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Bitcoin Miners Set New Record, Raking in $23.7 Million in Daily Fees

Record-Breaking Daily Fees of $23.7 Million Collected by Bitcoin Miners

Dec 20, 2023
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Surge in miner fees attributed to increased trading activities on the Ordinals protocol.

Bitcoin miners have set a new record by amassing daily fees of $23.7 million, marking an unprecedented milestone. This surge in miner fees is attributed to the increased demand for block space, primarily driven by heightened trading activities on the Ordinals protocol.

According to an analyst from CryptoQuant, the miners’ record-breaking accumulation of daily fees reached $23.7 million. This significant increase in mining revenue and fees is a direct consequence of the expanding use of the Bitcoin network, particularly noticeable on December 16th when the fees exceeded the $23.7 million threshold. This period of increased fee collection coincides with a time of heightened demand for block space, largely fueled by significant trading activities on the Ordinals protocol.

Earlier this week, the daily sales volume of Bitcoin NFTs skyrocketed to nearly $40 million, outperforming figures seen on other networks such as Ethereum and Solana. This rise in transaction fees has also influenced the total mining revenue, which currently stands at approximately $63.8 million, according to CryptoQuant’s data.

Despite the growing animosity towards Ordinals among Bitcoin maximalists, the increased revenues for mining companies, even amidst declining or consolidating BTC prices, were primarily due to the increased transaction fees associated with Ordinals.

While Ordinals have introduced innovative applications to Bitcoin, they have also resulted in increased transaction costs and delayed settlement times on the network. Vocal critics of the Ordinals trend often advocate for Bitcoin’s fundamental principles, arguing that the blockchain should maintain its original purpose of facilitating peer-to-peer financial transactions. Those opposing Ordinals frequently stress the importance of preserving the network’s efficiency and core objectives, viewing new assets and similar innovations as deviations from Bitcoin’s intended utility. In contrast, supporters of Ordinals argue that these inscriptions ultimately contribute to the network’s benefit.

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