The recent minting of Rune 777 LEEROY•JENKINS has caused significant financial losses and increased network fees on the Bitcoin network. Approximately $97,000 (1.365 BTC) was lost on invalid mint transactions, as the Runes Protocol does not refund money if a mint transaction is not mined before the mint window closes. This event has led to a surge in Bitcoin network fees, reaching 150 sat/vB. Over the past 24 hours, a total of 20.9 BTC ($1,483,872) has been spent on minting Runes, with more than $1 million spent on network fees alone. The popularity of Runes has also surpassed that of BRC-20 tokens, with daily transactions for BRC-20 dropping below 10,000, while Runes-related transactions have consistently exceeded 150,000.
#Runes have surpassed BRC-20 tokens in popularity. Previously, #BRC20 transactions exceeded 200,000 daily but have now dropped below 10,000. Since the launch of Runes, there have consistently been at least 150,000 Runes-related transactions on the Bitcoin network. However,… https://t.co/VAGY8o620g
◆ Runes ◆ BRC20 2.0 ◆ TAP ◆ SRC20 Village Theory alive and well. Studying. Thriving. https://t.co/9rJpcroliI
Runes tamp down BRC-20 activity https://t.co/To1JBdWINr
Runes minting is heating up with over $1M spent today on network fees If you want to mint Runes @ord_io makes it dead simple Up to 4,000 mints in one click → https://t.co/7v5BKpbSC4
BREAKING: 20.9 BTC ($1,483,872) was spent over the past 24 hours to mint Runes Mint Runes → https://t.co/CYY7ZRIo7Y https://t.co/TFGmi5LtKW
Bitcoin Users Just Wasted $100K on Invalid Rune Mints ► https://t.co/9NKRGz5q2i https://t.co/9NKRGz5q2i
RUNES MINTING PSA: $97K was just lost on invalid mints of LEEROY•JENKINS. The way the Runes Protocol works is that if your mint transaction is not mined before the mint window closes then you still lose the money and also don't get the mints. You should think of a Runes mint as… https://t.co/5HoBZM6npM
BREAKING: Rune 777 LEEROY•JENKINS just minted out 6 mins ago sending Bitcoin network fees soaring to 150 sat/vB A total of 1.365 BTC ($97,662) was wasted on invalid mints → https://t.co/dlioyTCdMF https://t.co/muRs0pS225