After seven consecutive quarters of suboptimal payouts, Bitcoin miners cashed in $184 million in transaction fees amid Ordinals' boom in Q2 — more than the previous five quarters combined.
The $184 million payout is more than a 270% increase from the first quarter of 2023 and it is the first quarter to have surpassed the $100 million mark since Q2 2021,Bitcoin miners earned more from fees in Q2 than the previous five quarters combined. Source: Coin Metrics
Coin Metrics said the jump in fees was due to Bitcoin’s recent price surge bolstered ‘top-line revenues” and the advent of BRC-20, aintroduced in March which uses Ordinals inscriptions to mint and transfer fungible tokens on the network, adding: However, it is worth noting that transaction fees represented only 7.7% of the total $2.4 billion made by miners over the quarter.
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