Bitcoin miners' daily revenue surpasses a record-breaking one billion USD, analysts optimistic about the development of the BTC token market

The Rune protocol launched after the Bitcoin halving, leading to a frenzy in the community to mint tokens, resulting in record-breaking daily miner income. Although fees have returned to normal levels as the hype subsided, analysts remain optimistic about the homogenized token market for Bitcoin, believing that while Rune initially only had meme coins, over time, more utility-based homogenized tokens will emerge.

Bitcoin Miners' Daily Revenue Exceeds 100 Million USD

The fourth Bitcoin halving was completed when the block height reached 840,000 at 8:09 am Taiwan time on April 20. The Bitcoin block reward has been reduced from the original 6.25 to 3.125.

Despite the halving of block rewards, miners' income soared to 107.75 million USD on that day, with about 75% (80 million USD) coming from transaction fees, both reaching historical highs.

Bitcoin Welcomes DeFi Craze?

According to data from the block explorer mempool.space, besides being the first block after the halving, block 840,000 generated 37.67 BTC in transaction fees, breaking the historical record. After the halving, there were 104 consecutive blocks where transaction fees exceeded mining rewards.

As reported by The Block, Jameson Lopp, co-founder of Bitcoin custody company Casa, stated:

I am pleased to see these results, which prove that transaction fees are sufficient to maintain chain security without block rewards.

The surge in transaction fees is due to speculation on the Runes protocol, with analysts at Bernstein stating:

Bitcoin is no longer just a traditional blockchain; users can hold Bitcoin and do more. Bitcoin is experiencing a DeFi craze similar to Ethereum in 2020, when Ethereum's blockchain introduced a large number of DeFi applications and tokens, leading to a surge in liquidity and transaction fees.

Community Rushes to Create Rune Meme Coins, Bitcoin Transaction Fees Far Exceed Block Rewards

Bitcoin's Inscription, Rune Craze Temporarily Subsides, Fees Plunge

Bernstein analysts pointed out that user demand for Rune tokens has led to increased competition, thereby driving up Bitcoin transaction fees.

Unisat data shows that over 7,000 Rune tokens have been minted so far, with "RSIC•GENESIS•RUNE" being the token with the most holding addresses.

However, as the craze subsides, Bitcoin's average transaction fee has dropped significantly from 128.45 USD on the day of the halving to 34.80 USD on April 21. Data from Mempool shows that the average fee has now fallen to 10 USD.

Nevertheless, Bernstein analysts remain optimistic about Bitcoin's homogenized token market:

The potential of Bitcoin's fungible token market has not been fully exploited. The total value of tokens like DeFi on Ethereum exceeds 200 billion USD. Although Runes started as meme coins, over time, we may see more utility-based homogenized tokens on Bitcoin.