Bitcoin miners experienced a windfall as they raked in a staggering $107 million in revenue on the fourth Bitcoin halving day, thanks to the introduction of the Runes token on the blockchain.
The Runes protocol, which facilitates the creation of fungible tokens, played a pivotal role in boosting miners’ earnings despite the halving event slashing block rewards by 50%.
On April 20, coinciding with Bitcoin’s halving, the Runes token standard was unveiled, driving transaction fees to unprecedented heights, with an average of $128 and daily fees totaling $80 million, according to data from IntoTheBlock. However, this surge in fees was short-lived.
By the following day, fees dropped to around $34, still higher than the $18 recorded prior to the halving.
The launch of the Runes protocol, synchronized with the halving block, garnered significant attention from the cryptocurrency community, particularly memecoin and nonfungible token enthusiasts.
This heightened demand for block space resulted in some of Bitcoin’s most profitable blocks to date, with the first halving block alone accumulating $2.6 million in fees and rewards, as highlighted by community members on social media.
Despite the spike in miner revenue and fees, the number of new Bitcoin addresses remained unchanged, indicating that the surge in activity was driven mainly by existing cryptocurrency users rather than new investors, noted Lucas Outumuro, head of research at IntoTheBlock.
