Bitcoin-based protocols like Ordinals, Runes and BRC-20s will continue to boost transaction fees for miners faced with the “indisputable” impact of halving events every four or so years.
Each Bitcoin halving sees Bitcoin miners rewarded with a smaller block subsidy, but ViaBTC is optimistic that innovative Bitcoin applications will more than cover these needs, as Satoshi Nakamoto envisioned.
“ evolution has led to an expanding array of use cases and a growing user base has significantly impacted miners’ fee income from on-chain transactions,” ViaBTC told Cointelegraph in a recent interview.in January 2023, miners relied on peer-to-peer transaction fees to accompany the block subsidy — which halves every 210,000 blocks and thus has an “indisputable” impact on miners’ revenue over the long haul, ViaBTC said.
The reward, which totaled 40.7 BTC when factoring in the new 3.125 BTC block subsidy, came from memecoin and nonfungible token enthusiasts competing to inscribe “rare satoshis” and fungible tokens via the new Runes token standard, which launched at the halving block.ViaBTC told Cointelegraph it had a “premonition” that transaction fees would eventually break the 30, 40, 50 BTC barrier but didn’t expect they would be the beneficiaries of such a massive reward — let alone at the halving block.
“If these transactions find broader utility in the future and make significant technological advancements, they may garner increased attention and recognition,” ViaBTC added.
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