The popularity of Bitcoin Ordinals has led to a significant increase in transactions and commissions on the network of the first cryptocurrency.
It peaked in early May, when some users paid over $10,000 to release their NFT on the Bitcoin network.
In total, users spent 1,593 BTC to issue tokens based on Ordinals, which at the current exchange rate is $44 million.
Note that most of the issued tokens (80%) belong to the BRC-20 standard.
Against this background, transaction fees have begun to play a prominent role in miners’ revenues.
While previously miners received an average of 1% to 3% of transaction fees, in May the share of income from commissions exceeded 14%.
In general, the income of miners in May was the highest in the last year – they have already earned $840 million.
JAN3 CEO Samson Mow thinks the haip around Ordinals and BRC-20 tokens will soon die down, and these tokens themselves are useless.
Indeed, their popularity has declined, but so far it remains at a fairly high level.