{"id":604406,"date":"2024-04-22T08:30:05","date_gmt":"2024-04-22T08:30:05","guid":{"rendered":"https:\/\/wncen.com\/?p=604406"},"modified":"2024-04-22T08:02:36","modified_gmt":"2024-04-22T08:02:36","slug":"bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree\/","title":{"rendered":"Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree"},"content":{"rendered":"

Bitcoin miners have struck a proverbial goldmine, reaping an astonishing $107 million in profits, according to data from Glassnode,<\/a> a leading analytics platform. This unprecedented windfall, amassed on April 20th, underscores a significant shift in the revenue dynamics of Bitcoin mining operations.<\/p>\n

Related Reading: Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction<\/a><\/div>\n

The meteoric rise in transaction fees serves as a bellwether for the evolving economic landscape of Bitcoin mining. As the network adapts to new market demands and technological advancements, transaction fees have emerged as a crucial revenue stream for miners. This trend is particularly noteworthy given the scheduled reductions in block rewards, highlighting the resilience and adaptability of Bitcoin’s economic model.<\/p>\n

\n

According to glassnode, affected by the Runes minting activity, on April 20, Bitcoin miner revenue reached US$106.7 million, of which 75.444% came from network transaction fees, both reaching record highs. https:\/\/t.co\/lVSyqn1UaE<\/a> pic.twitter.com\/xjkkTor2I9<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) April 21, 2024<\/a><\/p><\/blockquote>\n

Runes-Fueled Minting Spree Boosts Miner Revenue<\/strong><\/h2>\n

Driving this surge in profitability is a recent minting spree focused on Runes<\/a>, a pivotal development that has left a tangible mark on the network’s dynamics. Reports indicate that a staggering 75% of the total profits stemmed from transaction fees, marking a new pinnacle in the distribution of revenue among BTC miners.<\/p>\n

\"\"<\/p>\n

Runes is similar to Ordinals; they both let users permanently store data directly on the Bitcoin<\/a> blockchain, like an inscription etched in stone. But there’s a key distinction in what they store: Ordinals are one-of-a-kind digital collectibles, similar to fancy trading cards.<\/p>\n

Runes, on the other hand, are designed to act more like meme coins, those widely tradable and often humorous tokens that have been a recent craze in the crypto world.<\/p>\n

<\/p>\n

BTCUSD trading at $66,144 on the weekly chart: TradingView.com<\/a><\/pre>\n
This paradigm shift in income composition underscores the growing importance of transaction fees as a vital income source, especially as block rewards face planned reductions in the context of Bitcoin’s halving system.<\/p>\n
This financial triumph comes amidst ongoing debates surrounding the sustainability and profitability of mining activities. With escalating energy demands and mounting regulatory scrutiny, the viability of mining operations has been called into question. However, the recent data paints a reassuring picture of the economic vitality of Bitcoin mining, demonstrating its resilience in the face of external pressures.<\/p>\n
Implications For Bitcoin’s Future<\/strong><\/h2>\n
Beyond the immediate financial gains, the surge in transaction fees holds profound implications for the future trajectory of Bitcoin. The unprecedented collection of fees signifies robust network activity and user engagement, indicating strong demand and utilization of the Bitcoin blockchain.<\/p>\n
This bodes well for the long-term sustainability and development of Bitcoin as a prominent digital currency, bolstering confidence among stakeholders and enthusiasts alike.<\/p>\n
Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge?<\/a><\/div>\n
Featured image from VistaCreate, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin miners have struck a proverbial goldmine, reaping an astonishing $107 million in profits, according to data from Glassnode, a leading analytics platform. This unprecedented windfall, amassed on April 20th, underscores a significant shift in the revenue dynamics of Bitcoin mining operations. Related Reading: Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction The meteoric rise in transaction fees serves as a bellwether for the evolving economic landscape of Bitcoin mining. As the network adapts to new market demands and technological advancements, transaction fees have emerged as a crucial revenue stream for miners. This trend is particularly noteworthy given the scheduled reductions in block rewards, highlighting the resilience and adaptability of Bitcoin’s economic model. According to glassnode, affected by the Runes minting activity, on April 20, Bitcoin miner revenue reached US$106.7 million, of which 75.444% came from network transaction fees, both reaching record highs. https:\/\/t.co\/lVSyqn1UaE pic.twitter.com\/xjkkTor2I9 \u2014 Wu Blockchain (@WuBlockchain) April 21, 2024 Runes-Fueled Minting Spree Boosts Miner Revenue Driving this surge in profitability is a recent minting spree focused on Runes, a pivotal development that has left a tangible mark on the network’s dynamics. Reports indicate that a staggering 75% of the total profits stemmed from transaction fees, marking a new pinnacle in the distribution of revenue among BTC miners. Runes is similar to Ordinals; they both let users permanently store data directly on the Bitcoin blockchain, like an inscription etched in stone. But there’s a key distinction in what they store: Ordinals are one-of-a-kind digital collectibles, similar to fancy trading cards. Runes, on the other hand, are designed to act more like meme coins, those widely tradable and often humorous tokens that have been a recent craze in the crypto world. BTCUSD trading at $66,144 on the weekly chart: TradingView.com This paradigm shift in income composition underscores the growing importance of transaction fees as a vital income source, especially as block rewards face planned reductions in the context of Bitcoin’s halving system. This financial triumph comes amidst ongoing debates surrounding the sustainability and profitability of mining activities. With escalating energy demands and mounting regulatory scrutiny, the viability of mining operations has been called into question. However, the recent data paints a reassuring picture of the economic vitality of Bitcoin mining, demonstrating its resilience in the face of external pressures. Implications For Bitcoin’s Future Beyond the immediate financial gains, the surge in transaction fees holds profound implications for the future trajectory of Bitcoin. The unprecedented collection of fees signifies robust network activity and user engagement, indicating strong demand and utilization of the Bitcoin blockchain. This bodes well for the long-term sustainability and development of Bitcoin as a prominent digital currency, bolstering confidence among stakeholders and enthusiasts alike. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? Featured image from VistaCreate, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":604420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,8080,87919,92110],"class_list":["post-604406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-halving","tag-ordinals","tag-runes"],"acf":[],"yoast_head":"\nBitcoin Miners Strike Gold, Gain $107 Million Profit<\/title>\n<meta name=\"description\" content=\"Bitcoin miners have struck a proverbial goldmine, reaping an astonishing $107 million in profits, according to data from Glassnode, a leading analytics\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree","url":"http:\/\/wncen.com\/news\/bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_cbc8cd.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_cbc8cd.jpg?fit=608%2C405"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto","halving","ordinals","runes"],"dateCreated":"2024-04-22T08:30:05Z","datePublished":"2024-04-22T08:30:05Z","dateModified":"2024-04-22T08:30:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-strike-gold-107-million-profit-from-runes-fueled-minting-spree\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_cbc8cd.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_cbc8cd.jpg?fit=608%2C405\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\",\"halving\",\"ordinals\",\"runes\"],\"dateCreated\":\"2024-04-22T08:30:05Z\",\"datePublished\":\"2024-04-22T08:30:05Z\",\"dateModified\":\"2024-04-22T08:30:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_cbc8cd.jpg?fit=608%2C405","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604406"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=604406"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/604420"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=604406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=604406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=604406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}