On April 23, the Bitcoin network set a historic milestone by achieving the highest number of confirmed payments, coinciding with the growing acceptance of Bitcoin for everyday purchases. Only three days into the new halving cycle, the Bitcoin network has handled over 1.6 million distinct transactions between senders and receivers.
Surprisingly, on April 23, Runes accounted for 81.3% of all Bitcoin transactions, per Dune Analytics. However, BTC recaptured the majority of network transactions, accounting for 77.8% as of April 29, while Runes contributed 18.8%. The remaining transactions were ordinals (1.2%) and BRC-20 (2.3%) transactions.
Comparing statistics from Blockchain.com and Glassnode, an interesting pattern shows up: a notable spike in daily Bitcoin transactions coincided with the introduction of Bitcoin Runes, an exciting replacement for Bitcoin Ordinals and the BRC-20 protocol on the Bitcoin blockchain.
The surge of Bitcoin Runes transactions has proven extremely advantageous to the mining business. Major mining enterprises operating in the United States, such as Stronghold Digital Mining and Marathon, have attested to Runes’ good impact on both finances and functionality.
According to them, since the Bitcoin halving, Rune transactions have cost miners more than 1,200 BTC in transaction fees.
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