Miguel Morales

·Bitcoin blockchain bandwidth usage exceeds 90% after the halving, driven by new token standards and increased transaction volume.

Bitcoin blockchain bandwidth usage has surpassed 90% for the first time since the halving event in April, indicating a substantial increase in network activity.

Despite facing an ‘extended level’ of fear, uncertainty and doubt (FUD), Bitcoin adoption, transaction and trading activity remain unchanged.

Dune Analytics user Cryptokoryo charted the decisive moment on June 20, where BTC’s 91.4% dominance surpassed 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals in the transactional participation.

There is always room for improvement with Rune

The increase in bandwidth usage after the halving can mainly be attributed to the adoption of new token standards, including Runes and BRC-20.

Data from Dune Analytics shows a significant increase in transactions involving both token standards, especially on April 23, when transactions with Runes surpassed 750,000.

New token standards

In a conversation with Cointelegraph, Bitfinex analysts explained that:

“New token standards like BRC-20 and Ordinals have also contributed to greater incentive to build on top of BTC rather than other chains, as the Bitcoin ecosystem continues to gain more relevance in the minds of developers.”

Runes were designed to establish fungible tokens on the BTC blockchain and have gained widespread traction, resulting in high transaction volume.

Along with the adoption of BRC-20 tokens, this increase in more complex transactions and interaction with the BTC blockchain significantly increased the chain’s bandwidth load.
Post-halving impact

The recent BTC halving event in April, which reduced block rewards for miners by 50%, led miners to prioritize transactions with higher fees to offset the reduction in rewards.

Written by Miguel Morales

Passionate about crypto, blockchain, NFTs, finance, politics, and the stock market, drives innovation and progress in these fields.