TL;DR
- Paying High Fees: To ensure that your transaction is processed on time during Runes minting, it is crucial to pay higher fees than other users.
- Strategic minting timing: Wait for low rate periods, such as weekends or nights in North America, to mint and save costs.
- Caution with pre-mine and market evaluation: Avoid projects with high pre-mines (>10%) and evaluate mintings in terms of market capitalization to make informed decisions.
Minting Runes during the Bitcoin halving can be a complicated but exciting task.
With the upcoming launch of the Runes protocol, many users are looking to acquire these coins without incurring significant losses.
Leonidas, known for his contributions to the world of NFTs and the Runes protocol, offers key tips for navigating this process safely and profitably.
Some tips for minting Runes so that you don't get wrecked:
1. Bitcoin has slow block times so a lot can happen between blocks. If a Rune is close to minted out you need to make sure to pay significantly higher fees than everyone else to ensure your transaction gets squeezed in…
— Leonidas (@LeonidasNFT) April 19, 2024
One of the most important recommendations is to understand the importance of paying higher fees while mining Runes.
Given the slow block time in Bitcoin, paying higher fees ensures that your transaction is processed sooner, avoiding losing fees without earning the desired Runes.
This is crucial during popular mints, where network fees increase significantly.
On the other hand, Leonidas advises being strategic when minting.
Wait for low rate periods, such as weekends or evenings in North America, to mint and reduce costs.
This tactic is especially useful for projects with long minting, avoiding unnecessary expenses during rate spikes.
Another crucial aspect is to evaluate the project before minting Runes
Take careful consideration of specific details like the pre-mine allocation and the minting process structure within the project.
It’s advisable to steer clear of projects with pre-mines that exceed a certain threshold (>10%), as this situation could potentially lead to an abundance of tokens flooding the market post-minting.
Furthermore, approach mining as you would any investment and conduct evaluations based on market capitalization to ensure that decisions are well-informed and aligned with your overall investment strategy.
Following these tips from Leonidas can help you avoid unnecessary losses and maximize opportunities during Runes minting.
Being strategic with fees, minting timing, and carefully evaluating projects will ensure a more profitable and successful experience in this exciting cryptocurrency space.
