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- BRC-20 tokens played a significant role in the notable shift in the market.
- The latest transaction fee figure may appear modest compared to the $2.4 billion total.
According to Coin Metrics, this quarter has seen Bitcoin miners unexpectedly gain millions in transaction fees due to the appreciation of BRC-20 tokens and Ordinals.
The crypto analytics firm noted that a previously “tepid fee market” for Bitcoin miners has been surprisingly altered, with its latest “State of the Network” report revealing that miners earned $184 million from transaction fees during April, May, and June.
While the recent transaction fee total may seem small in comparison to the overall $2.4 billion in Bitcoin mining revenue, Coin Metrics indicates that it actually exceeds the combined total of the previous five quarters. The report highlighted that BRC-20 tokens have contributed to “an exceptional change” in the market.
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Ordinals Bring Transformation
Ordinals, which were launched this year, enable users to create NFT-like assets on Bitcoin by associating data with a satoshi, the smallest unit of Bitcoin (one hundred millionth of a Bitcoin).
Some members of the Bitcoin community have expressed discontent regarding the introduction of Ordinals; however, notable Bitcoin advocates, including MicroStrategy co-founder and Executive Chairman Michael Saylor, have emphasized the protocol’s potential to support miners’ long-term profitability.
The BRC-20 token standard was established in March, drawing inspiration from Ethereum’s ERC-20 token standard. Current statistics show that the market capitalization of BRC-20 tokens has risen to over $240 million.
Users create BRC-20 tokens by submitting a transaction with a fee to facilitate the minting process on the Bitcoin network, ensuring their transaction is included in the next block, thus claiming newly issued tokens from a launched BRC-20 project.
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