Bitcoin miners have seen a significant increase in transaction fees, surpassing the fixed block subsidy in the last 24 hours.

This trend is due to heavy network traffic and congestion, with over 314,000 transactions waiting in the queue.

Despite the increase in fees, miners remain profitable due to a rise in hash rate, reaching the highest level since May.

Miners have set a new record for fees, earning $9.97 million in the past 24 hours.

This increase is attributed to a growing number of inscriptions on the Bitcoin blockchain, nearing the milestone of 50 million.

On December 16th, miners received over 235 BTC for inscriptions, marking the third-highest day in terms of BTC volume.

Miners have earned over 4,084 BTC, equivalent to $170.68 million, from inscriptions since December 16, 2022, accounting for 61.51% of all BTC transactions on that day.