Bitcoin Miners Accumulate Record-Breaking Daily Fees Amid Growing Network Utilization

According to CryptoPotato, miners have achieved a milestone by accumulating record-breaking daily fees amounting to $23.7 million. The surge in mining revenue and fees is a direct result of the growing utilization of the Bitcoin network, particularly evident on December 16th when the fees surpassed the $23.7 million mark. This heightened fee collection is occurring amidst a period of increased demand for block space, driven in part by substantial trading activities on the Ordinals protocol. Earlier this week, the daily sales volume of Bitcoin NFTs soared to nearly $40 million, surpassing the numbers observed on other networks such as Ethereum and Solana. This increase in transaction fees has also impacted the overall mining revenue, which currently stands at approximately $63.8 million, as per CryptoQuant’s findings. Despite Bitcoin maximalists’ growing hostility towards Ordinals, the increased revenues for mining companies, even when BTC’s prices were declining or consolidating, were primarily due to increased transaction fees owing to Ordinals. Although Ordinals introduced novel applications to Bitcoin, they have also led to increased transaction costs and delayed settlement times on the network. Vocal critics of the Ordinals trend frequently champion Bitcoin’s fundamental principles, contending that the blockchain should uphold its initial purpose of facilitating peer-to-peer financial transactions. Those opposed to Ordinals often emphasize the importance of preserving the network’s efficiency and core objectives, viewing new assets and similar innovations as deviations from Bitcoin’s intended utility. On the contrary, proponents of Ordinals assert that these inscriptions ultimately benefit the network.