Ethereum

Bitcoin

Million

Daily

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> have hit a historic high, amassing an astounding $23.7 million in daily fees. This record-breaking feat is attributed to the booming demand for block space, primarily fueled by the Ordinals protocol's heightened trading activities. On December 16th, the mining community witnessed this surge in revenue, marking a significant milestone in Bitcoin's operational history, according to <a href="https://cryptopotato.com/bitcoin-btc-miners-break-records-amass-23-7-million-in-fees-daily">Cryptopotato</a>. 
CryptoQuant's analysis highlights the pivotal role of the Ordinals protocol in this financial uptick. As Bitcoin NFTs' daily sales volume reached nearly $40 million, surpassing that on Ethereum and Solana, the impact on Bitcoin's transaction fees became evident. The total mining revenue, now standing at approximately $63.8 million, reflects the increased transaction costs and the delay in settlement times on the Bitcoin network. 
Despite some resistance from Bitcoin maximalists who argue for the network's primary role in facilitating peer-to-peer financial transactions, the Ordinals trend has brought new applications and perspectives to Bitcoin. Critics emphasize the need to maintain Bitcoin's efficiency and original purpose, while supporters of Ordinals see these inscriptions as beneficial for the network's growth. This debate underscores the evolving nature of Bitcoin and its adaptation to new technological innovations.

Bitcoin Miners Reap Record $23.7 Million in Daily Fees

Ultramining_Eng

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