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- Transaction fees made up almost 37% of total mining revenue this weekend.
- Mining revenues reached their highest level since the November 2021 bull market peak.
Bitcoin [BTC] miners earned more than $23.7 million in transaction fees in a single day over the weekend, as Ordinals’ frenzy continued to drive demand for blockspace.
According to an analysis company in the chain CryptoQuantBitcoin yields on December 16 were the highest ever.
Source: CryptoQuant
Miners’ incomes are skyrocketing
The sharp increase in transaction fees increased miners’ total revenue, including 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 November 2021 bull market.
To get a good idea of network demand, transaction fees made up almost 37% of the total revenue miners received on the day, the second highest since the previous Ordinals frenzy in early May.
Source: CryptoQuant
Miners aren’t selling yet
Miners, as we all know, spend a good amount of money setting up a sophisticated infrastructure for creating blocks and securing the Bitcoin network. They rely on mining revenues to cover these exorbitant costs, which run into the thousands of dollars.
As a result, miners often liquidate their assets. The latest surge in their treasuries fueled strong expectations of a similar sell-off. However, this was not the case.
AMBCrypto did not notice any substantial spikes in the movement of coins from miners to exchanges. This implied that miners could expect several more profitable days before unloading their bags.
Source: CryptoQuant
Bitcoin will become the largest NFT chain
The Ordinals concept has taken the blockchain world by storm in 2023. After Bitcoin emerged as a pioneer in early 2023, other EVM and non-EVM chains imitated the technology and launched their own inscriptions.
Ordinals 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 is NFTs, which puts Bitcoin into the elite class of NFT-friendly networks.
Read BTC price forecast for 2023-2024
According to AMBCrypto’s analysis of Cryptoslam According to data, Bitcoin has been the dominant chain for NFT transactions over the past month, with sales worth more than $700 million.
In comparison, traditional leaders such as Ethereum [ETH] and Solana [SOL]could only raise $389 million and $245 million respectively.