An Introduction to Bitcoin Ordinals

June 16, 2024 Bitcoin.com

Bitcoin Ordinals have emerged as a novel way to enhance the functionality and use of Bitcoin, the original cryptocurrency. By leveraging Bitcoin’s blockchain in a new and innovative manner, Ordinals bring unique value propositions and helps to revitalize Bitcoin’s developer community. What Are Bitcoin Ordinals? In simple terms, Bitcoin Ordinals are digital collectibles created by […]

Crypto Lobbying Group Fairshake Raises 0,000,000 in Month of May: Report

Crypto Lobbying Group Fairshake Raises $160,000,000 in Month of May: Report

Bitcoin Runes hype fades, transactions plummet 84%

May 23, 2024 Coin Telegraph

bitcoin blockchain

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%.

Crypto Lobbying Group Fairshake Raises $160,000,000 in Month of May: Report

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.

Crypto Lobbying Group Fairshake Raises $160,000,000 in Month of May: Report

Bitcoin users spend record $2.4M in fees on halving block

April 20, 2024 Coin Telegraph

Bitcoin users spend record .4M in fees on halving block

Bitcoin Halving

The 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe rare assets via the new Runes Protocol.

Bitcoin users have spent a staggering 37.7 Bitcoin (BTC) in fees — worth just over $2.4 million at current prices — to nab their share of limited space on the fourth-ever Bitcoin halving block.

At 12:09 am UTC on April 20, Bitcoin miner ViaBTC produced the 840,000th block, triggering the automated protocol that cuts miner rewards by 50% from 6.25 BTC to 3.125 BTC per block.

Block 840,000 rapidly became the most sought-after piece of digital real estate in Bitcoin’s history with users dropping a total of37.67 BTC on fees, according to data from Bitcoin block explorer mempool.space.

bitcoin runes