Bitcoin (BTC) miners increased their revenues by 13.7% to $916.6 million in May, thanks to the increase in transaction fees in line with the popularity of BTC NFTs.
According to the data, miners collected more than $120 million in fees last month, accounting for 13.1% of their revenue. This was recorded as the highest fee rate since January 2018, when fees accounted for 14.9% of mining revenues.
The data shows that Bitcoin's on-chain activity also increased significantly in May, reaching 16.9 million transactions. This is the highest monthly figure since January 2018, when BTC reached an all-time high of around $20,000 at the time.
Similarly, thanks to the NFT network called DRC-20 in the Dogecoin network, record transaction numbers were reached and miners also earned high incomes.
The BTC network, which normally does not have any smart contract function, has gained a function that imitates smart contracts thanks to the BRC-20 concept. BRC-20 is a token standard that allows users to create and transfer fungible tokens on the Bitcoin blockchain using the Ordinals protocol.
The Ordinals protocol allows users to write JSON data on satoshi tokens and this data can act as smart contracts for NFTs and other applications.
*Not investment advice.