Bitcoin miners collected the highest percentage of mining revenue from transaction fees in over two years, according to The Block's Data Dashboard.

As of May 29, the share of mining revenue from transaction fees was at 14.3%, an increase of more than 11% over April and the highest since April 2021. The sudden jump is attributed to the growth of Ordinals, a method of creating on-chain artworks tied to satoshis, the smallest unit of account on the bitcoin network.

Bitcoin has emerged as the second-most voluminous network for NFTs after Ethereum in the past few weeks, according to weekly trade data. Bitcoin's transaction traffic also hit a new all-time monthly high in May, reaching 14.9 million as of May 29. Overall monthly mining revenue is at its highest level since last May, nearing $840 million as of today.