Bitcoin Mining Boom: ATHs for both monetary transfers and inscription

On-chain data shows both Inscription and monetary-related Bitcoin transactions have neared their all-time highs (ATHs) recently.

 

Bitcoin Mining Boom: Inscription & Monetary Transfers Hit ATHs

Summary:
On-chain data reveals a surge in both Inscription and monetary-related Bitcoin transactions, reaching all-time highs (ATHs). Miners are benefiting from increased activity, handling more transactions of both types. Inscriptions involve attaching data to Satoshis, enabling applications like NFTs and BRC-20 Tokens. The chart displays a sharp increase, with Inscription transactions hitting around 200,000 daily transfers. Monetary transactions also peak, reaching an ATH of 409,000 daily transactions. The recent Bitcoin price rally drives interest in transactions, causing a spike in average fees. Miners, facing limited capacity, prioritize higher fee transactions, potentially signaling a shift toward fee revenue becoming a primary income source post Bitcoin mining completion. Despite a flash crash, Bitcoin rebounds to $42,600.

  1. Transaction Surge: Inscription and monetary transactions hit ATHs, with a notable spike in both types.
  2. Inscriptions’ Resurgence: Inscriptions gain renewed interest, facilitating NFTs and BRC-20 Tokens on the Bitcoin blockchain.
  3. Miner Revenue: Miners benefit from increased transaction activity, with both Inscriptions and monetary transfers offering transfer fees.
  4. Fee Revenue Balancing: The surge in Inscription interest contributes to a more balanced fee revenue model for miners.
  5. Bitcoin Price Impact: Bitcoin experiences a flash crash but rebounds to $42,600 amid increased transaction activity.

Leave a Comment