Jaleel, BlockBeats: Bitcoin Halving Approaches, Another Group of People Makes a Fortune
With only over a thousand blocks left until Bitcoin halving, the Bitcoin ecosystem in April has undoubtedly become the focus of the market. Among them, the hottest topic is undoubtedly the Runes concept, especially the Runestone with a market value of 640 million US dollars, which has skyrocketed to 0.074 BTC, surpassing Bored Ape Yacht Club (BAYC) and becoming the second largest project in the NFT market.
Not only Runestone, but also in the magiceden market, 8 out of the top 25 NFTs with the highest trading volume are related to the Runes concept. Since April, the NFT trading volume in the Bitcoin ecosystem has far exceeded that of Ethereum and Solana, with the Runes concept NFTs accounting for the largest proportion.
Supporting these trading volumes is the “mining” Runes projects, which will calculate the number of airdropped Runes tokens based on the holding time and quantity, just like “mining machines” after halving.
RSIC is one of the earliest projects with “mining” attributes. It has been over two months since its tokens were airdropped to wallets. With about a week left before Bitcoin halving is completed, how much money do early adopters expect to make?
Because Runestone has not yet announced specific airdrop rules, and RSIC, which has more detailed airdrop rules, has already had a trading market on the OTC platform whales.market, making it easier to calculate profits, this article mainly focuses on RSIC to calculate and discuss “How much money can the earliest participants in the Runes pre-mining earn?”
Earnings Prediction: Taking RSIC as an Example
Before calculating the earnings, BlockBeats first provides a brief introduction to the RSIC project for new users.
RSIC is a Bitcoin-based peer-to-peer runic allocation system, with its core construction being a digitized interactive game. On this platform, players obtain runes by managing and operating RSIC tokens, which are expected to be officially “engraved” on the Bitcoin network at some point in the future. Currently, RSIC’s trading price is 0.06 BTC. Regarding the RSIC Metaprotocol, the total issuance of NFTs is 21,000, and the total issuance of FT (tokens) is about 21 billion, of which the project reserves 10% of the NFT shares.
In addition, when mentioning RSIC, one of the most frequently discussed topics is the mysterious issuer of this project. Initially, there were rumors that it might be the work of Casey, the founder of Ordinals, but this speculation was quickly refuted as Casey became deeply involved in the game world of “Baldur’s Gate 3”. The currently widely accepted view is that RSIC may have been deployed by Rocktoshi, the founder of Node Monkeys, based on the fact that all parent inscriptions’ casting funds come from the same address. Refer to Dr. Jin Dog’s analysis on Twitter for details.
The Key to Maximizing Profits
The token airdrop rules of RSIC are very clear and involve 4 variables.
The first variable is “Flat Normal”: This variable involves the number of blocks held and stipulates that each block can receive 21 RSIC tokens, totaling no more than 30% of the total airdrop.
The second variable is “Boosted Acceleration”: Users who hold the Boost Accelerator can get double mining efficiency. This is the relevant boost logic Easter egg engraved on the 4,703,400,000,000th Satoshi.
The third variable is “Random Allocation”: It accounts for 25% of the total airdrop, plus the unallocated Flat and Boost portions. Each RSIC corresponds to a specific type code symbol. When the last digit of the block hash value is consistent with the user’s RSIC symbol, the user can receive 336 RS tokens. Considering the 16 possibilities of the last digit of the hash value, theoretically, there is one successful opportunity every 16 blocks, which is equivalent to an average of 21 tokens per block.
The fourth variable is “Halfening Lottery”: At a specific halving block of 840,000, the project will randomly select 5 addresses holding RSIC Metaprotocol NFTs and distribute 15% of the total tokens (allocation ratios of 5%, 4%, 3%, 2%, and 1%). Users who hold blocks from 830,000 to 840,000 will receive one lottery ticket for each block held. If sold before halving, they will lose the qualification for the lottery.
Users who hold both RSIC and Boost are expected to mine a total of 63 tokens per block, while users who only hold RSIC are expected to mine a total of 42 tokens per block. It is worth mentioning that even if you have sold RSIC, the quota accumulated during the holding period is still recorded in your wallet address.
It is also important to note that only activated RSIC addresses are eligible to receive airdrops. Any RSIC that has been transferred or traded on the market is considered activated. This operation is designed to ensure that only active wallets can participate in token distribution, excluding any dormant wallets, and ensuring the fairness and activity of the airdrop.
Easily Earn $10,000 Before Halving
Currently, on the OTC platform whales.market, the buyer’s price for RSIC runic tokens is mainly concentrated at 0.01u, corresponding to a total market value of 210 million US dollars. Recent transaction records show that the highest unit price is 0.025, 0.0349, and 0.0374 USD, corresponding to market values of 500 million, 730 million, and 780 million US dollars, which are close to Runestone’s market value of 640 million US dollars.
However, compared to the continuous rise of Runestone, the NFT market for RSIC shows a downward trend. Optimistically, compared to the peak price of 0.13 BTC, although the market value of RSIC has decreased, part of its value and market value actually lie in the tokens.
According to BlockBeats’ analysis, currently purchasing an RSIC at a price of 0.06 BTC and paying an additional 0.005 BTC to purchase a boost accelerator, the total cost is approximately $4,700. At the time of writing, there are still 1,167 blocks left until halving. It is estimated that each block can obtain 63 tokens, totaling 73,521 tokens. This means that the token cost at the halving point is about $0.0639. This price is much higher than the off-market price on whales.market.
If we do not consider the potential value that RSIC may still have after airdropping Runes tokens, and only consider the cost and price of obtaining tokens, it is obviously more appropriate to directly buy off-market tokens now.
According to the information obtained by BlockBeats from early users, the price of RSIC when it first went online in the magiceden market was 0.02 BTC. At that time, buying an RSIC and holding it until the halving period, without using boost, it is estimated that you can earn 520,000 points. Calculated at a conservative price of $0.01, the profit is about $5,200, plus the increase in the value of RSIC itself, that is, the purchase price of 0.02 BTC can bring an additional profit of 0.04 BTC, equivalent to $2,800. Adding other projects such as the Rune Mania Mine’s airdrop to RSIC Boost holders, the estimated total comprehensive profit is about $10,000. If you hold boost, the expected points will reach 700,000, and the corresponding profit is estimated to be about $13,000.
From a non-conservative perspective, if RSIC is obtained entirely through airdrops, it is equivalent to directly obtaining an NFT worth 0.06 BTC, with a profit of about $4,260. Assuming 700,000 points are calculated at a price of $0.035, the profit is $24,500. Adding the $2,000 profit brought by other project airdrops, the total profit is estimated to be about $30,000.
In the short term, Bitcoin halving and the official launch of Runes may trigger strong market sentiment (FOMO). From a longer-term perspective, as the Runes protocol created by Casey specifically for the community, its influence may be no less than that of Ordinals. The market value of the leading project of the Runes protocol may be comparable to that of the leading project of brc20, or even have a certain impact on it.
Combining the current market situation, the market value of Ordinaries is 1.5 billion US dollars, Sats is 990 million US dollars, and the current market value of Runestone is 640 million US dollars. Based on this, early participants in the Runes pre-mining may still have room for profit growth.
Tags:
NFT
Runes
Solana
Ethereum
Mining
Bitcoin
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https://www.theblockbeats.info/news/53074
Note: The views expressed in this article do not constitute investment advice.
