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Bitcoin Miner Revenue Soars as Ordinals Craze Causes Network Congestion and Skyrocketing Transaction Fees

The popularity of Ordinals has caused chaos in the Bitcoin ecosystem, resulting in skyrocketing transaction fees and network congestion. However, this development has been a blessing in disguise for Bitcoin miners, who earned a total of $17.75 million in revenues on May 8th due to the surge in fees. The increase in Ordinals transactions has also led to a doubling of daily inscriptions in just ten days, with text-type ordinals taking over their image counterpart in market share. While not all Bitcoin advocates are happy with the success of Ordinals, MicroStrategy co-founder Michael Saylor believes it could be a catalyst for Bitcoin's adoption.

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