A good bundle of money for miners – The number of NFTs registered on the blockchain Bitcoin (BTC) has grown rapidly since the launch of Ordinals. THE BTC miners take advantage of it to generate a additional income during this crypto winter.
Ordinals and NFT on Bitcoin: over $584,000 for miners
Launched in January, Ordinals enabled the registration of almost 74,000 NFTs on Bitcoin. The protocol makes miners happy, because the process has earned them more than $584,000 in transaction fees, according to data from Dune Analytics. These fees peaked at over $92,000 on February 12.
Speaking to Decrypt media, the creator of Ordinals, Casey Rodarmordescribes the protocol as being a system which makes it possible to “number satoshis, give individual sats a serial number” and track their transactions.
Through Ordinals, users can transfer satoshis that can contain data, like videos and images, which are inscribed in the signature of BTC transactions. This whole process takes place on Bitcoin and does not require a sidechain.
Data from Dune Analytics indicates that pictures constitute the great majority of data listed on Bitcoin through Ordinals. The number of images registered on the BTC blockchain has exceeded 72,400 units so far, with a high of 20,848 units on February 9. Textual data comes in second place.
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Ordinals: a logical evolution of Bitcoin or a false good idea?
There crypto community reaction faced with this craze around Ordinals is mixed. In a tweet of January 30, the founder of the association Satoshi Action, Dennis Porterhad issued a positive opinion on the protocol, indicating that it was “optimistic about rising BTC fees”while emphasizing that “miners need a little income these days”.
But Ordinals has also received criticism from BTC maximalists who see the protocol as an affront to the blockchain, including fears that Ordinals will penalizes execution of financial transactions on the network.
In a tweet from January 29, Adam Back had thus attacked the registration of these non-financial data on the network, by evoking “ the waste and stupidity of an encoding “.
Will the future of NFTs be written on Bitcoin? thanks to Ordinals? Despite the criticisms, the protocol makes it possible to test the adaptability of the blockchain and the BTC community in the face of new trends in the universe of decentralization.
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