{"id":12984,"date":"2024-04-26T17:35:14","date_gmt":"2024-04-26T14:35:14","guid":{"rendered":"https:\/\/forklog.com\/en\/terawulf-ceo-describes-runes-as-a-lifeline-for-bitcoin-miners\/"},"modified":"2024-04-26T17:35:14","modified_gmt":"2024-04-26T14:35:14","slug":"terawulf-ceo-describes-runes-as-a-lifeline-for-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/terawulf-ceo-describes-runes-as-a-lifeline-for-bitcoin-miners\/","title":{"rendered":"TeraWulf CEO Describes Runes as a ‘Lifeline’ for Bitcoin Miners"},"content":{"rendered":"

The launch of the Runes protocol has significantly bolstered miners’ revenues post-halving through increased fees, according to TeraWulf co-founder and CEO Nazar Khan in an interview with Cointelegraph<\/a>.<\/p>\n

On the day of the fourth block reward halving on April 20, the average transaction fee surged to a record $128.45. According to BitInfoCharts<\/a>, this figure has since adjusted to approximately $13.<\/p>\n

At least in the first day or two, transactions with Runes significantly increased fee volumes, leading to a rise in hash price<\/span>, Khan acknowledged.<\/p>\n

With the fixed block reward reduced from 6.25 BTC to 3.125 BTC, this has become a ‘wild card’ for Bitcoin miners, he added. <\/p>\n

Daily miner revenue fell from $107.7 million on the day of the halving to $36.4 million by April 25. The share of fees in this figure dropped from 75% ($81 million) to 19% ($7.06 million) respectively.<\/p>\n

\"miners-revenue-1\"
Data: Blockchain.com<\/a>.<\/figcaption><\/figure>\n

In the preceding days, fees accounted for up to 30% of miners’ revenue. According to Khan, at this level, it represented an additional income of 1 BTC per block, which is ‘significant.’<\/p>\n

When planning profitability post-halving, the company assumed a Bitcoin production cost of $37,000 with a 10% fee share. Any excess over this figure means mining at TeraWulf becomes more profitable, Khan emphasized.<\/p>\n

According to CoinShares experts, the average fee share in revenue over the coming months is expected to be around 15%. Only on peak days will the figure reach 30%, the company suggested.<\/p>\n

The initial excitement around Runes has noticeably waned since its launch: the transaction share dropped from a peak of 81% to 30%, according to dashboard data on Dune<\/a>. In terms of fees received by miners, the figure decreased from 69.5% to 16%.<\/p>\n

\"Runes-Google-Chrome-1\"
Data: Dune.<\/figcaption><\/figure>\n

Analysts at Franklin Templeton have identified Runes, alongside Ordinals, L2 solutions, and DeFi primitives, as one of the main drivers of renewed innovation in Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

The launch of the Runes protocol has significantly bolstered miners’ revenues post-halving through increased fees, according to TeraWulf co-founder and CEO Nazar Khan in an interview with Cointelegraph. On the day of the fourth block reward halving on April 20, the average transaction fee surged to a record $128.45. According to BitInfoCharts, this figure has […]<\/p>\n","protected":false},"author":1,"featured_media":12983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,1137,1505],"class_list":["post-12984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-cryptocurrency-mining","tag-runes"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12984"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12983"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}