• Bitcoin Ordinals inscriptions have contributed greatly to miner revenue and fees since its inception.
• Recent data shows a decline in inscription fees and daily inscriptions on the Bitcoin network.
• Despite this, there has been no significant impact on the total fees seen across the network.
Bitcoin Ordinal Inscriptions: Assessing Impact
Substantial Contribution to Miner Revenue and Fees
The introduction of Bitcoin Ordinal inscriptions revolutionized the network with NFT-like assets. This innovative asset class opened up a fresh stream of fees and revenue for miners. According to Glassnode, since its inception, Bitcoin miners have generated an impressive 1761 BTC, equivalent to approximately $49.9 million, through transaction fees from inscription-related transactions. These fees accounted for around 22% of the total miner revenue from fees, which amounted to $227.8 million since January 23.
Recent Decline in Inscription Fees
Based on the latest data from Dune Analytics , the cumulative inscription fees have exceeded $53 million as of this writing. However, a closer examination of the daily fee breakdown revealed a recent decline in these fees. The chart showed a notable surge on 9 May, reaching over 151 BTC, equivalent to more than $4 million. However, as of this writing, the daily fees had plummeted to approximately 4 BTC.
Decrease in Daily Inscriptions
An analysis of the daily Ordinals inscriptions on the Bitcoin network revealed a decline in recent times. Previously, the daily inscriptions reached noteworthy highs but currently stand at approximately 1,553.
No Significant Impact on Overall Fees
Despite this decrease in both inscription fees and daily inscriptions on the Bitcoin network there has been no significant impact seen across overall transaction fee levels.
In conclusion, Bitcoin Ordinals inscriptions have made a substantial contribution towards miner revenues and fees ever since their inception yet with recent declines it’s uncertain whether or not they will continue to hold their influence over time or if other sources will take precedence when it comes to contributing towards miner revenues and overall fee levels within thenetwork