Bitcoin Transactions Decline as Miner Revenue Drops: Impact of Runes Transactions
Bitcoin transactions have seen a significant drop recently, leading to miners being underpaid as Runes transactions have also decreased. Following the halving event, Bitcoin fees experienced an unexpected spike, resulting in higher miner fees. Runes had been a major contributor to network transactions post-halving, but the spike has since subsided, causing a decline in transaction fees and miner revenue.
Data from Glassnode shows that Runes contributed around $117 million to transaction fees, with more than half generated on the day of the halving. Despite being the second-highest contributor to network fees, Runes’ contribution has decreased, accounting for over 12% of total network fees at present.
Bitcoin miners are currently facing underpayment, as miner revenue has dropped into negative territory, indicating that mining difficulty exceeded the reward earned. The fee metric on Glassnode has also seen a significant decline, with miner revenue percentage dropping to around 10% at press time.
With a decrease in Runes transactions, fees, and associated metrics have also declined, impacting miner revenue. Overall, transaction volume remains low as traders await a more positive trend in Bitcoin’s price. BTC is currently trading at approximately $61,900, reflecting a decline of nearly 3% from the previous trading session. The Relative Strength Index (RSI) indicates a bearish trend for Bitcoin as it moves farther away from the neutral line.
