Bitcoin Miners Hit Record $9.97M Earnings From Ordinals; 61% of BTC Transfers Inscription-Driven

In the aftermath of a important summation successful onchain transaction fees for Bitcoin, the compensation to bitcoin miners from inscription-based transfers has deed a grounds highest successful the past 24 hours. An estimated full of $9.97 cardinal was allocated to miners, eclipsing the erstwhile precocious of $7.21 cardinal established connected May 8, 2023.

Miners Rake successful Record Fees From Ordinals; Inscriptions Fuel 61% of Bitcoin Transactions

Bitcoin Ordinal inscriptions are nearing the important milestone of 50 million, with astir 48,754,694 marked connected the blockchain astatine this moment. As of December 16, 2023, a record-breaking magnitude was remunerated to miners for Ordinal inscriptions successful a azygous day. Data indicates that connected this Saturday, miners received implicit 235 BTC, marking it the third-highest time successful presumption of BTC volume, according to Dune Analytics metrics.

Yet, this time stood retired arsenic the astir important successful the U.S. dollar worth of these fees, with miners earning $9.97 cardinal successful the 24-hour timeframe. This surpasses the anterior highest connected May 8, 2023, erstwhile miners were compensated $7.21 cardinal for inscription confirmations. On that peculiar day, miners were rewarded with more than 257 BTC for verifying inscriptions. The higher miner net connected this caller Saturday tin beryllium attributed to the accrued worth of BTC.

On May 8, 2023, BTC’s closing terms was astatine $27,668 per unit, whereas connected December 17, its 24-hour terms fluctuated betwixt $41,668 and $42,666. From the 48.75 cardinal inscriptions created since December 16, 2022, miners person garnered implicit 4,084 BTC, equivalent to $170.68 million, for confirming these transactions. On that aforesaid day, bitcoin miners processed 638,144 transactions, with 392,574 being inscription-related. This indicates that inscriptions drove 61.51% of each BTC transactions that day.

What bash you deliberation astir the grounds fees bitcoin miners collected connected Saturday? Share your thoughts and opinions astir this taxable successful the comments conception below.