Rune

Bitcoin

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In a frenzied bid to capitalize on the latest wave of meme coins, transaction fees on the Bitcoin network surged to $82 million on Saturday. 
According to <a href="https://theminermag.com/news/2024-04-20/what-halving-bitcoin-hashprice-soar-two-year-highs/" data-type="link" data-id="https://theminermag.com/news/2024-04-20/what-halving-bitcoin-hashprice-soar-two-year-highs/" target="_blank" rel="">TheMinerMag</a>, users were eager to mint tokens via the <a href="https://crypto.news/xverse-wallet-releases-guide-on-runes-preps-for-bitcoin-halving/" data-type="link" data-id="https://crypto.news/xverse-wallet-releases-guide-on-runes-preps-for-bitcoin-halving/" rel="">Rune protocol</a>, which facilitates the creation of fungible tokens. 
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 <img decoding="async" src="https://theminermag.com/wp-content/uploads/2024/04/Screenshot-2024-04-21-at-8.51.20%E2%80%AFAM.png" alt="Surge in Bitcoin transaction fees linked to meme coin, Runes etching craze - 23">
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These digital assets’ appeal mirrors similar tokens’ success on other blockchains, like Ethereum’s <a href="https://crypto.news/price/pepe/" data-type="link" data-id="https://crypto.news/price/pepe/" rel="">PEPE</a> and Solana’s <a href="https://crypto.news/price/dogwifhat/" data-type="link" data-id="https://crypto.news/price/dogwifhat/" rel="">WIF</a>, which have performed exceptionally well this year. 
According to <a href="https://www.bloomberg.com/news/articles/2023-02-19/what-are-ordinals-and-can-donald-trump-nfts-boost-bitcoin-btc-blockchain" target="_blank" rel="">Bloomberg</a>, the Rune protocol, devised by developer Casey Rodarmor, also supports the creation of nonfungible tokens, further enhancing its utility. Rodarmor preferred the term “etching” over “minting” to more accurately describe the creation of a Rune. 
 You might also like: <a href="https://crypto.news/5-important-facts-about-the-bitcoin-halving/" rel=""> 5 important facts about the Bitcoin halving </a> 
The surge in activity coincided with the latest Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) halving. The <a href="https://crypto.news/tag/bitcoin-halving/" data-type="link" data-id="https://crypto.news/tag/bitcoin-halving/" rel="">halving</a> slashes miners’ main income, compelling them to rely more on transaction fees. 
Despite the reduction in subsidies, the frenzy around Bitcoin <a href="https://crypto.news/tag/meme-coin/" data-type="link" data-id="https://crypto.news/tag/meme-coin/" rel="">meme coins</a> significantly increased miners’ revenues, contributing about 75% of their total income. The total mining revenue was paid out in the form of 1,675 Bitcoin, amounting to approximately $109 million at current rates, reports <a href="https://data.hashrateindex.com/chart/bitcoin-hashprice-index" data-type="link" data-id="https://data.hashrateindex.com/chart/bitcoin-hashprice-index" target="_blank" rel="">Luxor Technology</a>. 
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 <img loading="lazy" decoding="async" width="1254" height="859" src="https://crypto.news/app/uploads/2024/04/image-12.png" alt="Source: Luxor Technology"> 
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 7-day chart of how much a miner can expect to earn from a specific quantity of hashrate from Luxor Technology
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As the initial excitement diminishes, revenue from <a href="https://crypto.news/tag/mining/" data-type="link" data-id="https://crypto.news/tag/mining/" rel="">mining</a> has started to wane from a two-year high, signaling potential challenges ahead for miners dependent on these fees. 
 Read more: <a href="https://crypto.news/bitcoin-gas-fees-drop-almost-10x-after-halving/" rel=""> Bitcoin gas fees drop almost 10x after halving </a>

Surge in Bitcoin transaction fees linked to meme coin, Runes etching craze

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