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Revenue From Bitcoin Rune Etching Has Plummered For Miners

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(CTN News) – Dune Analytics has released statistics that indicates that the number of daily Rune etchings on the Bitcoin network has decreased by an astounding 99%, with only 157 Runes being recorded on Monday. This information was provided by Dune Analytics.

The fact that this is the case implies that the quantity of Runes has drastically dropped. This represents a considerable decrease in comparison to the peak point of 14,700 Runes that was obtained in late April. Taking into consideration the peak point, this is a huge reduction.

The decline in the number of Rune etchings, which is a mechanism for fungible tokens, has resulted in a significant reduction in the amount of money that Bitcoin miners make from transaction fees. This has caused miners to experience a significant economic downturn.

This decline has taken place as a direct result of the fact that the number of rune etchings has reduced with time.

Despite the fact that a record 23,061 Runes were etched on April 26, the transaction expenses associated with etchings have fallen to slightly under $3,835 as of Monday.

The current decline in the price of Runes is the cause of this situation. In spite of the fact that the costs typically connected with transactions have lowered, this continues to take place.

When it was first implemented on April 20th, the Runes protocol originally increased the amount of money that miners made by generating big transaction fees.

This was the case since the Runes protocol was initially deployed. At the time that the system was initially put into place, this took place. As a manner of compensating for the revenue losses that occurred as a consequence of the fourth Bitcoin halving event, this action was made in order to compensate for such losses. These losses took place as a direct result of the occurrence that took place.

As a result of the halving, which took place at the same time as the launch of Runes, the block subsidy was reduced to 3.125 BTC.

However, the increased transaction volume from Runes helped miner revenue remain consistent. This was the case despite the fact that the halving took place.

Both the halving and the introduction of runes occurred at the same time. Runes was also made available to the public at the same time that the halving process was initiated.

Additionally, there are already over 91,200 Runes that have been carved onto the blockchain of Bitcoin.

This statistic is continually being updated. It is expected that this number will continue to rise despite the current situation. Rune contracts have been the source of the vast bulk of the activity that has taken place on the Bitcoin network, despite the fact that there has been a minor decrease in the number of transactions that have taken place in recent recent times.

The protocol, which was introduced by Casey Rodarmor, the author of Ordinals, aims to build fungible tokens by making greater use of block space than BRC-20s.

This is accomplished by utilizing ordinary tokens. To achieve this is the purpose of the protocol. To put it another way, this is the reason why the protocol was created. Furthermore, it is compatible with the paradigm of unspent transaction output (UTXO), which is the paradigm that Bitcoin has chosen. This capability is important to note.

A number of engineers who are working on the core of Bitcoin have expressed their dissatisfaction with the Runes protocol a number of times.

It has been revealed by these developers that they are displeased with the protocol because it takes use of flaws that are already existing within the Bitcoin network.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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