While the rewards given to miners for creating each block halved, they were more than compensated by an explosive surge in transaction fees paid by users.data, the iconic halving block – 840,000 – saw a whopping 37.62 BTCs in fees collected by miners, worth nearly $2.4 million at prevailing market prices. Combined with the slashed block subsidy of 3.12 BTCs, miners earned more than $2.6 million from the block. Several blocks after the halving also raked in more than a million in fees.
Developed by Casey Rodmarmor who also introduced the Bitcoin Ordinals concept last year, Runes also allows users to mint tokens on the Bitcoin chain. Unlike Ordinals inscriptions, however, every unit of Rune is the same, meaning they can be interchanged., about 1171 Runes had been “etched” – the term given for their creation on the chain – at press time. Total transactions were approaching 44,000, with $12 million collected in fees.
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