{"id":20390,"date":"2024-05-16T10:55:40","date_gmt":"2024-05-16T10:55:40","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20390"},"modified":"2024-05-16T07:49:18","modified_gmt":"2024-05-16T07:49:18","slug":"bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply\/","title":{"rendered":"Bitcoin Runes Plummet: Transaction Fees for Miners Drop Sharply"},"content":{"rendered":"<p>On May 13, there were only 157 new runs etched onto the <strong>Bitcoin blockchain,<\/strong> which was a significant decrease in activity, and the Bitcoin miners got only <strong>$3,835 as transaction fees.<\/strong> This means a 99% drop from the peak of late April, when 23,061 Runes were etched in a single day, according to the data from a Dune Analytics dashboard by <strong>RUNES<\/strong>..<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply\/#A_Rollercoaster_Month_for_Bitcoin_Miners\" title=\"A Rollercoaster Month for Bitcoin Miners\">A Rollercoaster Month for Bitcoin Miners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply\/#Sharp_Decline_in_Transactions_and_Fees\" title=\"Sharp Decline in Transactions and Fees\">Sharp Decline in Transactions and Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply\/#The_Future_of_Runes_and_Bitcoin\" title=\"The Future of Runes and Bitcoin\">The Future of Runes and Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"A_Rollercoaster_Month_for_Bitcoin_Miners\"><\/span>A Rollercoaster Month for Bitcoin Miners<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/casey-rodarmors-runes-protocol-set-to-expand-tokenization-on-bitcoin\/\">Runes<\/a>, a new token standard released during the fourth halving of Bitcoin on April 20, 2020, at first caused a rise in the income of Bitcoin miners. The protocol lets users write different types of media onto the Bitcoin network, which is why memecoin and nonfungible token enthusiasts like it. From April 26 to 30, the daily new Rune etchings average was around 14,700, which was a great financial help during the halving that reduced the block subsidy to<strong> 3.125 BTC (around $196,800)<\/strong> at current prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sharp_Decline_in_Transactions_and_Fees\"><\/span>Sharp Decline in Transactions and Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Despite that, the recent decrease is very noticeable. During the last six days, the number of new runs etched daily has decreased to less than 250, with the lowest being 157\u00a0 on May 13. This sudden drop in activity has led to a great reduction in the fees miners charge for transactions. In late April, miners were getting hundreds of thousands of dollars daily, but the recent figures show a dramatic fall.<\/p>\n<p>Since its inauguration, Runes has amassed a total of $4.5 million. Bitcoin miners made 5 million dollars in transaction fees, which is about $189,000 per day. Although the number of new Runes has dropped, these transactions still make up the majority of Bitcoin\u2019s activity in May, mainly on platforms like Magic Eden, OKX, Ordinals Wallet, and UniSat.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Future_of_Runes_and_Bitcoin\"><\/span>The Future of Runes and Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The runes were developed by the ordinary inventor Casey Rodarmor to make the blockspace usage of Bitcoin more efficient than the BRC-20 tokens. Contrary to BRC-20s, Runes are compatible with Bitcoin&#8217;s UTXO model; thus, UTXOs are able to store the balances of fungible tokens like Runes.<\/p>\n<p>Though it is true that in the beginning people are very excited and they get a lot of money from it, Rodarmor conserves a practical attitude toward Runes. In the recent interview, he emphasized that Runes are not meant to change finance but are a fun tool for enthusiasts to use on the Bitcoin network.<\/p>\n<p>As of today, slightly more than 91,200 rands have been inscribed on Bitcoin, which is a proof of the initial success and the recent drop of this new token standard.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 13, there were only 157 new runs etched onto the Bitcoin blockchain, which was a significant decrease in activity, and the Bitcoin miners got only $3,835 as transaction fees. This means a 99% drop from the peak of late April, when 23,061 Runes were etched in a single day, according to the data<\/p>\n","protected":false},"author":6,"featured_media":20391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[6099,5548],"class_list":["post-20390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin-blockchain","tag-runes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Runes Plummet: Transaction Fees for Miners Drop Sharply - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin Runes transactions have plummeted, with only 157 new Runes etched on May 13, contributing just $3,835 in miner fees, a 99% drop from late April highs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-runes-plummet-transaction-fees-for-miners-drop-sharply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Runes Plummet: Transaction Fees for Miners Drop Sharply - 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