Amidst the surging adoption of Bitcoin for everyday purchases, the Bitcoin network achieved a remarkable milestone on April 23 by recording the highest number of confirmed payments.
After just three days into the new halving cycle, the Bitcoin network processed over 1.6 million unique transactions between senders and receivers.
An intriguing correlation emerges when comparing data from Blockchain.com and Glassnode: the launch of Bitcoin Runes, an exciting alternative to Bitcoin Ordinals along with the BRC-20 protocol on the Bitcoin blockchain, sparked a significant surge in daily Bitcoin transactions.
Remarkably, on April 23, Runes accounted for a staggering 81.3% of all Bitcoin transactions, as reported by Dune Analytics. However, BTC eventually reclaimed the majority share of transactions over the network, representing 77.8% as of April 29, while Runes contributed 18.8%. The remaining transactions comprised ordinals (1.2%) and BRC-20 (2.3%).
The rise in Bitcoin Runes transactions has proven highly beneficial for the mining industry. Major mining firms like Stronghold Digital Mining and Marathon, operating in the United States, have attested to the positive impact of Runes both financially and functionally.
According to them, Rune transactions have added over 1,200 BTC worth of transaction fees to miners since the Bitcoin halving took effect.
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