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On-chain data shows the Bitcoin miner revenue percentage from the fees has exploded recently. Here’s what’s behind this sharp growth.
Bitcoin Runes Have Caused A Sudden Shake-Up In Miner Revenues
A couple of days ago, the much-anticipated fourth Halving, a periodic event taking place roughly every four years where block rewards that miners receive for solving blocks are permanently cut in half, finally took place on the Bitcoin network. While this was a major event for cryptocurrency, another watched development occurred on the network simultaneously. It was the release of the Runes, a new protocol for minting fungible tokens on the network.
The Runes protocol was developed by none other than the creator of the revolutionary Ordinals protocol, Casey Rodarmor. The Ordinals protocol was released back at the start of 2023 and provided a way to “inscribe” data directly onto a satoshi (sat), the smallest unit of Bitcoin.
Thanks to this protocol, a variety of application

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