Bitcoin Runes Return and Regain Dominance Over BTC Transactions

Crypto News – In terms of daily transactions, Bitcoin Runes has surpassed BRC-20, Ordinals, and the original Bitcoin to reclaim its top spot within the network.

Bitcoin Runes Return and Regain Dominance Over BTC Transactions

Up until April 24, the bulk of transactions on the Bitcoin network were connected to Runes, according to data from Dune Analytics. On April 23, Runes claimed the largest transaction share of 81.3%, causing BTC to drop to 18.15%, and Ordinals and BRC-20 transactions each had a transaction share of 0.1%. However, over the following nine days, until March 2, Runes transactions steadily decreased. Runes started to get better after March 3. On March 4 and 5, Runes reclaimed more than 60% of the transaction share.

Miners are Happy with the Fee Increase

Although the sudden surge in transactions unintentionally raises network fees, it frequently benefits Bitcoin miners. In just 16 days, the mining community paid 2,253 BTC in fees due to the Runes protocol. The mining community is happy about the increased fees because, after the Bitcoin halving, their earnings fell off dramatically.

Bitcoin miners‘ daily earnings fell to less than $30 million in May. In order to stay profitable, miners have resorted to replacing their antiquated technology stack with ultra-efficient mining rigs, which lower operational costs and boost productivity.