Bitcoin Miners Revenue Plummets with the Waning Runes Excitement
Thursday, 25 April 2024, 10:45
Bitcoin Miners Revenue Plummets
Bitcoin mining revenue has dropped by 40% as the initial excitement around the Runes protocol fades. This decline is attributed to the recent Bitcoin halving event and subsequent volatile market conditions.
Post-Halving Volatility
Miner profits soared briefly post-halving but quickly retreated due to a drop in transaction fees. The surge in fees was primarily driven by network congestion from the introduction of meme coins through the Runes protocol.
- Surge in transaction fees accounted for 75% of miner revenue
- Normalization of fees post-halving led to pressure on miner earnings
- Leading mining companies are strategizing for industry consolidation
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.