Miners have achieved a historic milestone, amassing a record-breaking daily fee of $23.7 million, driven by increased utilization of the Bitcoin network.
The surge in fees, particularly notable on December 16th, correlates with heightened demand for block space, fueled by significant trading activities on the Ordinals protocol.
CryptoQuant‘s analysis underscores the influential role of the Ordinals protocol in the recent financial upswing. With Bitcoin NFTs achieving a daily sales volume of nearly $40 million, surpassing figures on Ethereum and Solana, the consequential effect on Bitcoin’s transaction fees is apparent.
The current total mining revenue, reaching approximately $63.8 million, reflects the heightened transaction costs and delayed settlement times on the Bitcoin network.
Bitcoin NFT sales also soared, reaching nearly $40 million in daily volume, surpassing other networks like Ethereum and Solana. This surge in transaction fees contributes to overall mining revenue, despite Bitcoin’s price fluctuations.
The rise is primarily attributed to increased fees from Ordinals, despite resistance from some Bitcoin maximalists.
Critics argue for preserving Bitcoin’s fundamental principles, emphasizing peer-to-peer financial transactions, while proponents of Ordinals contend that these innovations ultimately benefit the network.
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