Bitcoin miners have achieved a significant milestone, earning over $100 million in transaction fees alone during the second quarter of 2023, according to a report by Coin Metrics. This marks a 270% increase from the first quarter and exceeds the total fees earned in the previous five consecutive quarters combined.

The surge in transaction fee revenue is attributed to Bitcoin's price surge and the implementation of the BRC-20 token standard and Ordinals. The combination of these developments has expanded the capabilities of the Bitcoin ecosystem and boosted the market capitalization of BRC-20 tokens.