Historic Drop in Bitcoin Revenue Leaves Miners Struggling

August 4, 2024 Bitcoin.com

Bitcoin

After peaking at 677 exahash per second (EH/s) on July 25, Bitcoin’s network hashrate declined to 629 EH/s as of Aug. 4. The recent uptick in Bitcoin’s mining difficulty, coupled with the subsequent drop in its price, has driven bitcoin mining revenue to record lows. Monthly Bitcoin Fee Revenue Drops 75%, Hashrate Slides 48 EH/s […]

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Average Onchain Bitcoin Fees Drop Below $2, Lowest in Over 250 Days

July 14, 2024 Bitcoin.com

Average Onchain Bitcoin Fees Drop Below , Lowest in Over 250 Days

Average Fee

Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, with current onchain fees at 15.5 satoshis per virtual byte (sat/vB), translating to $1.54 per transfer. Bitcoin Fees Hit 10-Month Low Onchain Bitcoin fees have fallen to levels not seen since October 2023, spanning more than 250 days. Over the […]

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Coinmetrics Report: Bitcoin Mining Faces Turbulence in Q2 2024

July 2, 2024 Bitcoin.com

Bitcoin

Bitcoin miners experienced a challenging second quarter in 2024, marked by a 7% decline in hashrate following the halving event. Despite this, the industry saw significant efficiency improvements and notable market activity, according to a Coinmetrics report. Bitcoin Mining Faces Pressures and Efficiency Improvements in 2024 Second Quarter In the aftermath of Bitcoin’s halving in […]

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Runes TXs on Bitcoin have tanked over 88% this month

June 30, 2024 Coin Telegraph

Bitcoin Miners

Bitcoin miners have earned less than 2 Bitcoin combined from Runes transactions over the last six straight days — an enormous drop from its record 884 Bitcoin on April 24.

Runes, a new token standard on the Bitcoin blockchain, has seen its daily average transaction count plummet over 88% from its highest point this month.

Daily Runes transactions averaged out at 37,820 between June 22-28, marking a near-90% fall from the 331,040 daily average seen between June 9-15, according to Dune Analytics data from Crypto Koryo.

It includes 23,238 transactions made on June 24 — the lowest since the protocol launched at Bitcoin’s fourth halving event on April 20.

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Rapid Fluctuations in Bitcoin Fees Cause Brief Spike in Hashprice

June 9, 2024 Bitcoin.com

Bitcoin

Bitcoin’s hashprice, representing the anticipated value of one petahash per second (PH/s) per day of hashing power, climbed to $95 per petahash on June 8, marking the highest level since the halving. The increase derived from a rise in onchain fees. However, by the following day, bitcoin fees had substantially decreased, causing the hashprice to […]

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Bitcoin’s Scaling Dilemma: Binance Report Sheds Light on BTC’s Enhancement Hurdles

May 30, 2024 Bitcoin.com

Binance

Amidst the backdrop of this year’s skyrocketing BTC transaction fees and a congested network, the latest Binance Research report, “The Future of Bitcoin #3 – Scaling Bitcoin,” unveils several approaches to addressing Bitcoin scalability. As average onchain fees have climbed in 2024, Binance researchers say stakeholders across the ecosystem are poised to redefine Bitcoin’s infrastructure […]

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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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Ethereum Transaction Fees Slide Nearly 94% Over the Past 68 Days

May 12, 2024 Bitcoin.com

bitcoin.com

Similar to Bitcoin’s onchain fees, the cost of transacting on the Ethereum network has recently seen a significant decline. Over the previous 68 days, since March 5, 2024, Ethereum’s network fees have fallen by 93.7%, from $30.33 per transfer to $1.91 per transaction. Declining Ethereum Fees: A 68-Day Overview Transacting on the Ethereum blockchain has […]

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Runes protocol sees significant decline in activity

May 12, 2024 Coin Telegraph

Bitcoin

Despite generating hundreds of thousands of dollars in daily fees, Runes has only surpassed $1 million in total fees twice in the last twelve days, signaling a notable decline.

The Runes protocol’s activity has decreased significantly since its first week of trading. On May 10th specifically, there was a notable decline in activity, with very few new mints and new wallets interacting with the protocol compared to previous periods.

According to a Dune analytics dashboard compiled by Runes Is, the protocol’s fee revenue has been declining steadily. Although Runes still earns hundreds of thousands of dollars daily in fees on the Bitcoin blockchain, the total fees have only surpassed $1 million on two occasions in the last twelve days, indicating a significant downward trend.

Runes is a new Bitcoin (BTC) token standard that allows users to create fungible tokens on the blockchain. They were created by Casey Rodarmor, the creator of Ordinals, which enabled Bitcoin nonfungible tokens.

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Solana could flip Ethereum in transaction fees within a week: Report

May 8, 2024 Coin Telegraph

blockchain scalability

The potential flip could further cement Solana’s status as an “Ethereum-killer,” which has been questioned due to the recent network outages.

The Solana network could be on track to overtake the Ethereum network in transaction fees, a potentially significant development for Solana’s status as a so-called “Ethereum-killer.”

Solana could flip Ethereum’s transaction fees as soon as this week, according to Dan Smith, senior research analyst at Blockworks, who wrote in a May 7 X post:

Captured MEV, or Maximal Extractable Value, refers to profits that are mostly captured through arbitrage trading on the protocols. MEV measures the maximum amount of value that can be extracted from a blockchain by a user or a group of users.

Transaction Fees

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