Bitcoin miners achieve an unprecedented feat, accumulating daily fees of $23.7 million as the network experiences heightened demand. The surge is linked to increased utilization and trading activities on the Ordinals protocol. Explore the impact on mining revenue and the ongoing debate between Bitcoin maximalists and Ordinals proponents.
Bitcoin miners have marked a historic achievement, breaking records with a daily fee collection of $23.7 million, driven by the expanding use of the network. On December 16th, fees soared, reflecting the robust demand for block space, notably influenced by extensive trading on the Ordinals protocol. Concurrently, Bitcoin NFT sales hit nearly $40 million this week, outperforming Ethereum and Solana.
The surge in transaction fees has propelled total mining revenue to around $63.8 million, as per CryptoQuant’s latest insights. Despite Bitcoin maximalists’ reservations about Ordinals, mining companies benefited from increased transaction fees, even during market fluctuations. Ordinals, while introducing innovative applications to Bitcoin, have faced criticism for escalating transaction costs and delaying settlements.
Critics stress the importance of preserving Bitcoin’s core principles for peer-to-peer transactions, while Ordinals supporters argue these developments enhance the network. The ongoing debate highlights divergent views on maintaining efficiency versus embracing novel assets in Bitcoin’s ecosystem.