In mid-April of this year, Bitcoin will undergo its most recent halving event, meaning a 50% reduction in rewards for miners. Generally speaking, this event is seen as bullish for bitcoin, and the halvings of the past have all been followed by significant gains in the price of bitcoin. Of course, this comes at the immediate cost of revenue for those mining the asset.This time may be different, though.
Despite their efficiency, Runes still represent yet another type of asset that will be in-demand in the post halving era, further driving up Bitcoin blockspace demand, network activity, and, subsequently, miner fees. Taken alongside the recent influx of funds from ETFs, this situation stands to offset, if not entirely replace, the income that previously was generated from mining rewards alone.
Fortunately, there are some paths forward being explored right now that aren’t built on Layer 2’s. For example, there has been ato reintroduce the “OP_CAT” opcode that would allow for multiple script variables to be concatenated into one, which would significantly improve the ability for developers to build on top of the network and deploy new services in a highly efficient manner.a Bitcoin transaction is spent.
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