• Transaction fees made up nearly 37% of the total mining revenue over the weekend.
• Mining revenue hit the highest level since the peak bull market of November 2021.

Bitcoin [BTC] miners racked up more than $23.7 million in transaction fees on a single day during the weekend, as Ordinals frenzy continued to push demand for blockspace.

As per on-chain analytics firm CryptoQuant, Bitcoin’s fee revenue on 16th December was the highest ever.

Miners’ earnings shoot up

The steep rise in transaction fees boosted miners’ overall revenue, which also includes the fixed block subsidy of 6.25 BTC. On the same day, miners made more than $63 million, the highest since the peak bull market of November 2021.

To get a fair idea about the network demand, transaction fees made up nearly 37% of the total revenue received by miners on the day, the second-highest since the previous Ordinals frenzy in early May.

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Author: Aniket Verma

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