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Quick Take
In the past few weeks, due to the demand for Inscriptions and BRC-20 tokens, Bitcoin miner fees started to explode.
This saw a new “flippening” as Bitcoin fees surpassed block rewards for miners.
In addition, BRC-20 tokens lost $600 million in market cap within four days, which showed these tokens’ rapid rise and fall. BRC-20 token’s current market cap is less than $500 million.
The percentage of Bitcoin miner revenue derived from fees has now dropped to 7% from as high as 42% as of May 8.
The miner revenue fees on May 8 equate to roughly 635 Bitcoin, but miners are now receiving only 71 Bitcoin.
Fees are still elevated compared to prior years, where Bitcoin miner revenue derived from fees went as low as around 2%.
The post Bitcoin miner revenue derived from fees drops to 7% appeared first on CryptoSlate.
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