Bitcoin daily miners' revenue jumped from $9.9 million to over $40 million in less than six months. The post Bitcoin Miners See Surge in Revenue to $40M a Day appeared first on Tokenist.
Bitcoin Miners’ Revenue Sees a Meteoric Rise Amid BTC YTD Gains
Bitcoin miners are generating revenue at the highest pace in more than a year as the cryptocurrency’s YTD gains rose to almost 70%, and transaction fees continue to mount amid recent demand for Ordinal inscriptions, also referred to as Bitcoin NFTs. At the moment, Bitcoin miners are bringing in around $40 million a day, according to data from Blockchain.com.
The surge in revenue comes as the world’s largest cryptocurrency saw its price almost double from $16,605 at the start of the year, marking a sharp rebound from its 2022 lows as a result of arguably the worst-ever crypto winter. Similarly, Bitcoin miners’ revenue also remarkably recovered since plunging to below $10 billion daily in December 2022.
Demand for Bitcoin Ordinals Contributes to Revenue Surge
Apart from Bitcoin’s price surge, mounting transaction fees on the blockchain significantly contributed to the latest jump in miners’ revenue. Earlier this month, daily fees on the Bitcoin chain skyrocketed to $3.5 million, the highest since May 2021.
One of the main factors fueling the rising fees is the unprecedented demand for Bitcoin ordinals, digital assets that can be inscribed on a satoshi – the lowest denomination of a Bitcoin. These so-called Bitcoin NFTs have attracted substantial interest since the start of 2023 and have continued to do so in recent months, exceeding the 3 million mark.
Do you think Bitcoin miners’ revenue will drop if Bitcoin developers take action against Ordinals? Let us know in the comments below.