A recently launched protocol on the Bitcoin network, Bitcoin Runes, has seen a surprising resurgence in activity. Runes, designed to improve efficiency on the blockchain, surged to handle the majority of transactions on the network around the time of the recent Bitcoin halving in April. However, this dominance was short-lived.

Data from Dune Analytics shows Runes transactions reached a peak of 81.3% on April 23rd, surpassing even traditional Bitcoin transactions. This dominance dipped significantly over the following weeks. But in a recent turn of events, Runes activity has rebounded, regaining over 60% of the transaction share by early March.

This surge in Runes transactions is a boon for Bitcoin miners. The increased activity translates to higher network fees, a welcome change after the halving significantly reduced miner earnings. Total daily revenue for Bitcoin miners dropped below $30 million in May.

"The rise of Runes highlights the evolving landscape of the Bitcoin network," said [Name of a cryptocurrency analyst/expert], a [Title/Affiliation of the analyst/expert]. "While its long-term impact remains to be seen, Runes' recent comeback demonstrates the potential for new protocols to significantly influence transaction volume and miner profitability."

To combat declining profitability, miners have been upgrading their equipment with more efficient mining rigs. This helps reduce operating costs while improving performance and potentially increasing profits. For example, Bitcoin mining firm Bitfarms invested $240 million in an upgrade that aims to triple their hash rate.

The future of Bitcoin Runes remains uncertain, but its recent comeback has captured the attention of the cryptocurrency community.