Bitcoin miner revenue reshaped by Inscriptions, transaction fees hit $500M in 2023

For years, Bitcoin miners have banked on block rewards for their earnings, but as these rewards wane, a surprising development has shifted the game. With transaction fees breaching the $1 billion mark during the 2021 bull run, a new player entered the field in March 2023. This innovation not only disrupted the expected downturn of miner revenue but propelled fee earnings to staggering heights, eclipsing the previous year entirely. But what exactly are these Inscriptions, and how have they single-handedly rewritten the financial fate of Bitcoin miners, capturing a disproportionate slice of their income pie? The full impact of this seismic change awaits within.

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