Since it began, up to $8 million in fees have been awarded to caption creators across the network.
The number of NFTs surpassed 3 million earlier this week after a one-day spike in activity, which mainly consisted of text-based assets.
The inscriptions, which are powered by the Ordinal Protocol, allow users to insert data related to digital art into the Bitcoin blockchain using the references established in Bitcoin-based transactions.
The jump follows the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which helps users issue transferable tokens directly over the network. This spawned a compilation of meme tokens and digital art based on the Bitcoin platform. The market capitalization of the latter group increased to $137 million.
The creators paid 28 accumulated Bitcoins to make subtitles.
Glassnode estimates the earnings of Bitcoin miners
According to recent data, Bitcoin miners have seen a 37% return on their investment since the launch of Bitcoin.
On-chain analytics firm Glassnode estimates that since 2010, block reward and fee subsidies have generated more than $50 billion in profit for miners.
Amid the ongoing debate over Bitcoin price volatility, new figures suggest that miners are in a bad position for the long term.
According to Glassnode, miners’ historical profits are almost 40% higher than their estimated costs.
At the end of March, Glassnode published a study that delved into the details of the calculations that led to a 37% profit rate.
However, current estimates from BTC.com suggest that this week’s difficulty correction will be the first negative for Bitcoin since mid-February 2023.
Ether advanced 1.68% to $1,867 and was the second biggest gainer in 24 hours. The world’s second-largest cryptocurrency advanced 0.22% for the week. Binance’s native BNB token fell 0.21% to $323, bringing its weekly loss to 3.95%.