On December 16, commissions surpassed $23.7 million.
“The rise in fee collection coincides with a period of heightened demand for block space. This increase in transaction fees has also had an impact on mining revenue, which now stands at approximately $63.8 million,” stated CryptoQuant.
Despite mining companies seeing a rise in commission income, analysts on the platform believe that the popularity of the Ordinals protocol could lead to higher transaction costs and longer processing times for transactions on the network.
Earlier, the US National Vulnerability Database (NVD) identified BTC inscriptions created in the Ordinals protocol as potential cybersecurity threats. According to the NVD warning, certain versions of Bitcoin Core and Bitcoin Knot could bypass storage media restrictions by obfuscating data in the code.