In a frantic attempt to capitalize on the latest wave of meme coins, transaction fees on the bitcoin network surged to $82 million on Saturday.
According bitcoin-hashprice-soar-two-year-highs/” data-type=”link” data-id=”https://theminermag.com/news/2024-04-20/what-halving-bitcoin-hashprice-soar-two-year-highs/” target=”_blank” rel=””>The MinerMagUsers were eager to mint tokens through the Rune protocol, which makes it easy to create fungible tokens.
The appeal of these digital assets reflects the success of similar tokens on other blockchains, such as ethereum's PEPE and Solana's WIF, which have performed exceptionally well this year.
According nfts-boost-bitcoin–btc-blockchain” target=”_blank” rel=””>Bloomberg, the Rune protocol, devised by developer Casey Rodarmor, also supports the creation of non-fungible tokens, further enhancing its usefulness. Rodarmor preferred the term “engraving” to “coinage” to more accurately describe the creation of a Rune.
The increase in activity coincided with the latest bitcoin (btc) halving. The halving cuts into miners' main income, forcing them to rely more on transaction fees.
Despite the reduction in subsidies, the frenzy around bitcoin meme coins significantly increased the income of miners, contributing around 75% of their total income. The total mining revenue was paid in the form of 1,675 bitcoin, which represents approximately $109 million at the current exchange rate, it reports. bitcoin-hashprice-index” data-type=”link” data-id=”https://data.hashrateindex.com/chart/bitcoin-hashprice-index” target=”_blank” rel=””>Luxor technology.
<img decoding="async" width="1254" height="859" src="https://crypto.news/app/uploads/2024/04/image-12.png” alt=”Source: Luxor technology“/>
As initial enthusiasm wanes, mining revenues have begun to decline from a two-year high, signaling potential future challenges for miners who rely on these fees.
