How to reduce Runes on half of Bitcoin without getting Rekt

Happy Bitcoin Half Eve! Hoping to unlock Rune?

The same developer that came up with Bitcoin Ordinals will soon launch a new protocol called Runes that plans to compete with the BRC-20 token standard. Since the project's announcement, the project has seen a huge boost with dozens of projects preparing for the launch of Runes, which coincides with the Bitcoin halving.

Meme coin in particular skyrocketed before PUPS launched. But the increase did not come without some controversy. There is controversy surrounding the project's claim to be the “first meme coin” on Bitcoin.

As the half hour ticks down, pressure begins to build. Now, people are asking if they can get their hands on some shiny Runes without getting rekt.

Like a knight in shining armor, anonymous NFT historian, Twitter personality and regular show host Leonidas took to Twitter to share his tips and tricks on mining Runes.

Pay sky high fees.

Unfortunately, this won't come cheap.

Picture this: Your Rune is about to be produced, but the ban decides to continue without you. what happens? Your transaction is unblocked and your Rune remains untouched – but transaction fees are still lost.

For highly motivated rune projects, missing a block or two can be the difference between getting in or out. To combat this, Leonidas, who runs the Runestone Ordinal and “Pre-Rune” project, suggests that traders “pay a higher fee” to ensure your marketing is “squeezed”.

There will be a dog fight. Everyone tries to do the same thing as you, which means network fees go up and unfortunately the highest bidder always wins. So be the high bidder.

Be patient if you can

Fees are expected to skyrocket as people rush to mint Runes. So if you're trying to design a project that you don't think will sell right away – try to wait.

For most traders, this is no contest. Touch grass, talk to your family and drink tea. Then when you come back, hopefully, the network charges are reduced.

Leonidas tweeted: “Charges will drop over the weekend and into the evening in North America.” “You can put coins in a membrane for a small fee that will sit there for a few days.”

Short for a memory pool, the Bitcoin memory pool is a backlog of transactions waiting to be verified by miners and added to the next block of the Bitcoin network. So, if you're not worried about speed, Leonides advises traders to get in behind the queue and give them a leg up.

This is especially useful for projects with a longer lead time.

Casey Rodermore, creator of the Runes protocol, for example, is releasing a project called Rare • Items, which will have an open mint for four years. So, Leonidas wrote, “Tomorrow is the highest payout day in Bitcoin history. You'd have to be pretty dumb to realize that.”

Note the pre-mine

When choosing which rune(s) to mine, Leonidas suggests paying attention to the amount of pre-mineralization set by the rune miner.

Itching is the process that creates a Rune and sets its properties. Once set, these properties are immutable even to the end. Ether can allocate a percentage of runes to themselves, called pre-mining.

Leonidas tweeted: “Think of it as a pre-miner that drops on your head minutes after Rune.” “Anything over 10% is greedy.”

Instead, he suggests looking for projects with 5% pre-mining or no pre-mining projects.

Use your head

There are many rumors surrounding the launch of the Runes Protocol. By picking up each rune, it becomes easier to bulk up and drain your wallet. Instead, Leonides advises traders to try to calm their FOMO.

Leonidas suggests thinking about market value and analyzing each purchase.

“If a Rune takes 100,000 mints to mint and the fee to make one coin is $100, ask yourself, would you buy this Rune on a DEX (decentralized exchange) with a market value of $10M,” he wrote. “This is important to understand and help you make an informed decision.”

Edited by Stacy Elliott.