- Inscriptions have contributed 22% to miners’ total earnings since its inception.
- However, registrations and registration fees have been reduced in recent weeks.
Bitcoin Ordinals has caused quite a stir since its inception and has had a major impact on the fees and earnings of miners within the network. However, the question remains: to what extent have these inscriptions increased miners’ earnings and what is their current impact on fees and overall earnings?
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Bitcoin miners are feeling the impact of the enrollment
The introduction of Bitcoin Ordinal subscriptions revolutionized the network with NFT-like assets. This innovative asset class opened up a new stream of fees and income for miners. Recent data from Glasnode revealed the substantial impact of subscriptions on miner fees and earnings.
Source: Glassnode
Moreover, since its inception, Bitcoin miners have generated an impressive 1761 BTC, equivalent to approximately $49.9 million, through transaction fees from subscription-related transactions. These fees accounted for about 22% of total miner revenue from fees, which amounted to $227.8 million as of Jan. 23.
Current status of registration fees
Based on the latest data from Dune analysis, the cumulative enrollment fee is over $53 million at the time of writing. However, a closer look at the daily fee breakdown revealed a recent decrease in these fees.
The chart showed a remarkable increase on May 9, reaching over 151 BTC, which is equivalent to more than $4 million. However, at the time of writing, the daily cost had dropped to around 4 BTC. This indicated a significant drop from the previous contribution to fees on the Bitcoin network.
In addition, an analysis of the daily Ordinals inscriptions on the Bitcoin network revealed a decline in recent times. Previously, daily subscriptions reached remarkable heights.
However, the trend showed a decline, although respectable numbers were still observed. At the time of writing, daily inscriptions stood at about 1,553.
Subscription fees do not affect Bitcoin fees
An examination of the cost history on the Bitcoin network revealed the substantial contribution of subscription fees to the total cost volume. In particular, on May 8 and May 9, fees spiked significantly, reaching approximately $12 million each Crypto charges. This spike coincided with an increase in daily subscription costs, as shown by data from Dune Analytics.
However, at the time of writing, fees have dropped to around $1.3 million. Given the current day-to-day enrollment fees based on Dune Analytics, it was clear that the impact of enrollment fees on overall costs had significantly diminished.
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The future trajectory of Ordinals inscriptions and their contribution to Bitcoin miners’ revenue is still being determined.
Whether inscriptions will gain momentum again and resume their role in bolstering miners’ earnings is still uncertain. The dynamic nature of the cryptocurrency market makes it difficult to predict with certainty how this aspect will unfold in the near future.