Last week, The Block’s Data & Insights newsletter talked about the crazy impacts the hype around Runes was having on the Bitcoin network. Specifically, the new token standard that launched at the halving helped push both the number of transactions and the amount of fees being paid on the network to new all-time highs.
The fees during the initial excitement around Runes did seem to reach an unsustainable level. The 7-day moving average of the average transaction fee on the network hit $40, which is much higher than normal and not a price many users want to pay. The average has fallen back below $10 already as activity on Bitcoin has normalized.
The jump in fees right as Runes launched helped stave off the impact of the 3.125 BTC reward. Over $80 million was paid in transaction fees the day after the halving, helping bolster miner revenue. The 7-day moving average of bitcoin miner revenue per terahashes per second has fallen to $0.048, an all-time low. While a 3.125 BTC block reward now is worth more than a 25 BTC block reward in 2013, the amount of miners on the network has also jumped, making it all the more harder to actually earn the subsidy.
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