Bitcoin Miners' Earnings Soar as Market Cap of BRC-20 Tokens Surpasses $4 Billion
The Bitcoin ecosystem has experienced a remarkable rebound, with the market cap of BRC-20 tokens surpassing $4 billion since their introduction in January. According to a research report by cryptocurrency exchange Bitget, Bitcoin miners' earnings from on-chain fees have surged from 1.7% in August to 19.57% in November. Additionally, daily mining revenue from block rewards exceeded $40 million in November, while Bitcoin itself has gained 161% year-to-date.
BRC-20 Tokens: A Technological Breakthrough in the Bitcoin Blockchain
One of the most significant technological advancements in the 15-year-old blockchain, BRC-20 tokens, invented by Bitcoin developer Casey Rodarmor, have gained immense popularity. These tokens enable tracking and transfer by assigning a unique number to each satoshi, or 1/100 millionth of a Bitcoin. Through the inscription process, users can create unique digital assets on the Bitcoin blockchain.
Emergence of Other Bitcoin Token Standards
Researchers have observed the emergence of other Bitcoin token standards, such as ARC-20 from Atomicals Protocol, which add value to the Bitcoin ecosystem. Unlike Ordinals, which rely on third-party sorters, ARC-20 uses the smallest unit of Bitcoin, satoshi, for issuing assets. This allows Atomicals assets to trace a complete transfer history without relying on third-party sorters.
Strong Community Demand for BRC-20 Tokens
Despite high gas fees, there is a strong community demand for minting BRC-20 tokens. For example, the Sats (SATS) memecoin, despite gas fees costing over $15 million, had 21,107,258 mints and 36,061 holders. Researchers predict that layer-two solutions like the Lightning Network will support the adoption of Bitcoin payments on a larger scale.
Bitcoin Price Hits All-Time Highs in Turkey, Egypt, Nigeria, and Argentina
In addition to the recovery of the Bitcoin ecosystem, the price of Bitcoin has reached new all-time highs in countries such as Turkey, Egypt, Nigeria, and Argentina. The reasons behind this surge in these particular regions are yet to be determined.
