{"id":11824,"date":"2024-04-21T13:37:08","date_gmt":"2024-04-21T06:37:08","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=11824"},"modified":"2026-06-15T16:47:43","modified_gmt":"2026-06-15T09:47:43","slug":"rune-and-ordinal","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/insights\/rune-and-ordinal\/","title":{"rendered":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof"},"content":{"rendered":"

Referred to by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of inscriptions and BRC-20 tokens embedded as extraneous information in Bitcoin transactions. This offers zero advantages over altcoins or NFTs besides bragging rights that it is \u2018on Bitcoin\u2019.<\/p>\n

These transactions take up a lot of block space, and resulted in Bitcoin fees spiking last December. And now they are back, as their users fought to inscribe \u2018special sats\u2019 on the halving block.<\/p>\n

Added to this, a new Bitcoin inscription called Runes was launched right on the Bitcoin halving. Rune names are granted on a first-come, first-served basis, causing a land rush for the best names. This has resulted in a lot of on-chain activity and record-breaking Bitcoin transaction fees.<\/p>\n

Who wins in this exchange? The miners, of course. According to Clark Moody<\/a>, 9 of the 10 most profitable blocks ever were mined today<\/i>. The value is the block reward in USD.<\/p>\n

\"Clark<\/p>\n

The second most rewarding block ever was the 2024 halving block at height 840,000, raking in 40.7 BTC worth $2.6 million USD, comprising a $200k block reward and $2.4m in transaction fees.<\/p>\n

\"Bitcoin<\/p>\n

Who loses in this exchange? Sadly it\u2019s us, the users competing for block space and facing some of the highest transaction fees we\u2019ve ever seen. Right now fees are ~700 sat\/vbyte, costing over $60 for a simple transaction. This is down from earlier today, when fees were above 1,000 sat\/vbyte and $100.<\/p>\n

\"Bitcoin<\/p>\n

This Ordinal hype cannot last. The halving is over, and even if there was resalable value on a transaction in the halving block (which I strongly contest for a variety of reasons), the same could hardly be said for a random block a few hundred blocks after.<\/p>\n

Runes take up less space than Ordinals, so hopefully, once the initial rush is over, they won\u2019t be too much of a nuisance.<\/p>\n

It\u2019s likely we haven\u2019t seen the last of Runes and Ordinal spam on the blockchain. But just like ICOs and NFTs, BRC-20 tokens and inscriptions should eventually play out as supply exceeds demand.<\/p>\n

\u2014<\/p>\n

Still want to move your Bitcoin during times of insane on-chain fees?<\/i><\/p>\n

BitcoinVN supports <\/i>deposits and withdrawals via Lightning<\/i><\/a> as well as the <\/i>Liquid network<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Rune and Ordinal minting drove Bitcoin fees sharply higher around the 2024 halving block, rewarding miners while users faced expensive transaction fees.<\/p>\n","protected":false},"author":13,"featured_media":11828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3814,10549],"tags":[],"class_list":["post-11824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-featured-sub-panel"],"yoast_head":"\nRune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BV Insights<\/title>\n<meta name=\"description\" content=\"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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