💰 Bitcoin Miners Break Records with $9.97M Earnings from Inscriptions!
📈 In the wake of a substantial surge in onchain transaction fees, Bitcoin miners have hit an all-time high, raking in a staggering $9.97 million in the last 24 hours from inscription-based transfers. This eclipses the previous record of $7.21 million set on May 8, 2023.
🔢 Key Metrics:
Bitcoin Ordinal inscriptions are nearing a monumental milestone of 50 million, with approximately 48,754,694 recorded on the blockchain as of now.On December 16, 2023, miners received over 235 BTC, marking the third-highest day in terms of BTC volume, according to Dune Analytics metrics.The day stood out not only for its high BTC volume but also for the most substantial dollar value of fees, hitting the $9.97 million mark.
💹 Market Dynamics:
The increased value of BTC contributes to the higher miner earnings, surpassing the prior peak on May 8, 2023.On that particular day, miners were rewarded with more than 257 BTC for verifying inscriptions, whereas the recent Saturday's earnings were fueled by the increased value of BTC.
💲 Financial Impact:
From the 48.75 million inscriptions since December 16, 2022, miners have garnered over 4,084 BTC, equivalent to a staggering $170.68 million, for confirming these transactions.Bitcoin miners processed a total of 638,144 transactions on this impactful day, with inscription-related transactions constituting a significant 61.51%.
🚀 Implications for the Crypto Space:
The record-breaking earnings signify the growing importance of inscription-based transfers, showcasing a robust demand for onchain transactions.This financial milestone underscores the continued growth and financial significance of Bitcoin in the broader market.
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