- Transaction fees accounted for nearly 37% of total mining revenue over the weekend.
- Mining revenue reached its highest level since the peak of the bull market in November 2021.
Bitcoin [BTC] Miners collected more than $23.7 million in transaction fees in a single day over the weekend as the Ordinals frenzy further fueled demand for block storage.
According to on-chain analytics firm CryptoQuant, Bitcoin's fee income on December 16th was its highest ever.
Source: CryptoQuant
Miners' income is skyrocketing
The sharp increase in transaction fees increased miners' overall revenue, which includes the fixed block subsidy of 6.25 BTC. On the same day, miners earned more than $63 million, the most since the peak of the bull market in November 2021.
To give a good idea of network demand, transaction fees accounted for nearly 37% of total miner revenue for the day, the second highest since the previous Ordinal rush in early May.
Source: CryptoQuant
Miners are not selling yet
As we all know, miners spend a lot of money building sophisticated infrastructure to create blocks and secure the Bitcoin network. To cover these exorbitant costs, which run into thousands of dollars, they rely on mining revenue.
For this reason, miners often liquidate their holdings. The recent surge in their coffers fueled strong expectations of similar sell-offs. But this was not the case.
AMBCrypto did not notice any significant spikes in the movement of coins from miners to exchanges. This suggested that miners may have had a few more profitable days in mind before they began unloading their bags.
Source: CryptoQuant
Bitcoin becomes the largest NFT chain
The Ordinals concept has taken the blockchain world by storm in 2023. Launched by Bitcoin in early 2023, other EVM and non-EVM chains have imitated the technology and introduced their own inscriptions.
Ordinal numbers work by embedding images or other data directly into the chain. They can be used to create digital assets such as non-fungible tokens (NFTs) and even fungible tokens using the BRC-20 standard.
Ordinals' main use case was NFTs, which catapulted Bitcoin into the elite league of NFT-friendly networks.
Read BTC price prediction 2023-24
According to AMBCrypto's analysis of Cryptoslam data, Bitcoin was the dominant chain for NFT transactions last month, with more than $700 million in sales.
In comparison, traditional leaders like Ethereum [ETH] and Solana [SOL]was only able to raise $389 million and $245 million, respectively.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.