Daily Revenue Hit 5-Year High at $17M

Daily Revenue Hit 5-Year High at $17M



For some, the Ordinals craze has wreaked havoc within the Bitcoin ecosystem. BTC’s value might have, up to now, did not capitalize on it, however that was not the case for the community miners.

In truth, the event has been a blessing in disguise for them.

Bitcoin Miner Revenue Shoots Up

This month was marked by skyrocketing transaction charges and community congestion as Bitcoin Ordinals reached unprecedented heights. While Bitcoin’s value is cautiously recovering with modest good points, the community turning into more and more costly for transactions is probably a welcome growth for the mining business, which confronted extreme battering final 12 months.

In truth, Bitcoin miners earned a complete of $17.75 million in revenues on May eighth. According to the info shared by Glassnode CTO Rafael Schultze-Kraft, such a single-day spike in mining income is uncommon.

Upon gauging additional, it was discovered that the Bitcoin transaction payment for May eighth surged to a whopping $31.14, a stage that was final seen in April 2021.

The newest growth additionally coincided with the Ordinals pushing transaction charges above mining rewards for the primary time since 2017. As a outcome, a number of Bitcoin miners, together with Luxor Technologies and AntPool, mined blocks the place charges surpassed Bitcoin’s block subsidy of 6.25 BTC.

As Bitcoin Ordinals stored hitting new milestones, a brand new achievement got here within the type of the variety of each day inscriptions that greater than doubled in a span of almost ten days solely. CryptoPotato not too long ago reported that there at the moment are greater than 5.1 million Ordinal inscriptions.

Text-type ordinals had the very best market share after taking up their picture counterpart.

The surge in Ordinals transactions naturally elevated miner actions and subsequent charges at the same time as the value of the flagship cryptocurrency is but to reflect the passion.

Recently, one of the crucial distinguished cryptocurrency exchanges, Binance, additionally introduced plans to checklist Bitcoin NFTs on its platform.

Michael Saylor’s Take on Ordinals

Not all Bitcoin advocates are pleased with the outstanding success that Ordinals had witnessed. However, long-time Bitcoin bull and MicroStrategy co-founder Michael Saylor believes the most recent craze might show to be a catalyst for Bitcoin’s adoption.

In the PBD Podcast, Saylor stated the event of an utility that’s driving up transaction charges – at the backdrop of financial institution failures, hyperinflation, and lack of regulatory readability that’s hurting the asset class – is a catalyst.

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