Bitcoin Fees Soar as Miners Bet on Halving and New Revenue Streams

Bitcoin fees have surpassed Ethereum's for three consecutive days as miners and traders prepare for the upcoming halving event and the introduction of Runes. On April 17, Bitcoin miners collected $7.47 million in fees, exceeding Ethereum's $7.31 million. The increase in Bitcoin transaction fees comes at a crucial time for miners, as the halving will reduce their rewards by half. However, Ethereum maintains a significant lead in average fees over 7 days, with $8.55 million compared to Bitcoin's $7.57 million.

Bitcoin Fees Surge, Miners Betting on Halving and New Revenue Streams

In the lead-up to the highly anticipated Bitcoin halving event and the introduction of Runes on the Bitcoin blockchain, transaction fees on the network have surged, surpassing those of Ethereum for the third consecutive day.

Fees Spike Ahead of Bitcoin Halving

On April 17, Bitcoin miners collected a staggering $7.47 million in fees, nearly $160,000 more than the $7.31 million paid to Ethereum stakers, according to data from Crypto Fees. This surge in fees is a critical development for Bitcoin miners, as the upcoming halving event on April 20th is expected to reduce their rewards from 6.25 BTC ($398,000) to 3.125 BTC ($199,000).

To compensate for this revenue drop, miners will rely heavily on higher fees and a continued increase in Bitcoin's price. The surge in fees suggests that miners are optimistic about the future value of Bitcoin and are willing to invest in securing the network.

NFT-Like Inscriptions Boost Mining Revenue

The introduction of NFT-like Ordinals inscriptions in January 2023 has also contributed to the increase in mining revenue. Ordinals allow users to inscribe data, including images, videos, and text, directly onto the Bitcoin blockchain. This has created a new revenue stream for miners, as users pay fees to inscribe data.

Runes Anticipated to Further Boost Fees

The release of Runes, a new Bitcoin token standard, during the halving at block 840,000, is expected to further boost transaction fees. Runes will enable users to create and manage non-fungible tokens (NFTs) on the Bitcoin blockchain. This could lead to an influx of new transactions and higher fees for miners.

Doge Meme Image Rights Secured

In a separate development, Own The Doge, a decentralized autonomous organization (DAO) associated with the infamous Shiba Inu meme behind the Dogecoin (DOGE) token, has announced that it has secured the legal rights to the iconic image.

This move is expected to open up opportunities for partnerships with major brands and provide greater clarity around the copyright of the Doge image, which has been used widely in the crypto space and beyond.

Akira Ransomware Nets $42 Million

The United States Federal Bureau of Investigation (FBI) has reported that the Akira ransomware group has breached over 250 organizations and extracted approximately $42 million in ransomware payments since March 2023.

The ransomware, which initially targeted Windows systems, has recently evolved into a Linux variant as well. The FBI, in collaboration with international cybersecurity agencies, has issued a joint advisory to alert organizations of the threat.

The Akira ransomware group demands payments in Bitcoin from victims to restore access to their systems. The malware often disables security software after gaining access to evade detection.

Security Recommendations

The FBI and other cybersecurity agencies recommend organizations implement robust security measures, including:

• Regularly testing security systems against the MITRE ATT&CK tactics identified in the advisory
• Regularly updating software and firmware
• Implementing strong authentication mechanisms
• Backing up data regularly
• Conducting regular security audits

By following these recommendations, organizations can mitigate the risk of falling victim to ransomware attacks and protect their sensitive data.