Bitcoin miners raked up $184M in fees in Q2, surpassing all of 2022

Bitcoin (BTC) miners made a lofty $184 million from deal costs in the second quarter, far more than what they swiped over the whole 2022– as Bitcoins rate rose and BRC-20 tokens flourished.The $184 million payment is more than a 270% boost from the very first quarter of 2023 and it is the very first quarter to have gone beyond the $100 million mark since Q2 2021, according to a July 5 report from cryptocurrency analytics platform Coin Metrics.Bitcoin miners earned more from charges in Q2 than the previous 5 quarters integrated. Source: Coin MetricsBitcoin miners receive transaction fees whenevea new block has been confirmed, the quantity of which is figured out by the data volume and the user demand for block space.Coin Metrics stated the jump in charges was due to Bitcoins recent price surge boosted top-line incomes” and the development of BRC-20, a brand-new token requirement on Bitcoin introduced in March which utilizes Ordinals engravings to mint and transfer fungible tokens on the network, including: “The token standard does unlock speculative brand-new usage cases for Bitcoins core deal types, and speeds up the push to scale Bitcoin with the Lightning Network. It is worth noting that transaction fees represented just 7.7% of the overall $2.4 billion made by miners over the quarter.The rest came in the kind of Bitcoin obstruct rewards, with miners currently being rewarded 6.25 BTC for solving each block.

Bitcoin miners also delighted in much easier macroeconomics conditions in the quarter too, with “declining inflation pressures” equating to lower electrical energy rates for United States-based miners, Coin Metrics kept in mind.” Magazine: Bitcoin 2023 in Miami comes to grips with shitcoins on Bitcoin