Bitcoin Fees Skyrocket to $78.3 Million: Will the Success of Rules Last?
Massive Increase in Bitcoin Fees
On Apr. 20, Bitcoin managed to generate a staggering $78.3 million worth of fees. For comparison, Ethereum comes in a distant second place with $3.2 million. The massive uptick came after the creators of Ordinals launched Bitcoin Runes following the halving event. The protocol makes it possible to create fungible tokens atop the leading blockchain.
Record Revenues for Miners
Lucas Outumuro, a researcher at IntoTheBlock, described the launch of Runes as “absolutely insane.” The $80 million in daily fees is approximately four times larger than the previous all-time high set in December 2017. Despite the recent halving event, miners are now earning record revenues, with earnings surpassing $100 million on Saturday.
Uncertainty Surrounding Runes
It remains to be seen whether the hype surrounding Runes will persist. Retail investors seem to be sitting on the sidelines, as the number of retail addresses has reached a new low. However, Runes could potentially solve Bitcoin’s security problem, despite facing pushback within the conservative community.
About the Author
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering the industry. He has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. Alex is particularly interested in regulatory trends shaping the future of digital assets.
