Bitcoin (BTC) miners are breaking records, collecting $23.7 million in fees daily

According to CryptoQuant analyst, miners have reached an unprecedented milestone by amassing a record-breaking $23.7 million in daily fees.

The increase in mining revenues and fees is a direct result of the increasing usage of the Bitcoin network, which was particularly evident on December 16th when fees exceeded $23.7 million.

This increased fee collection comes at a time of increased demand for block space, driven in part by extensive trading activity in the Ordinals Protocol.

• Earlier this week, the daily sales volume of Bitcoin NFTs rose to nearly $40 million, surpassing the figures of other networks such as Ethereum and Solana.
• This increase in transaction fees has also impacted total mining revenue, which currently stands at around $63.8 million, according to CryptoQuant's findings.
• Despite Bitcoin maximalists' growing hostility toward ordinals, even as BTC prices declined or consolidated, miners' higher revenues were largely due to increased transaction fees due to ordinals.
• Although ordinals have introduced novel applications for Bitcoin, they have also resulted in increased transaction costs and delayed settlement times on the network.
• Vocal critics of the Ordinals trend often defend Bitcoin's core principles and claim that the blockchain should retain its original purpose of enabling peer-to-peer financial transactions.
• Opponents of ordinals often emphasize the importance of preserving the efficiency and core objectives of the network, and view new assets and similar innovations as deviations from Bitcoin's intended utility.
• On the contrary, proponents of ordinals claim that these inscriptions ultimately benefit the network.

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