Runes TXs on Bitcoin tank over 88% in June

Brayden Lindrea5 hours agoRunes TXs on Bitcoin tank over 88% in JuneBitcoin miners have earned less than 2 Bitcoin combined from Runes transactions over the past six days, a significant decrease from the record high of 884 Bitcoin on April 24.2406 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRunes, a new token standard on the Bitcoin blockchain, has seen its daily average transaction count plummet over 88% from its highest point in June.

According to Dune Analytics data from Crypto Koryo, the average daily Runes transactions from June 22–28 was 37,820, reflecting a nearly 90% drop from the 331,040 daily average recorded between June 9–15.

It includes 23,238 transactions made on June 24 — the lowest since the protocol launched at Bitcoin’s fourth halving event on April 20.Daily Runes transactions since the protocol launched on April 20. Source: Dune Analytics

Runes transactions have only accounted for between 4.9% and 11.1% of all Bitcoin (BTC) transactions in the last week.

The sharp fall in Runes transactions has had a considerable impact on Bitcoin miner fees, who are still feeling the effects of the last halving event.

Runes have contributed less than 2 Bitcoin in miner fees over the last six days — marking an enormous drop from its record 884 Bitcoin on April 24.Bitcoin fees sourced from Runes since April 20. Source: Dune Analytics

Fees from Ordinals inscriptions and BRC-20 tokens have been even lower over the same time frame.

These protocols were initially touted as a new revenue stream for miners who previously relied on ordinary peer-to-peer Bitcoin transfers to cash in network fees.

Fees from these Runes and Ordinals managed to cover the 50% reduction in block subsidy for the next few days after the April 20 halving event — but since then, trading volumes have largely been unpredictable.

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Runes, launched by Ordinals inventor Casey Rodarmor on April 20, has been marketed as a more efficient way to create new tokens on the Bitcoin network than the BRC-20 token standard and alternate solutions.

The decline in network fees and Bitcoin’s price has caused Bitcoin’s hash price — a key metric for measuring miner revenue — to drop to nearly its lowest level ever.

Meanwhile, Bitcoin miner reserves plummeted to 1.90 million Bitcoin on June 19, the lowest level in Bitcoin terms in over 14 years.

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