Bitcoin Runes hype fades, transactions plummet 84%

May 23, 2024 Coin Telegraph

Bitcoin Runes protocol caused an initial surge in Bitcoin transactions, exceeding 50% at its peak. Did the hype clog clear out?

The Bitcoin Runes protocol is struggling to maintain its share of Bitcoin transactions. Since its launch on April 20, Runes transactions have dominated Bitcoin blockchain traffic on eight different days, mostly during the weekends.

The Bitcoin Runes launch coincided with the fourth Bitcoin halving. The resultant hype saw transaction volume shoot up on the Bitcoin blockchain. Revenue from Bitcoin (BTC) mining exceeded the $100 million mark for the first time, recording an all-time high daily earnings of $107.7 million.

Transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions until April 24. The peak occurred on April 23, when these transactions represented 81.3% of the bandwidth. However, by May 2, this figure had dropped to 11.1%.

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El Salvador Inks $1,400,000,000 Funding Deal With IMF but Agrees To Wind Down Involvement in Chivo Bitcoin Wallet

Bitcoin’s Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees

May 18, 2024 Bitcoin.com

Bitcoin Halving

It has been 29 days since the halving and the launch of the Runes protocol, and since May 1, Runes activity has been underwhelming, falling short of the expectations set months prior. Similarly, the trend of Ordinals inscriptions has significantly declined over the past month. Runes Protocol’s Initial Excitement Dwindles Amid Decreased Activity Before the […]

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Binance-backed pSTAKE Finance launches Bitcoin liquid staking solution

May 15, 2024 Coin Telegraph

Bitcoin DeFi

pSTAKE is among the most recent protocols making Bitcoin a yield-generating asset with more capital efficiency.

Binance Labs-backed liquid staking protocol pStAKE Finance has unveiled its liquid staking solution for Bitcoin in the latest development for Bitcoin-native decentralized finance (DeFi).

pSTAKE Finance’s solution, built on top of Babylon’s Bitcoin staking protocol, aims to simplify the Bitcoin staking process and offer additional yield generation opportunities for Bitcoin (BTC) holders.

The protocol decided to build Bitcoin-based staking solutions from a fundamental belief in the world’s oldest cryptocurrency, aiming to make it a yield-generating asset, according to Mikhil Pandey, the co-founder and chief strategy officer of pSTAKE Finance.

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Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving

May 14, 2024 Coin Telegraph

Bitcoin Halving

Despite the recent block reward halving, only the profitability of Bitcoin miners with less efficient mining rigs is endangered, according to Terawulf's Nazar Khan.

Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving.

The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from blockchain.com.

The hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 X post by James Butterfill, the head of research at CoinShares.

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Here’s When Bitcoin Could Bottom Out Based on Historical Precedent, According to Analyst Benjamin Cowen

May 10, 2024 The Daily Hodl

Benjamin Cowen

Widely followed crypto analyst Benjamin Cowen is offering his outlook on when Bitcoin (BTC) could potentially bottom out as the flagship digital asset hovers around $63,000. In a new video update, Cowen tells the 801,000 subscribers of his YouTube channel that the current Bitcoin price action resembles that which followed the crypto king’s second halving […]

The post Here’s When Bitcoin Could Bottom Out Based on Historical Precedent, According to Analyst Benjamin Cowen appeared first on The Daily Hodl.

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Hut 8’s Bitcoin Mining Output Drops 36% to 148 BTC in April

May 8, 2024 Bitcoin.com

Bitcoin Halving

North American bitcoin miner, Hut 8, said it mined 148 bitcoins, or 36% coins less in April than it did in March. Hut 8 primarily attributes the decrease in the number of mined bitcoins to the relocation of its proprietary miners, which were previously hosted at the Kearney and Granbury sites. The Halving Effect Hut […]

El Salvador Inks $1,400,000,000 Funding Deal With IMF but Agrees To Wind Down Involvement in Chivo Bitcoin Wallet

Summer will offer ‘perfect opportunity’ for investing in crypto — Arthur Hayes

May 6, 2024 Coin Telegraph

Bitcoin Analysis

The BitMEX co-founder says the current phase of price consolidation is ideal for accumulating crypto before macroeconomic factors trigger the next leg up in the bull market.

According to BitMEX co-founder Arthur Hayes, the next few months will offer an ideal opportunity to accumulate crypto before the next leg up of the bull market kicks in.

“Those people who have fiat and extra cash that want to allocate to crypto, this is the perfect opportunity to do so,” Hayes told Cointelegraph in an exclusive interview, referring to the current rangebound market.

According to Hayes, inflationary monetary policies will play the main role in propelling Bitcoin (BTC) and the broader cryptocurrency market higher later this year.

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Runes and BRC-20s are just a stepping stone for Bitcoin DeFi

May 6, 2024 Coin Telegraph

Bitcoin

Bitcoin is becoming a yield-generating asset, thanks to new token standards like Runes, which may only be a stepping stone for Bitcoin DeFi.

Bitcoin Runes and BRC-20 tokens may only be a stepping stone in the evolution of Bitcoin-native decentralized finance (DeFi).

The emergence of Runes and Bitcoin DeFi came from a desire to add more utility to the world’s safest blockchain network, according to Rich Rines, a Core DAO contributor building Bitcoin DeFi solutions. Rines told Cointelegraph:

Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the Bitcoin halving. Runes are part of a wider developer movement known as Bitcoin DeFi, or BTCFi, aiming to add more utility to the Bitcoin network.

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‘Mr. 100’ buys the Bitcoin dip for the first time since halving — Is the BTC bottom in?

May 2, 2024 Coin Telegraph

Bitcoin Analysis

Mr. 100, an entity previously identified as Upbit, has bought over $147 million worth of Bitcoin for the first time since the halving, suggesting an end to the current retracement.

The Bitcoin whale entity nicknamed “Mr. 100” has bought the Bitcoin (BTC) dip for the first time since the Bitcoin halving. Meanwhile, multiple market analysts suggest that the local Bitcoin bottom may be in as the price bounces from $56,000-lows.

The Mr. 100 whale wallet has added 2,500 BTC worth over $147 million, around the $58,000 mark, according to a May 2 X post by HODL15Capital.

This represents the wallet’s first Bitcoin purchase since April 19, the day before the 2024 Bitcoin halving.

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US Coal Miner Uses Excess Power to Mine BTC; Earns 61 Coins in Q1 2024

May 2, 2024 Bitcoin.com

Bitcoin Halving

Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company’s CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins. Marshall also stated that during the first quarter, ARLP mined 61 bitcoins […]

Bitcoin Halving

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