Carlos Fernandes Recently, Bitcoin miners have experienced a remarkable surge in their earnings, primarily due to an increase in on-chain transaction fees. In the past 24 hours, they have reached a historic high, with earnings from inscription-based transfers peaking at $9.97 million. This figure surpasses the previous record of $7.21 million set on May 8, 2023.
Miners Garner Unprecedented Earnings from Ordinals; Inscriptions Account for Over 60% of Bitcoin Transactions
The phenomenon of Bitcoin Ordinal inscriptions is approaching a notable threshold of 50 million. As of now, the blockchain records approximately 48.75 million inscriptions. On December 16, 2023, miners received an unprecedented daily amount for processing these Ordinal inscriptions. Data from Dune Analytics shows that miners were paid over 235 BTC, making it the third-largest day in terms of BTC volume received.
Dune Analytics has reported these figures in terms of U.S. dollar value paid to miners.
This particular day marked a significant milestone in the dollar value of miner fees, with earnings reaching $9.97 million in just 24 hours. This amount exceeds the previous high on May 8, 2023, when miners earned $7.21 million for processing inscriptions, receiving over 257 BTC. The increase in miner earnings on this recent day is largely due to the higher value of BTC.
On May 8, 2023, the closing price of BTC was $27,668 per unit. In contrast, on December 17, 2023, BTC’s price ranged between $41,668 and $42,666 over 24 hours. From the 48.75 million inscriptions made since December 16, 2022, miners have earned over 4,084 BTC, amounting to approximately $170.68 million, for confirming these transactions. On the same day, they processed a total of 638,144 transactions, with 392,574 related to inscriptions. This means that inscriptions accounted for 61.51% of all BTC transactions on that day.
We invite your views on the significant earnings collected by bitcoin miners this Saturday. Please share your insights and perspectives on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Ordinals Earnings
What are Bitcoin Ordinals and How Do They Impact Mining Earnings?
Bitcoin Ordinals are unique inscriptions on the Bitcoin blockchain, marking specific transactions with individual identifiers. These inscriptions have significantly increased the on-chain transaction fees, leading to record earnings for Bitcoin miners. On December 16, 2023, miners earned an all-time high of $9.97 million in a single day from these inscription-based transfers.
How Much Did Bitcoin Miners Earn From Ordinals on December 16, 2023?
On December 16, 2023, Bitcoin miners earned a record $9.97 million from Ordinal inscriptions. This figure surpassed the previous high of $7.21 million recorded on May 8, 2023. The earnings were attributed to an increase in the transaction fees associated with these inscriptions.
What Percentage of Bitcoin Transactions Were Driven by Inscriptions on December 16, 2023?
On December 16, 2023, inscriptions accounted for 61.51% of all Bitcoin transactions. This indicates that a significant majority of the transactions processed by miners on that day were related to Bitcoin Ordinal inscriptions.
How Have Bitcoin Ordinal Inscriptions Affected Miners’ Earnings?
The introduction and growth of Bitcoin Ordinal inscriptions have led to an increase in on-chain transaction fees. As a result, miners have seen a substantial increase in their earnings, with record highs being set due to the popularity and volume of these inscriptions.
What Was the Total Number of Inscriptions on the Bitcoin Blockchain as of December 16, 2023?
As of December 16, 2023, there were approximately 48.75 million Bitcoin Ordinal inscriptions marked on the blockchain. This growing number reflects the increasing popularity of these unique identifiers within the Bitcoin network.
More about Bitcoin Ordinals Earnings
- Bitcoin Ordinals and Miner Earnings
- Record Highs in Bitcoin Mining
- Impact of Inscriptions on BTC Transactions
- Growth of Bitcoin Ordinal Inscriptions
- Analysis of December 16 Bitcoin Earnings
6 comments
gotta say, these miners are earning big time, wish i had gotten into mining earlier 🙁
its fascinating to see how these inscriptions are driving BTC transactions, totally changes the game
interesting article, but I’m skeptical, can these high earnings sustain with the volatile nature of crypto?
61% of transactions from inscriptions is a lot, but how does this impact the blockchain’s efficiency?? anyone got insights?
impressive numbers but what does it mean for the average bitcoin holder does anyone think fees will go up??
wow, didn’t know miners were makin that much from ordinals? thats huge for the bitcoin community, right!