Bitcoin miners are awash with funds from transaction fees, a multimillion-dollar windfall generated this past quarter due to the popularity of BRC-20 tokens and Ordinals, according to Coin Metrics.

The crypto analytics firm said that a formerly “tepid fee market” for Bitcoin miners has been suddenly upended, with its latest “State of the Network” report finding miners earning $184 million from transaction fees from April through June.

Compared to $2.4 billion in Bitcoin mining revenue overall, that figure may sound small, but the latest transaction fee total represents more than the five preceding quarters combined, Coin Metrics said.

It described the shift as “an exceptional change” influenced by BRC-20 tokens.

#bitcoin #bitcoinmining #revenue #bullish #cryptoonindia

Bitcoin mining revenue rose in May, reaching $916.6 million, according to The Block Research.

Bitcoin mining revenue reached $916.6 million in May, a 13.7% month-over-month increase.

According to The Block's Data Dashboard, that figure includes more than $120 million in transaction fees. That's a sizeable bump, driven by on-chain activity.

As previously reported, the rise of bitcoin NFTs via Ordinals has driven a surge in transaction fee revenue to miners.

Data from The Block Research shows that May saw a significant jump in transaction activity on bitcoin, reaching 16.9 million for the month.

#bitcoin #bitcoinmining #revenue #BTC #cryptoonindia

Tether Holdings Limited, issuer of the USDT stablecoin, reported a Q2 profit of $850 million, bringing its total excess reserves to $3.3 billion.

“The $850 million represents the retained profits of this quarter which have contributed to increasing Tether’s excess of reserves”, a spokesperson for Tether told Decrypt.

“It’s basically additional capital sitting in the company to further strengthen Tether.”

Between April and June 2023, Tether's operational profits soared past the $1 billion mark, marking a 30% increase quarter over quarter, according to the report.

#tether #usdt #revenue #boost #cryptoonindia

1. Nvidia, a prominent tech company, has posted Q2 revenue of $13.51 billion, exceeding the projected $11.19 billion.

2. This #revenue beat has led to a rise in Nvidia's #stock price.

3. The positive outcome has also had a favorable influence on #AI-associated #cryptocurrencies like FET, RNDR, and AGIX.

4. These cryptocurrencies have seen gains of more than 4% in the last 24 hours.

5. #Nvidia's strong financial performance has triggered a chain reaction of positive impacts on both its stock and AI-related crypto markets.

$FET $RNDR $AGIX

Stablecoin issuer Tether (USDT) is reporting nearly $1.5 billion in profits during Q1 alone while also revealing new details from its reserves.
#USDT #tether #revenue #Bullish #cryptoonindia

Bitcoin miners notched another month of growing revenue, according to The Block Research.
Miners brought in a collective $755.4 million, most of which came as block rewards.
#bitcoin #mining #revenue #Bullish #cryptoonindia

Since Bitcoin's genesis, miners have reached a towering financial peak, earning a total revenue of $50.2 billion from the block subsidy and fees.
#bitcoin #mining #revenue #Bullish #cryptoonindia