• Bitcoin miners are currently profiting due to the appearance of Ordinals, Non-Fungible Tokens (NFTs) on the bitcoin blockchain.
• BTC has surpassed the $24,000 mark and is attempting to cross the resistance level at $25,000.
• The rise in transaction fees due to Ordinals makes mining more profitable for miners.
Bitcoin Mining Profits Rise with Appearance of Ordinals
The crypto winter of 2022 was a difficult period for most bitcoin miners, as their reserves diminished significantly. However, in January 2023 there was an increase in block size due to the appearance of Ordinals, NFTs on bitcoin blockchain and this resulted in more transaction fees and higher mining profitability. This month BTC has surpassed the $24,000 mark and is attempting to cross the resistance level at $25,000.
Ordinals Increase Block Size
Ordinals work such that when videos or images are added to a block, it increases its size. This has had a positive effect on miner revenues as it increased their transaction fees and effort required for processing transactions on the network without having any major change in block rewards. With this increase in revenue from Ordinals, miners’ financial stress has been relieved.
BTC Attempting To Cross $25k Level
At present BTC is trading at $24,862 after rising 14.8% over the past week. It is attempting to break through the resistance level placed at $25,000 but may encounter difficulty if it does not manage to clear out resistance close by at $24,550 first. If successful however it could open up another phase of growth towards reaching its next major milestone which stands at 26200 USD per coin.
Miner Reserve Stable During February
Crypto Quant data reveals that despite all these changes taking place during February 2021; miner reserves have remained fairly stable overall with only limited change being observed during this time period which can be attributed largely to the impact made by Ordinal’s presence on bitcoin network blocks increasing fees paid out by users who transact with them resulting ultimately into higher profits for miners involved in mining operations related thereto..
The current situation indicates that mining operations are still relatively profitable due primarily to increased fee payments from NFTs present within bitcoin blockchain blocks which offset some losses incurred during crypto winter of 2022 while also allowing BTC prices remain above 24500 USD range thus far allowing investors keep faith alive in cryptocurrency markets once again!