von • Bitcoin miners have made nearly $600,000 in BTC transaction fees since mid-December when the new controversial Bitcoin-based non-fungible token (NFT) protocol Ordinals was launched.
• Over 80,000 Ordinals have been inscribed on the Bitcoin network, boosting user activity and increasing the number of non-zero Bitcoin addresses.
• The emergence of Ordinals marks the first time in Bitcoin’s 14-year history that the network is being used for non-monetary purposes.
Bitcoin Miners Generate $600K From Ordinals Transactions
Since mid-December 2020, over 80,000 Ordinals have been inscribed on the Bitcoin network, resulting in a surge of user activity on the blockchain and an increase in non-zero Bitcoin addresses. This has led to miners generating nearly $600,000 from BTC transaction fees.
What are Ordinals?
Ordinals are a type of Non Fungible Token (NFT) that uses Taproot soft fork to inscribe data into witness portions of BTC transactions. They were created by Casey Rodarmor, a contributor to Bitcoin Core, and were designed to number individual satoshis – which is the smallest unit of a Bitcoin – on the network.
Effect on Miners‘ Revenue
The launch of Ordinals has had a positive effect on miners’ revenue as they have generated almost $600k from BTC transaction fees within two months. This marks one of the first times that the Blockchain’s usage has strayed away from monetary purposes since its inception 14 years ago.
Controversy Surrounding Ordinals
Upon their launch, there was much opposition towards Ordinal protocols due to their unconventional nature and use cases; however they still managed to gain traction amongst users via its unique features such as inscribing data into witnesses portions of transactions and numbering individual satoshis.
Conclusion
In conclusion, despite initial controversy surrounding them upon their launch ,the emergenceofOrdinahashelpedtoboost us eractivityonBitcoinandincreased miner’s revenue throughtransactionfeesgeneratedfromtheprocessofinscribingdata intowitnessportionsoftransactions
