Bitcoin miners have earned $184 million from transaction fees in Q2 2021, according to Coin Metrics.
BRC-20 Tokens, Which Were Introduced in March, Have Seen Their Market Capitalization Soar
Bitcoin miners have earned $184 million from transaction fees in Q2 2021, according to Coin Metrics.
The figure, which is more than the previous five quarters put together, is mostly attributable to the popularity of BRC-20 tokens and Ordinals. BRC-20 tokens are Bitcoin’s answer to Ethereum’s ERC-20 token standard, while Ordinals is a protocol that enables users to inscribe data to a single satoshi in order to create NFT-like assets on Bitcoin.
BRC-20 tokens, which were introduced in March, have seen their market capitalization soar to almost $240 million. Users must submit a transaction with a fee in order to mint BRC-20 tokens, and their request will be processed on the Bitcoin network and added to the following block of transactions.
People started to become increasingly willing to pay extra for transactions in exchange for speed as the hype surrounding BRC-20 tokens gained traction in May. The amount of money that miners are receiving from transaction fees is still considerable, especially when compared to previous quarters, despite the fact that payout amounts related to transaction fees have decreased as interest in BRC-20s has faded.
