Sirwin
Sirwin

22 Apr: Runes Fuel Bitcoin Miners Earnings


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-Thomas Fuller

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Happy Monday Folks! Bitcoin is trading up at $65,904 from over the weekend at $63,964 and flat from $66,604 a week ago; so basically the price hasn't moved all that much in 7 days.

CURRENT NEWS

Today, the Bitcoin "halving" was supposed to dramatically chop revenue of bitcoin mining companies. Instead, the simultaneous launch of Casey Rodarmor's Runes protocol has ignited a flurry activity on the oldest and largest blockchain, driving up fees. Meanwhile, Bitcoin transaction fees have significantly come down post-halving. 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. Bitcoin halving shows new users that ‘code is ultimately the law’ in crypto as Avalanche founder Emin Gün Sirer expects the crypto space to grow at least ten times larger in the long run.

Bitcoin miners are expected to face increased pressure due to lesser block rewards and squeezed profit margins. However, total miner revenue is currently about triple the pre-halving level ($107M in earnings due to Runes), the report noted and the spike in network fees indicates the level of developer interest in Bitcoin, and the fee revenue potential for miners, Bernstein said; the broker expects 15% of miner revenues to be network transaction fees on a sustainable basis.(3)

Bitwise CEO Hunter Horsley has predicted that wealth management firms will increase their Bitcoin exchange-traded funds (ETFs) in terms of holdings.(2) Bitcoin ETF demand turns negative around BTC halving as spot Bitcoin ETFs initially recorded inflows that significantly outpaced the daily mining output, but demand seems to have slowed. BlackRock's Bitcoin ETF, IBIT, poised to shatter major records as its 69-day inflow streak puts it on same shelf as ETF elite.

Several Swiss-based Bitcoiners are renewing attempts to get the Swiss National Bank to hold $BTC in its reserves by holding a referendum to change the country’s constitution — but they will need to convince more than 100,000 locals to sign a petition first.

RFK Jr. wants to put the entire US budget on a blockchain and is a big time Bitcoin and decentralized tech advocate who has promised to back the U.S. dollar with BTC if elected as president.

Mt. Gox trustee updates Bitcoin and fiat repayment timetable updated March 15 first then April 8 second then April 18 when BTC lines arrived.

MID-DAY

Bitcoin stalled its post-halving comeback at the April 22 Wall Street open as a “sea” of automated trading algorithms sold BTC. NYSE explores 24/7 trading, reflecting crypto market trends and survey probes stakeholder interest in all-time trading; 24X pivots from crypto to push for 24/7 stock trading.

The Digital Asset Proceeds From Broker Transactions draft indicates that taxpayers must fill out Form 1099-DA, which collects trader identification and detailed transaction data from crypto “brokers.”

Stacks begins 2-step rollout of major ‘Nakamoto’ overhaul and the upgrade seeks to solve congestion issues, and will officially launch in May.

WATCH

LISTEN

Podcasts of the Day: The Halving Show's Satoshi's Marketing Genius | The Breakdown

TIME MACHINE

A month ago, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again.(5)

A few weeks ago, UK had frozen $7.6M worth of Craig Wright's (Faketoshi) assets.(5) 

A couple weeks, Bitcoin mining companies had increased their selling activity but were still facing challenges like lower transaction fees and increasing mining competition.(2)

Last Week, nothing worth reporting really happened other than the price being down.

Over the Weekend, Bitcoin’s block reward slashed by 50% following 2024 halving.(4) ViaBTC has not only mined Bitcoin’s fourth halving block, but it has also mined the fourth ever “epic sat”. Bitcoin barely bobbles after halving hovering around $63K,(3) but Runes Protocol launches on Bitcoin, sending fees soaring as users rush to mint tokens; record $2.4M in fees on halving block.(3) 

 

 

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

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