From record highs to notable lows: Bitcoin fees after the inscription booms

Quick Take

A compelling trend emerged in the Bitcoin landscape in 2023, marked by two distinct spikes in mining fees – one in May and the other in November. Both were directly correlated to a surge in Bitcoin inscriptions, with the May frenzy subsiding after a month, while the November surge endured for approximately two months, extending into January.

However, recent on-chain data reveals a notable shift—the total amount of Bitcoin fees is now at the lowest point since before the November spike. 

Currently, miners receive about 50 BTC in fees, approximately $2.1 million, over double the fee amount before the November surge.

Interestingly, from the perspective of miner revenue, the percentage derived from fees – calculated as fees over the sum of fees and minted coins – has settled around 6%. 

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