• The increase in Ordinals fees caused a surge in miners’ revenue. 
• However, metrics for BTC were bearish, suggesting a further price decline. 

Bitcoin [BTC] Ordinals is creating new milestones every other day. Recently, the number of daily inscriptions reached a new all-time high.

As per Dune’s data, the number of daily Ordinals inscribed exceeded 400,000 on 7 May, pushing the total Ordinals inscribed to date to over 5 million.

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During the initial days of Ordinals’ launch, image type Ordinals had the highest market share. However, later things changed as at the time of writing, text-type ordinals dominated. 

Miners are enjoying the episode

While the daily number of inscriptions hit a new all-time high (ATH), Ordinals fees paid overtime also followed the same track and set a new record on 8 May.

On the other hand, as per Glassnode, miners’ revenue skyrocketed in the last few days as evident from the massive spike on the chart. 

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Author: Dipayan Mitra

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