Bitcoin Ordinals: Miner fees breaks new record, assessing the effects on BTC

• Bitcoin Ordinals breaks records with daily fees paid to miners reaching over $1.4 million.
• BTC price shows a different trajectory with modest gains of less than 1%.

The Bitcoin [BTC] phenomenon continued to surge at press time, breaking new ground with each passing moment. A similar surge in popularity has propelled Bitcoin Ordinals to unprecedented heights. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Ordinals’ latest data showcased a remarkable milestone for Bitcoin’s Non-Fungible Tokens [NFTs]. Riding this exhilarating wave, miners are reaping the rewards of their labor on the network, embracing the winds of change with open arms.

Bitcoin Ordinals breaks records

Leonidas’ post on 6 May delivered astonishing news regarding the soaring heights reached by Ordinals. The daily fees paid to miners broke all previous records, surpassing even the grand sum of $1.4 million.

Ordinals just hit an ATH of $1,496,175 paid in fees to miners in a single day.

This obliterates the prior ATH of $803,635 from 4 days ago. pic.twitter.com/pQwog8yAo9

— Leonidas.og (@LeonidasNFT) May 6, 2023

Per Dune Analytics, this remarkable achievement effortlessly outshined the last all-time high of over $800,000. The surge in value was not limited to fees alone, as the volume of Ordinals‘ trade surged to an unprecedented pinnacle, surpassing an astounding $9.2 million. 

The number of daily active users also experienced a surge, surpassing the remarkable milestone of 6,000. This exponential fee growth had a ripple effect on Bitcoin’s overall fee accumulation. Crypto fees revealed a staggering daily fee of over $5 million, indicating a promising upward trend in the daily fee chart. This surge in fees hinted at the potential for further growth.

Bitcoin miners feast as fees spike

The impact of Ordinals and BRC-20 transactions has left a significant imprint on miners’ fees, sparking a remarkable surge recently. As of this writing, the miner fees have skyrocketed by a staggering 11%, catapulting them to a level reminiscent of over two years ago.

Before this impressive surge, the fees had experienced a decline around June 2021, reaching a peak of approximately 3%. 

Source: Glassnode

The surge in Ordinals transactions, coupled with the heightened demand for mining blocks, naturally increased miners’ activities and subsequent fees. However, the sustainability of this remarkable spike remains uncertain, leaving room for speculation and anticipation.

How much are 1,10,100 BTCs worth today?

BTC price sees a different trajectory

While the Ordinals brought excitement to miners, the price of BTC has yet to mirror this enthusiasm. At the time of writing, Bitcoin was recovering from a recent decline in value experienced during the previous trading period. It was traded at approximately 28,900, showcasing a modest gain of less than 1%.

Despite the optimism surrounding Ordinals and its impact on miners, the price of Bitcoin appeared to be navigating a different trajectory, displaying a more cautious and subdued movement.