The post Bitcoin Users Just Wasted $100K on Invalid Rune Mints appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Nearly $100,000 in BTC was vaporized on invalid Rune Protocol mints, according to Bitcoin Ordinals and Runes explorer Ord.io. On Wednesday, the specialized tracker tweeted that 1.365 BTC (worth approximately $97,662) was lost by users attempting to mint Rune 777, also known as LEEROY JENKINS. Runes is a fungible token protocol on the Bitcoin network that lets users “etch” and mint tokens on the world’s largest blockchain. “The way Runes minting works is there is a mint window in which all Runes minting transactions are valid,” pseudonymous Ord co-founder Leonidas explained to Decrypt—for example, from block 840,000 to block 841,000. “Towards the end of every Runes mint, people rush to get their mint transactions mined before the window closes.” In the above example, Leonidas explained, if a mint transaction was mined in block 841,001, the collector would have paid the network fees to no avail. “If you fail to get your transactions in there, you lose your BTC and don’t receive Runes,” Leonidas said. “This is just how the protocol works.” Toward the end of popular mints, he added, demand for minting outpaces the supply of space in a blockchain block. 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 — Leonidas (@LeonidasNFT) June 5, 2024 According to the Ord website, LEEROY JENKINS has a max supply of 69.4 million and currently…

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Filed under: News - @ June 7, 2024 12:18 am