Bitcoin Miner Revenue Soars as Ordinals Craze Causes Network Congestion and Skyrocketing Transaction Fees

05/11 01:16

The popularity of Ordinals has caused chaos in the Bitcoin ecosystem, resulting in skyrocketing transaction fees and network congestion. However, this development has been a blessing in disguise for Bitcoin miners, who earned a total of $17.75 million in revenues on May 8th due to the surge in fees. The increase in Ordinals transactions has also led to a doubling of daily inscriptions in just ten days, with text-type ordinals taking over their image counterpart in market share. While not all Bitcoin advocates are happy with the success of Ordinals, MicroStrategy co-founder Michael Saylor believes it could be a catalyst for Bitcoin's adoption.

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