The introduction of NFTs and BRC-20 tokens on the Bitcoin network through the Ordinals Protocol has sparked debate over its effects on transaction fees and chain bloat. Despite these concerns, Glassnode data analyzed by CryptoSlate reveals unexpected benefits for Bitcoin miners. Miner Hash Price is soaring, reaching levels not seen in a year, and Miner Percent Mined Supply Spent suggests a confident outlook on future price increases. But what could this mean for the first-ever block with transaction fees exceeding mining rewards? Dive in to uncover the hidden implications...
Research: Ordinals, BRC-20 drive financial boon for Bitcoin miners Research: Ordinals, BRC-20 drive financial boon for Bitcoin miners
Booming network activity from Ordinals provides welcome relief to Bitcoin miners.
3 min read
Updated: Feb. 14, 2024 at 3:31 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Glassnode
Glassnode brings data intelligence to the blockchain and cryptocurrency space.
