Bitcoin Runes Fade: Examining the Effects on BTC Miners

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  • Bitcoin transactions have fallen.
  • Miners are currently underpaid because Runes transactions decreased.

After the halving event, bitcoin [BTC] Fees saw an unexpected increase, leading to a corresponding increase in miner fees.

Runes had become a major contributor to the network’s transactions after the halving event. However, this increase has since decreased, resulting in a decrease in transaction fees and miners’ income.

Runes continue to contribute to Bitcoin transactions

According to data from https://twitter.com/glassnode/status/1784883504100053291?t=j9pipA0NJvtLaOAZQCSM7g&s=19, Runes has contributed approximately $117 million to transaction fees so far. Notably, more than half of these fees were generated on the day of the Bitcoin halving.

These transactions and the associated fees caused a spike in network activity, providing miners with a substantial increase in fees.

Additional analysis conducted on Duna revealed that Runes ranked second in terms of transactions on the network.

As of press time, Runes represented more than 19% of total transactions and was It is the second largest contributor to network rates, although its contribution has decreased significantly.

At the time of this publication, Runes contributed more than 12% of the network’s total fees.

Source: Dune Analysis

Rune Effect Fades on Bitcoin Miners

AMBCrypto’s analysis of bitcoin miner fees revealed that they were experiencing an underpayment period.

As a Glassnode chart shows, miners’ income has fallen into negative territory, indicating that mining difficulty exceeded the reward earned.

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Furthermore, the fee metric on Glassnode showed a significant decrease, hovering around 45 BTC at the time of this publication.

The miners’ revenue share metric has also seen a notable drop, sitting at approximately 10% at the time of this publication. Before this drop, miners’ revenue and fees were above 40% and 1200 BTC, respectively.

This increase in metrics was mainly due to the increase in transactions caused by Rune. However, with a decrease in Rune transactions, the fees and associated metrics have also decreased.

Overall, trading volume remains low as traders wait for a more positive trend in Bitcoin price.

BTC erases initial gains

According to AMBCrypto’s daily price trend chart analysis, bitcoin was experiencing a negative trend. At the time of writing, BTC was trading at approximately $61,900, reflecting a decline of almost 3%.


Read Bitcoins [BTC] Price prediction 2024-25


This represented a reversal of the positive trend seen in the previous trading session, during which BTC saw an increase of over 1%.

Furthermore, its Relative Strength Index (RSI) indicated that its downtrend intensified as it moved away from the neutral line.

Next: Bitcoin prediction in May: Is $70,000 a real certainty or is it…?

This is an automatic translation of our English version.

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