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%.
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