Bitcoin ecosystem reinvigorated by memecoins, new protocols
Bitcoin miners’ revenue has reached all-time highs in part due to increased on-chain fees.
The Bitcoin ecosystem has witnessed a dramatic recovery as the market cap of BRC-20 tokens surpassed $4 billion shortly after their invention in January.
According to a Dec. 15 research report by cryptocurrency exchange Bitget seen by Cointelegraph, Bitcoin (BTC) miners’ earnings from on-chain fees have surged from 1.7% in August to 19.57% by November. Meanwhile, daily mining revenue from block rewards surged past $40 million in November. The namesake digital asset has gained 161% year-to-date.
Invented by Bitcoin developer Casey Rodarmor in January, BRC-20 tokens have surged in popularity as one of the largest technological advancements in a 15-year-old blockchain. Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin, enabling tracking and transfer. Combined with the inscription process, which adds a layer of data to each Satoshi, users can mint unique digital assets on the Bitcoin blockchain.
