Dec 26, 2023

Bitcoin (BTC) miners are enjoying windfall profits as transaction fees spiked to the highest since April 2021 due to rising Ordinals inscriptions.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Data by bit info charts reveals the average price of transactions on the Bitcoin Blockchain surged to over $37 earlier this week, which is the highest level since April 2021. The surge is mainly driven by the resurgence of ordinals. A protocol that allows users to or non fungible tokens on the Bitcoin Blockchain called inscriptions. Users created over 1.2 million new ordinal inscriptions from Friday to Sunday. That's according to Dune Analytics and 21 co clogging the network with roughly 300,000 transactions waiting for confirmation. The popularity of ordinals has divided the Bitcoin community. However, the sky high fees have proved a boon for Bitcoin miners. That's it for today's chart of the day. I'm Jen Sasi. We'll see you next time to unpack more of the data behind top news stories.

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