2> 
<p style="text-align: justify">The diminishing interest in the Runes protocol has had a notable impact on Bitcoin. In the last six days, Runes contributed less than 2 Bitcoins to miner fees, compared to 884 BTC on April 24. This indicates a broader decline in miner revenue, affecting not just Runes but also Ordinals inscriptions and BRC-20 tokens.</p> 
<p style="text-align: justify">Launched by Casey Rodarmor on April 20, Runes was anticipated to generate excitement akin to last year’s BRC-20. However, the overall negative market sentiment may have clouded this potential. Runes aimed to facilitate token creation on the Bitcoin network more efficiently than BRC-20 and other alternatives, a claim supported by Casey and the community.</p> 
<h2 id="actionable-insights-for-stakeholders">Actionable Insights for Stakeholders</h2> 
<ul> 
 <li>Monitor transaction fee trends to gauge miner revenue potential.</li> 
 <li>Evaluate alternative sources of income for miners to stay profitable.</li> 
 <li>Consider the impact of market sentiment on new protocols and <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">innovations</a>.</li> 
 <li>Track miner reserve levels as an indicator of broader market shifts.</li> 
</ul> 
<p style="text-align: justify">Both the mining difficulty and transaction fees for Bitcoin are in decline. Miner reserves have fallen to 1.9 million, the lowest point in 14 years, highlighting a significant trend when compared to the continuous accumulation seen in 2014. This low is historically significant, underscoring the challenges miners currently face.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-liquidate-holdings" data-wpel-link="internal">Bitcoin Miners Liquidate Holdings</a></h5>

Bitcoin Miners Liquidate Holdings

Table of Contents

BH NEWS

Muita 30. kesäk. 2024 julkaistuja artikkeleja

SEC targets Binance staking in lawsuit, BNB up despite uncertainty

Bitcoin Miner Capitulation Falls to FTX Collapse Levels

Bitcoin Faces Risk of Price Drop

Bitcoin Sell-Off by Long-Term Holders: Where to Invest Now

“A Rising Tide Lifts All Boats”, Except for Cardano and Brett in Chaos! MoonBag Meme Coin’s 10x S...

Turn a Profit with Blast’s AI Yield Aggregator and Become a Millionaire by 2025

Join our free newsletter for daily crypto updates!