Jaleel, BlockBeats, the Bitcoin halving is approaching, and a new group of people is getting excited. With only over a thousand blocks left until the Bitcoin halving, the Bitcoin ecosystem in April has become the focus of the market. Among them, the hottest topic is the Runes concept, especially Runestone, which has a market value of 640 million US dollars. This has caused its floor price to skyrocket to 0.074 BTC, surpassing 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 based on the Runes concept. Since April, the trading volume of NFTs in the Bitcoin ecosystem has far exceeded that of Ethereum and Solana, with the Runes concept NFTs accounting for the largest share.
Behind these trading volumes is the Runes projects that are like “mining machines”, as they will calculate the number of airdropped Runes tokens based on the holding time and quantity. RSIC is one of the projects that has the “mining machine” attribute, and it has been over two months since its tokens were airdropped to wallets. With only about a week left until the Bitcoin halving is completed, how much money do early participants expect to make?
Because Runestone has not yet announced the specific airdrop details, and RSIC, which has more detailed airdrop rules, already has a trading market on the OTC platform whales.market, which makes it easier to calculate profits. Therefore, the following discussion mainly focuses on RSIC to calculate and discuss “how much money can the earliest participants in the Runes pre-mining expect to make?”
Profit forecast: Taking RSIC as an example
Before calculating the profits, BlockBeats will provide a brief introduction to the RSIC project for new users. RSIC is a Bitcoin-based peer-to-peer runic allocation system, and its core construction is 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, the trading price of RSIC 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 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. However, 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. This inference is based on the fact that all parent runes’ minting funds come from the same address. For more details, refer to the relevant analysis by Dr. Doge on Twitter.
The trick to maximizing profits
The token airdrop rules of RSIC are very clear and consist of 4 variables. The first variable is “Flat Regular”, which involves the number of blocks held. It stipulates that each block can receive 21 RSIC tokens, with a total of no more than 30% of the total airdrop.
The second variable is “Boosted Acceleration”. Users holding Boost Accelerators can get double mining efficiency. This is related to the boost logic Easter egg engraved on the 4703400000000th satoshi.
The third variable is “Random Distribution”, which accounts for 25% of the total airdrop plus the unallocated Flat and Boost parts. Each RSIC corresponds to a specific type code symbol. When the last digit of the block hash value matches the user’s RSIC symbol, the user can receive 336 RS tokens. Considering the 16 possible values 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 the specific halving block 840,000, the project team will randomly select 5 addresses holding RSIC Metaprotocol NFTs and distribute 15% of the total tokens (allocation ratios are 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 the 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 quotas accumulated during the holding period will still be recorded in your wallet address.
It should also be noted 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 aims to ensure that only active wallets can participate in the token distribution, excluding any dormant wallets and ensuring the fairness and activity of the airdrop.
Easily earn $10,000 before the halving
Currently, on the OTC platform whales.market, the buying price of RSIC rune 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 prices are 0.025, 0.0349, and 0.0374 US dollars, corresponding to market values of 500 million, 730 million, and 780 million US dollars, respectively, which are close to the 640 million US dollar market value of Runestone.
However, compared to the continuous rise of Runestone, the NFT market of RSIC has shown a downward trend. Optimistically, compared to the highest price of 0.13 BTC, although the market value of RSIC has decreased, part of its value and market value actually lies 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. There are still 1,167 blocks left until the halving at the time of writing, and it is estimated that 63 tokens can be obtained per block, with a total of 73,521 tokens. This means that the token cost at the time of halving is approximately $0.0639. This price is much higher than the off-market price on whales.market.
According to the information obtained from early users by BlockBeast, the price of RSIC when it first went online on the magiceden market was 0.02 BTC. At that time, buying an RSIC and holding it until the halving period, without using boost, is expected to earn 520,000 points based on a conservative price of $0.01. This is an estimated profit of approximately $5,200, plus the value increase of RSIC itself, which means that the purchase price of 0.02 BTC can bring an additional profit of 0.04 BTC, equivalent to $2,800. Including other projects such as the Rune Mania Mine’s airdrop to RSIC Boost holders, the conservative estimate of the overall profit is about $10,000. If boost is held, the expected points will reach 700,000, and the corresponding profit is estimated to be about $13,000.
From a less conservative perspective, if RSIC is obtained solely through airdrops, it is equivalent to directly obtaining an NFT worth 0.06 BTC, resulting in a profit of approximately $4,260. Assuming that 700,000 points are calculated at a price of $0.035, the profit would be $24,500. Adding the $2,000 profit brought by other project airdrops, the total profit would be approximately $30,000.
In the short term, the Bitcoin halving and the official launch of Runes may trigger strong market emotions (FOMO). From a longer-term perspective, as the Runes protocol developed by Casey specifically for the community, its influence may be comparable to Ordinals. The market value of the leading project of the Runes protocol may be on par with the market value of the leading BRC20, or even have a certain impact on it.
Considering the current market situation, Ordinals has a market value of 1.5 billion US dollars, Sats has a market value of 990 million US dollars, and Runestone’s current market value is 640 million US dollars. Based on this, it can be inferred that early participants in the Runes pre-mining may still have room for profit growth.
Tags:
NFT
Runes
Solana
Ethereum
mining
Bitcoin
Source link:
https://www.theblockbeats.info/news/53074
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6603092
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