Increased on-chain activity and Bitcoin miner profits

The discourse around Bitcoin's block space has been concerning due to low transaction volume and activity. However, this year has seen a significant increase in activity, particularly with ordinals, which are inscriptions directly inscribed with the number of Satoshi in each block. This has led to a substantial rise in transaction fees paid on Bitcoin. Traditional financial analysts did not anticipate this surge in activity and are not factoring it into their models for Bitcoin miner profitability, despite the halving leading to reduced emissions and increased miner earnings.

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