Miners Sustain Pre-Halving Speed, According to CryptoQuant
Following the launch of the RUNES protocol, transactions have surged and fees have reached record highs. However, analysts believe that Bitcoin miners may still face challenges with lower fees and a steady hashrate after the halving event.
Despite the halving event, which reduced the block reward from 6.25 BTC to 3.125 BTC, Bitcoin miners are still experiencing increased daily revenue due to a spike in transaction fees, according to a recent analysis conducted by CryptoQuant.
The analysts highlighted that transaction fees on the Bitcoin network reached record highs compared to total miner revenue on the day of the halving. This suggests that miners are operating at the same rate as before the halving. CryptoQuant also observed that despite the network’s upgrade, the total network hashrate has remained relatively unchanged or slightly higher at a rate of 617 EH/s.
The analysts attributed the increase in fees to the launch of the RUNES protocol. This protocol is a fungible token standard on the Bitcoin network that enables the issuance and transfer of fungible tokens by storing data in OP RETURN codes.
Bitcoin’s fourth halving event, which took place on April 20th, has generated significant interest, particularly in its comparison to gold in terms of scarcity. Analysts at Glassnode noted that this latest halving marked a historic moment where BTC issuance rates fell below those of gold for the first time. This indicates a significant shift in the narrative surrounding these two assets. The next Bitcoin halving is expected to occur around April 2028.
Read more: Are we approaching altcoin season? Insights from experts following Bitcoin’s halving aftermath.
