Key Points
- Bitcoin’s transaction volume has declined, leading to a decrease in miner fees and revenue.
- Rune’s contribution to the network’s transaction fees has significantly decreased, affecting overall network activity.
Bitcoin Transactions and Miner Fees Decrease
Following the halving event, Bitcoin experienced an unexpected spike in fees, which subsequently increased miner fees.
Rune, a significant contributor to the network’s transactions post halving, has seen a decrease in its contribution, leading to declining transaction fees and miner revenue.
Rune’s Contribution to Network Fees
Data from Glassnode reveals that Rune has contributed approximately $117 million to transaction fees. More than half of these fees were generated on the day of the Bitcoin halving.
This led to a spike in network activity and a substantial increase in miner fees. However, a decrease in Rune transactions has resulted in declining fees and associated metrics.
Currently, Rune accounts for over 19% of total transactions and was the second-highest contributor to network fees.
Miner Revenue in Negative Territory
Analysis of Bitcoin miners’ fees shows a period of underpayment, with miner revenue dropping into negative territory. This indicates that mining difficulty exceeds the reward earned.
The fee metric on Glassnode shows a significant decline, hovering around 45 BTC at press time. The miner revenue percentage metric has also experienced a notable drop, sitting at approximately 10% at press time.
Before this decline, miner revenue and fees were above 40% and 1,200 BTC, respectively.
Bitcoin Price Trend
Transaction volume remains low as traders await a more positive trend in the price of Bitcoin.
Currently, Bitcoin is experiencing a negative trend, trading at approximately $61,900, reflecting a decline of nearly 3%. This is a reversal from the positive trend observed in the previous trading session, during which Bitcoin saw an increase of over 1%.
