Over 13,000 Ordinals NFTs have now been minted on Bitcoin in just a few weeks, according to BitMEXResearch. FrederickMunawa reports
Crypto derivatives firm BitMEX has identified over 13,000 Ordinals NFTs on the Bitcoin blockchain, evidence that buzz about a still-young flavor of non-fungible tokens is growing fast.on Wednesday showing that 13,000 Ordinals were minted or “inscribed” between their debut on Dec. 14 and Feb. 7.
In a few short weeks, the sudden influx of JPEGs and other media files onto Bitcoin has consumed 526 megabytes of block space and cost creators 6.77 bitcoin , according to the post. When plotted out graphically, the total number of Ordinals transactions to date shows a steep “hockey stick” curve, indicating NFT activity on Bitcoin has gone exponential.
The surging popularity of Ordinals has drawn the ire of prominent Bitcoiners such as Rene Pickhardt, who accused the Ordinals crowd of “spamming” the most dominant blockchain withCritics like Pickhardt have some data to back their view. Ordinals’ share of total Bitcoin transactions barely cracked the 3% mark on Wednesday, yet they consumed nearly 70% of the Bitcoin block space.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Ordinals Protocol Has Caused a Resurgence in Bitcoin Development.fs_insight says while there are concerns about the impact of NFTs on Bitcoin's principles and potential node bloat, the non-zero probability of NFT's fueling BTC's next bull run cannot be ignored. Reporting by willcanny99
Read more »
Bitcoin Network's Block Size OutlookNew Fundstrat data shows Bitcoin's mean block size has increased since the Ordinals protocol, which allows for NFTs to be stored on Bitcoin's blockchain, started to gain traction towards the end of January. Separately, the Bitcoin Lightning Network has reached an all-time high in terms of capacity, or the amount of bitcoin locked in payment channels, according to The Block. 'All About Bitcoin' host Christine Lee breaks down the Chart of the Day.
Read more »
Bitcoin Miners Hut 8, US Bitcoin Corp. Announce MergerBitcoin mining firms Hut8Mining and U.S. Bitcoin Corp. are merging to form a new company with access to 825 MW of energy. Egreechee reports
Read more »
Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entityHut 8 and US Bitcoin will merge to form Hut 8 Corp. The new company will have 5.6 EH/s of self-mining and access to 825 megawatts across six sites.
Read more »
Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain – Bitcoin NewsAn old file was discovered hidden in Bitcoin blockchain that may be linked to Julian Assange, the whistleblower and founder of Wikileaks.
Read more »
“Complete Nonsense”: Ripple CTO Schools Bitcoin SV Supporter in Debate About Bitcoin DevelopersA Twitter exchange between Ripple CTO David Schwartz and Bitcoin SV supporter Jerry David Chan has sparked a heated debate about the responsibility of Bitcoin developers
Read more »