Miners Earn $246 Million from 55 Million Blockchain Inscriptions
From December 28, 2023, to January 12, 2024, the rate of daily ordinals on the Bitcoin blockchain slowed down. However, on January 13, there was a surge in inscriptions, setting a record with 477,751 inscriptions added to the blockchain. This day became the third-highest in terms of inscriptions, with 73.22% of all transactions being inscription-based.
The trend continued the next day, as 446,783 inscriptions were added to the blockchain, making up 75.49% of all verified transfers. This weekend, the total number of inscriptions exceeded 55 million. Miners have earned a total of 5,750 BTC, valued at $246 million based on current exchange rates.
Miners Benefit from Inscription Fees
On January 13 and 14, miners received $2.7 million and $4.94 million, respectively, in fees from inscriptions. They also earned $9.9 million in fees on December 16, 2023. Miners have learned ways to fit in as many inscriptions as possible per block. The data also shows that there are 278,296 recursive inscriptions on the chain.
Bitcoin Takes the Lead in NFT Sales
In the NFT market, Bitcoin has surpassed Ethereum in the past 30 days, with $669.53 million in digital collectible sales, while Ethereum recorded $321.18 million. However, on a weekly basis, Bitcoin’s lead is marginal, with sales of $99.68 million compared to Ethereum’s $94.42 million.
Hot Take: Bitcoin Miners Cash In on Inscription Trend
Bitcoin miners have been capitalizing on the growing trend of inscription-based transactions. With over 55 million inscriptions on the blockchain and $246 million worth of Bitcoin accumulated by miners, this trend shows no signs of slowing down. As miners continue to optimize the number of inscriptions per block and earn substantial fees, the impact of inscription-based transactions on the Bitcoin ecosystem cannot be ignored. Additionally, Bitcoin’s dominance in NFT sales highlights its versatility and potential for various applications beyond being a digital currency.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.