{"id":118684,"date":"2023-07-06T10:29:03","date_gmt":"2023-07-06T10:29:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-miners-made-millions-in-fees-in-q2-thanks-to-crypto-news\/"},"modified":"2023-07-06T10:29:07","modified_gmt":"2023-07-06T10:29:07","slug":"bitcoin-miners-made-millions-in-fees-in-q2-thanks-to-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-miners-made-millions-in-fees-in-q2-thanks-to-crypto-news\/","title":{"rendered":"Bitcoin miners made millions in fees in Q2, thanks to&#8230;\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both; display: block; float: none;\"\/><\/p>\n<ul>\n<li><em>Q2 2023 is the first quarter to exceed the $100 million mark since Q2 2021.<\/em><\/li>\n<li><em>The figure is more than five times the fees earned during the preceding five quarters combined.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/bitcoin\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a>  miners made $184 million from transaction fees in the second quarter of 2023. The amount is far more than what the miners made throughout 2022.<\/p>\n<p>The finding is based on a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmetrics.substack.com\/p\/state-of-the-network-issue-214?publication_id=6269&#038;post_id=132208708&#038;isFreemail=true&#038;utm_content=255684945&#038;utm_medium=social&#038;utm_source=twitter&#038;hss_channel=tw-867328053416001536\" data-wpel-link=\"external\">reports<\/a> published by the cryptocurrency analytics platform Coin Metrics on 5 July.<\/p>\n<p>Q2 2023 is the first quarter to exceed the $100 million mark since Q2 2021. The payout amount of $184 million reflects a surge of more than 270% from Q1 2023. In fact, the figure is more than five times the fees earned during the preceding Five quarters (Q1 2022- Q1 2023) combined.<\/p>\n<div id=\"attachment_325421\" style=\"width: 1210px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325421\" class=\"size-full wp-image-325421\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674.png\" alt=\"bitcoin mining\" width=\"1200\" height=\"674\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674.png 1200w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674-300x169.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674-1024x575.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/cc629922-2283-4865-9fff-b2e0c9e7763c_1200x674-768x431.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-325421\" class=\"wp-caption-text\">Source: Coin Metrics<\/p>\n<\/div>\n<p>However, the transaction fees accounted for only 7.7% of the total $2.4 billion that miners earned during the last quarter.<\/p>\n<p>The report attributed this surge in transaction fees to Bitcoin&#8217;s recent price rally and the introduction of the BRC-20 token standard and Ordinals.<\/p>\n<h4>BRC-20 and Ordinals benefit Bitcoin miners<\/h4>\n<p>The BRC-20 token was announced in March 2023. It employs Ordinals inscriptions to mint and transfer fungible tokens on the Bitcoin network.  This new class of tokens is modeled after <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ethereum\" data-wpel-link=\"internal\">Ethereum&#8217;s [ETH]<\/a>  ERC-20 token standard.  Since their introduction, the market capitalization of BRC-20 tokens has risen to more than $240 million.<\/p>\n<p>Bitcoin Ordinals was launched in January 2023. Ordinals is a Bitcoin protocol allowing people to create NFT-like assets on the network by inscribing data to a single satoshi.  Satoshi is the smallest unit of currency that we can divide Bitcoin into, ie 1\/100,000,000 of one unit of BTC.<\/p>\n<p>Bitcoin miners also benefited from better macro-economic conditions in the last quarter, with &#8220;receding inflation pressures&#8221; leading to lower power rates for US-based miners, the report mentioned.<\/p>\n<p>The report also added that payout amounts related to transaction fees have dwindled as the excitement around BRC-20s tokens ebbs.  Nevertheless, the amount of compensation miners receive from transaction fees remained substantial.<\/p>\n<p>However, as Bitcoin&#8217;s hashrate has continued to achieve new all-time highs over the last 12 months, competition in the mining fee market has tightened.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Q2 2023 is the first quarter to exceed the $100 million mark since Q2 2021. The figure is more than five times the fees earned during the preceding five quarters combined. Bitcoin [BTC] miners made $184 million from transaction fees in the second quarter of 2023. The amount is far more than what the miners [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":118685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-118684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/118684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=118684"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/118684\/revisions"}],"predecessor-version":[{"id":118686,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/118684\/revisions\/118686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/118685"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=118684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=118684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=118684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}