Bitcoin experiencing ‘DeFi summer’ moment as miners rake in record $100 million post-halving: Bernstein
Quick Take
- Bitcoin is experiencing a “DeFi summer” moment akin to Ethereum’s in 2020 amid the launch of a new token protocol called Runes, analysts at Bernstein said.
- Bitcoin miners generated over $100 million in rewards on April 20, with around $80 million just from transaction fees alone.
Transaction fees exceed subsidy rewards for over 100 blocks
After halving block 840,000 generated $2.4 million in fees — far exceeding the approximate $200,000 worth of block subsidy reward — bitcoin went on a record 104-block run of transaction fee rewards being higher than the subsidy, according to the Bitcoin explorer Mempool.
“Bitcoin is on a record 100 block streak of transaction fees exceeding the block subsidy. Great to see the experiment playing out and proving the theory that fees can sustain the thermodynamic security budget!,” Jameson Lopp, co-founder at Casa, said.
