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Bitcoin inscriptions near 50M milestone as trend continues Bitcoin inscriptions near 50M milestone as trend continues

Bitcoin inscriptions near 50M milestone as trend continues

Data via Glassnode

As miners reap increased revenue from fees, a new lifeline may have emerged ahead of 2024 halving.

Quick Take

As the total number of inscriptions teeters at the edge of a significant milestone – 50 million, currently at 47.4 million – a fascinating trend emerges. The cumulative fees miners have harvested since the onset of inscriptions at the start of the year stand at an astounding 3,588 BTC. This intriguing development prompts an in-depth look at the potential role of inscriptions in bolstering the mining sector.

Inscription Total Count: (Source: Glassnode)
Inscription Total Count: (Source: Glassnode)

A CryptoSlate review of the impact of inscriptions for the current year, 2023, against the backdrop of the preceding two years paints an interesting picture. It poses the question โ€“ Could inscriptions serve as a lifeline for miners in bear markets?

Inscriptions Cumulative Fees: (Source: Glassnode)
Inscriptions Cumulative Fees: (Source: Glassnode)

While it refrains from passing judgment, the data indicates that inscriptions could be a significant help, potentially acting as the catalyst to keep mining operations profitable.