Bitcoin Runes Are Disappearing: Exploring the Impact on BTC Miners
- Bitcoin transactions fell.
- Miners are currently underpaid as the number of Runes transactions has decreased.
Following the halving, Bitcoin (BTC) fees unexpectedly increased, leading to a corresponding increase in miner fees.
Runes became the main source of network transactions after the halving. However, this increase has since decreased, resulting in lower transaction fees and miner earnings.
Runes Continue to Facilitate Bitcoin Transactions
According to data from glass node, To date, Runes has contributed approximately $117 million in transaction fees. Notably, more than half of these commissions were received on the Bitcoin halving day.
These transactions and the associated fees caused an increase in network activity, which provided miners with a significant increase in fees.
Additional analysis conducted on Duna showed that Runes has the second highest number of transactions on the network.
At the time of publication, Runes accounted for over 19% of total transactions and were It is the second largest contributor to network tariffs, although its contribution has declined significantly.
At the time of publication, Runes accounted for over 12% of the network’s total grosses.
Source: Dune Analysis
Runes’ influence on Bitcoin miners is waning
AMBCrypto analysis Bitcoin miners’ fees have shown that they are going through a period of underpayment.
As Glassnode’s chart shows, miner earnings have fallen into negative territory, indicating that the difficulty of mining has outpaced the rewards received.
In addition, the commission rate on Glassnode has shown a significant decrease and at the time of publication was around 45 BTC.
The share of miners’ income also decreased noticeably and at the time of publication was approximately 10%. Before this drop, miner income and commissions exceeded 40% and 1200 BTC, respectively.
This increase in performance was mainly due to the increase in transactions caused by Rune. However, as the number of Rune transactions decreased, fees and related metrics also decreased.
Overall trading volume remains low as traders await a more positive trend in Bitcoin prices.
BTC erases initial profits
According to AMBCrypto’s daily price trend analysis, Bitcoin showed a negative trend. At the time of writing, BTC was trading at approximately $61,900, reflecting a decline of almost 3%.
Read Bitcoin (BTC) Price Forecast 2024-25
This represents a reversal of the positive trend observed in the previous trading session, during which BTC rose more than 1%.
Additionally, the Relative Strength Index (RSI) showed that the downtrend intensified as it moved away from the neutral line.
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