Interest in the Runes protocol has been steadily declining, further reducing the already declining revenues of Bitcoin miners. While roughly half of the transactions on the Bitcoin network are still linked to the Runes protocol, the number of transactions has dropped from 800,000 on April 23rd to less than 350,000.

This, of course, has been reflected in transaction fees. According to figures provided by The Block, the 7-day moving average of transaction fees, which had been as high as $40, is now below $10 and continues to fall. On the next day of Halving, Bitcoin miners were paid a total of $80 million.

All-time low reached

According to Block, Bitcoin miners’ revenues have dropped as low as $0.048 per terahash per second, an all-time low. However, it is worth noting that the 3.125 BTC miners earn per block today is much higher than the 25 BTC earned in 2013.

Giant facilities are on the way…

Miners who bought thousands of machines and opened new facilities before the halving, and will continue to do so, are struggling to beat each other in this race. From Bitfarms to RIOT to Cleanspark, many mining companies will open new facilities with thousands of devices to be delivered in Q3 2024.