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Bitcoin Miners Reap Rewards From Runes, Eminem Endorses Crypto.com, and Solana Trader Flip Yields Millions

Algoine News
Summary:
Bitcoin miners are mitigating the supply shock from reduced block rewards through increased transaction fees provided by the implementation of Runes. A solo Bitcoin miner managed to solve a block alone, earning a full reward of 3.125 bitcoins. In other news, American rapper Eminem publicly endorsed Crypto.com, while a trader has profited over $23 million flipping memecoins on the Solana blockchain.
Runes, a feature in the Bitcoin blockchain, has allowed Bitcoin miners to counterbalance the decrease in block rewards, boosting profit margins. Meanwhile, popular American recording artist, Eminem, has given his stamp of approval to Crypto.com. Bitcoin miners have experienced relief from the projected decline in block rewards due to the incorporation of Runes. This feature has resulted in significantly higher transaction fees. Major US-based mining companies Stronghold Digital Mining and others have seen financial and operational benefits from Runes, as voiced by Greg Beard, Stronghold Digital Mining's CEO. Following the halving of Bitcoin, Beard stated that the initial post-halving week saw a predictable dip in mining revenue from slashed Bitcoin returns. However, it was Runes that counterbalanced this anticipated slump. According to Beard, the loss in rewards was compensated by an unexpected surge in transaction fees. In a rare display of mining prowess, a lone Bitcoin miner solved an entire block independently, bagging the whole block bounty of 3.125 bitcoins, approximately worth $195,000. Con Kolivas, who supervises the ckpool single mining pool, confirmed on April 28th that the miner successfully solved history's 282nd solo block. Mining a complete Bitcoin block singlehandedly is a rare occurrence. In the entire history of Bitcoin, this feat has been accomplished just 282 times out of over 841,300 blocks since the inception of Bitcoin 14 years ago. Eminem is the latest celebrity to publicly support Crypto.com via his April 26 social media post. His endorsement follows Matt Damon, who backed the crypto exchange right during the bullish market of October 2021. The cryptocurrency realm has had scarce celebrity endorsements since 2022 due to several prominent business failures leading to a prolonged bear market till 2023. The most devastating of these was FTX, resulting in its former CEO receiving a 25-year prison sentence. Reactions to Eminem's endorsement have been mixed, with some users altering the rapper's lyrics to suit the crypto universe. Meanwhile, a trader trading Solana's meme-themed tokens bagged a substantial profit of $23 million. Solana Name Service account "paulo.sol" traded Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK) tokens, yielding over $22.83 million from flipping Solana-related meme tokens in total. While the trader has already garnered millions in profits, the account still holds BODEN tokens worth $7.6 million and WIF tokens valued at $5.7 million as of reporting time. The information in this article is not intended as investment advice or recommendations. Trading and investing involve risks and investors are advised to do their research and make informed decisions. Geraint Price, Sam Bourgi, and Felix Ng contributed to this report.

Published At

4/29/2024 3:54:00 PM

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