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Analysts predict that Bitcoin miners may face challenges after the halving event, amidst a spike in transactions and record-breaking fees after the RUNES protocol introduction.
According to CryptoQuant, despite the halving that cut block rewards in half, miners are still making more money every day because of higher transaction fees. The data shows that on the day of the halving, transaction fees saw a record-breaking surge in relation to overall miner earnings, indicating continued operation after the halving.
The network received an update, but overall network hashrate has been reasonably steady, according to CryptoQuant’s findings. The fact that miners are still operating at pre-halving speeds and the network hashrate is at about 617 EH/s is indicative of this stability.
“Although it is still too early to see any long-term effects of the halving on the network hashrate, miners seem to be running operations at the same rate as before the halving.” – CryptoQuant
Analysts attribute the surge in transaction fees to the introduction of the RUNES protocol. This protocol, facilitating the issuance and transfer of fungible tokens on the Bitcoin network, has contributed to the heightened transaction activity and subsequent fee increases.
Bitcoin’s fourth halving, which occurred on Apr. 20, sparked considerable interest, particularly in its comparison to gold’s scarcity. Glassnode analysts note a historic milestone with BTC issuance rates dipping below those of gold for the first time, signaling a significant narrative shift surrounding the two assets. The next anticipated Bitcoin halving is slated for April 2028.