Miners Reap Rewards as Inscription-Based Transactions Drive Bitcoin Fees to Record High
Bitcoin inscription-based transactions have reached a milestone of nearly 50 million, with over 48.75 million marked on the blockchain currently. In the last 24 hours, miners received a record-breaking payout for inscription confirmations. Data from Dune Analytics shows that on this particular day, miners earned over 235 BTC, making it the third-highest day in terms of BTC volume.
However, what sets this day apart is the significant value of these fees in US dollars. Miners made $9.97 million within the 24-hour period, surpassing the previous peak on May 8, 2023, when miners earned $7.21 million. This increase in earnings can be attributed to the higher value of BTC.
Since December 16, 2022, miners have earned over 4,084 BTC, totaling $170.68 million, for confirming the 48.75 million transactions. On that same day, miners processed 638,144 transactions, and 61.51% of these were inscription-related.
Hot Take: Miners Profit from Surging Bitcoin Fees
In the wake of a surge in onchain transaction fees for Bitcoin, miners have witnessed record-high earnings from inscription-based transfers. With nearly 50 million inscriptions marked on the blockchain and a growing number of inscription-related transactions, miners have received substantial compensation. As the value of BTC continues to increase, so do the rewards for miners, demonstrating the profitability of inscription-based transactions. This trend highlights the importance of inscriptions in driving the overall transaction volume and revenue in the Bitcoin network.
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