Bitcoin Runes has reclaimed its position as the top protocol on the Bitcoin network, surpassing the original Bitcoin, Ordinals, and BRC-20 tokens in terms of daily transactions. The Runes protocol was launched on April 20, coinciding with the fourth Bitcoin halving, with the aim of improving efficiency on BRC-20, an experimental standard for fungible tokens on the Bitcoin blockchain.
According to data from Dune Analytics, Runes-related transactions accounted for the majority of transactions on the Bitcoin network until April 24. On April 23, Runes claimed the highest transaction share at 81.3%, pushing Bitcoin’s transaction share down to 18.15%, while Ordinals and BRC-20 transactions each accounted for 0.1%. However, Runes transactions gradually declined over the next nine days until May 2.
However, starting from May 3, Runes began to recover. On May 4 and 5, it regained its transaction share, surpassing 60%.
The increase in transactions has inadvertently led to higher network fees, which has benefited Bitcoin miners. In just 16 days, the Runes protocol generated 2,253 BTC in fees for the mining community.
The rise in fees is particularly welcome for miners, as their earnings have significantly decreased since the Bitcoin halving. In May, total revenue for Bitcoin miners dropped to under $30 million per day.
To maintain profitability, miners have been upgrading their mining rigs to reduce operating costs and improve performance. Bitcoin mining firm Bitfarms has allocated $240 million for its upgrade, which will triple its hash rate to 21 exahashes per second. Additionally, Bitfarms has been selling most of the Bitcoin it has mined over the past two months as it continues to reinvest in expanding its mining fleet.