As a researcher with a background in blockchain technology and a keen interest in the latest developments within the Bitcoin network, I find the recent surge of Bitcoin Runes (RUNE) transactions quite intriguing. Having closely monitored the Bitcoin ecosystem for years, I’ve witnessed numerous experiments and innovations aimed at enhancing the network’s efficiency and versatility.
Bitcoin Runes now leads in the Bitcoin network with the highest number of daily transactions, outpacing Bitcoin (BTC), Ordinals, and BRC-20.
On April 20, the Runes protocol was introduced, aligning with the fourth Bitcoin halving event, with the primary goal of enhancing productivity within the BRC-20 framework – an emerging standard for interoperable, fungible tokens functioning on the Bitcoin network.
According to Dune Analytics, over half of the Bitcoin network’s transactions involved Runes prior to April 24.
On April 23, Runes accounted for a dominant transaction share of 81.3%, significantly reducing Bitcoin’s transaction share to 18.15%. Ordinals and BRC-20 transactions comprised a minimal 0.1% each. Nevertheless, Runes transactions decreased consistently between April 24 and March 2.
From March 3rd onwards, I observed a gradual improvement in the performance of Runes. Specifically, on the 4th and 5th of March, it managed to surpass the 60% mark in terms of transactional dominance once again.
The surge in transaction volume unexpectedly leads to higher network fees, which typically benefits Bitcoin miners. For instance, the Runes protocol amassed approximately 2,253 Bitcoins in fees for the mining community within a mere 16-day span.
As a crypto investor and member of the mining community, I’ve noticed that we’ve been welcoming the rise in transaction fees despite the significant drop in our earnings following the Bitcoin halving. In May alone, our daily revenue plummeted to under $30 million.
Miners have responded to the need to stay profitable by enhancing their mining setup with advanced, cost-effective rigs. This upgrade not only lessens operational expenses but also boosts efficiency and profitability.
As a researcher studying Bitcoin mining, I’d put forth that Bitfarms has earmarked a substantial investment of $240 million for an upgrade in their mining operations. This enhancement is projected to boost their hash rate capacity threefold, reaching a remarkable 21 exahashes per second (EH/s). Moreover, the company has disposed of almost all the newly mined Bitcoins from the previous two months, with plans to re-invest these funds back into expanding its mining fleet.
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2024-05-06 14:02