Recently, Bitcoin miner fee revenue hit a two-year high due to a surge in transaction volume. On Sunday, about 32% of mining revenue came from fees, which is rare in a bear market but common in a bull market.
The reason for the high fees is the increased use of the Taproot update, which allows the insertion of NFT and BRC-20 tokens into the Bitcoin blockchain. While this is positive in terms of revenue and economic incentives for mining, it is negative for those looking to conduct regular transactions.
In addition to fee income, other on-chain indicators such as the number of active addresses and the number of transactions have also increased significantly. This shift in activity is expected to impact the market in several ways and provide valuable insights into its future.
- Bitcoin Network Congested 343% With Heavy Traffic And Soaring Fees – Binance Suspends BTC Withdrawals For Hours
- Bitcoin Ordinals Break Volume Record, TRAC Token Soars 1,000%
according to Kyptos