The floor price for the Runes NFT collection has also come down. Runes was supposed to be the tool that maintained fee revenue post-halving, a metric created by Luxor to quantify how much a miner can expect to earn from a specific quantity of hashrate, has also dropped from $182.98 per hash/day to $81, a level below where it was at pre-halving.
While bitcoin miners anticipated that the halving would significantly cut revenue, the introduction of Casey Rodarmor’s Runes protocol – designed to create fungible tokens on Bitcoin –at the halving, was supposed to be the antidote to this, given the level of activity it would create on-chain. Instead, in the initial days after the event, floor prices for the runestone NFT collection have dropped by almost 50% in the last 24 hours with a floor price of nearly 0.037 BTC,It should be noted that these ordinal collections also generate considerable transaction fees but don’t appear to be the same revenue source as many hoped Runes would be.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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