How Bitcoin Inscriptions drove transaction volumes, fees on network

Remarkably, inscriptions accounted for nearly 40% of all transactions on theFurthermore, according to the chart provided by Glassnode, Inscriptions contributed approximately 25% of the total transaction fees generated.data revealed a surge in Bitcoin transactions in recent weeks, with notable spikes starting in April. These spikes propelled the transaction count to the highest level ever recorded on the Bitcoin network since its inception.

As of 31 May, the transaction count exceeded 420,000, although it had seen a subsequent decline, according to the chart. Nevertheless, it remained among the highest points for Bitcoin transactions.network, it was evident that daily fees peaked at over $17 million around May 8. However, there was a subsequent decline, and as of this writing, daily fees amounted to over $2.2 million.

These transaction and fee records highlight inscriptions’ significant contribution, surpassing the regular daily volume. This increase in volume proved advantageous for miners operating on the network.The Miner Revenue chart observed on Glassnode indicated that miners were reaping the benefits of this Inscription season. In May, Miner Revenue experienced a substantial surge, surpassing 1,400Although it has since declined, the current revenue stood at an impressive 949 BTC.

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