Summary
TLDR: Bitcoin mining revenue soared post-halving, reaching $107 million with 75% from transaction fees. Runes protocol introduction increased network activity, leading to higher fees. Despite the surge, average fees remain lower than in 2017 and 2018.
Key Points
1. Bitcoin mining operations reached unprecedented daily revenue levels following the halving, with miners collectively earning around $107 million from block rewards and transaction fees, surpassing the previous record of $77 million.
2. The surge in revenue can be attributed to the heightened minting activity of the newly launched Runes protocol, which introduced meme coins into the Bitcoin blockchain and led to increased network activity, congestion, and transaction fees.
3. Despite the increase in transaction fees, experts note a decline in average fees compared to previous years, with Julio Moreno, CryptoQuant’s Head of Research, emphasizing that average transaction fees remain lower even amid heightened Rune activity.