Payments for transaction fees amounted to u$s184 million. It was the best quarter in two years.
In the second quarter of this yearminers’ earnings from transaction fees skyrocketed. Payments for transaction fees amounted to u$s184 million. It was the best quarter in two years.
There were two key factors that influenced: the emergence of the Ordinals protocol, and the price of the cryptocurrency, which on this day rises to US$30,259.26.
Of the $2.4 billion miners earned in the second quarter, $184 million came from transaction fees paid by users for miners to validate their transactions and add them to the network ledger.
Notably, the Ordinals protocol inscriptions attracted a new wave of activity. BRC-20 tokens have reached a market capitalization of over $240 million since their introduction in March.
Although the fervor around the BRC-20 has subsided, Bitcoin miners are still receiving large amounts of funds from transaction fees, some 15 times more than last year.
Ordinals is a protocol that allows people to create NFT-like assets on Bitcoin by enrolling data in an individual satoshi, the smallest unit of currency a Bitcoin can be divided into, equal to 1/100,000,000 of a whole Bitcoin.
Source: Ambito
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