NFT Ordinals Craze Turns Into Revenue Bonanza for Bitcoin Miners

Bitcoin miners such as Marathon Digital Holdings Inc. and Riot Platforms Inc., already among the biggest beneficiaries of this year’s resurgence in the largest cryptocurrency, are getting an additional boost from the frenzy in nonfungible tokens in recent weeks.

Revenue for all miners on the blockchain has already risen by around 60% to $2.5 billion in the fourth quarter as fees paid by users minting the so-called inscriptions spike, according to crypto data analytics firm Coin Metrics. That’s the highest level of revenue since the first quarter of 2022, the firm said.

The inscription technology is being used to ...