Runes Bitcoin rune trading volume plummets by 90%! Global miners only receive 1 BTC per day

Bitcoin ecology stalled!

According to CryptoKoryo’s Dune Analytics data, the average daily transaction volume of Runes, the new token standard surrounding the Bitcoin ecosystem, was only 37,820 transactions from June 22 to 28, which was higher than that from June 9 to 15. The daily average of 331,040 transactions dropped by nearly 90%, while the transaction volume on June 24 was only 23,238 transactions, setting a record for the lowest transaction volume since the fourth Bitcoin halving launched the protocol on April 20.

Only 1 BTC is contributed to miners every day

On April 20 this year, Bitcoin ushered in the latest round of halving events at block height 84,000. At the same time, the Bitcoin Runes protocol launched by Casey Rodarmor, the creator of the Bitcoin Ordinals protocol, was also launched as scheduled. After the Runes protocol was launched, it immediately set off a market craze, and Bitcoin transaction fees once got rid of the block price. Reduce the impact of halving to 3.125 BTC, to 40.751 BTC.

The good times don’t last forever. In the past six days, the Runes ecosystem has contributed an average of less than 2 BTC to miners every day, which is a significant drop from the record of 881 BTC set on April 24.

Mining companies are wailing, small miners surrender

1. Bitcoin miners’ income mainly comes from block rewards and transaction fees.
2. Transaction fees are affected by network transaction volume and congestion, and fees will rise during congestion.
3. Ordinals Inscriptions and BRC-20 tokens have even lower transaction fees than Runes and were once seen as a new source of income for Bitcoin miners.
4. Bitcoin hash price hits record low, mining companies slow down investment in mining machines.
5. Falling hash prices put huge pressure on inefficient miners.
6. Small miner capitulation is considered a pre-bull market characteristic.

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