Ordinals inscriptions have surpassed 411,000. Its contribution to transaction fees over the past week has also exceeded 6%. Ordinals and other Layer 2 solutions have made the Bitcoin network no longer only used for BTC transactions. Even though Ordinals has been met with mixed reactions from the Bitcoin community, its growing popularity and potential effects […]
network transaction fees. Inscriptions have made about $1.6 million in fees for miners over the past three months.Source: DuneAnalyticsinscriptions become more common and compete for available block space, allowing miners to make more money.
Eventually, this will be more vital than ever. Miners will have to rely on transaction fees to ensure the continued security of the Bitcoin network as the block reward dwindles to zero.According to the transaction fee data on blockchain.com, the totalHowever, a deeper examination of the chart revealed that the network’s transaction fees had decreased over time.
The consequence is that miners’ revenue will fall as well. Furthermore, miners’ incentives will reduce even further if future halving events occur, increasing their dependency on transaction fees.
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.
Bitcoin Ordinals may have proven naysayers wrong- Here’s whyInscription mints via Bitcoin Ordinals reached a daily ATH. The BRC-20 experiment has been deployed but users may need to be careful with minting in mass numbers. Quite a number of people cast doubts over the long-term relevance of Bitcoin [BTC] Ordinals after it launched in January. The reason for this was because of the […]
Read more »
![Has DOJ’s Bitcoin [BTC] movement caused panic among holders?](https://i.headtopics.com/images/2023/3/10/cryptoamb/has-doj-s-bitcoin-btc-movement-caused-panic-among--has-doj-s-bitcoin-btc-movement-caused-panic-among--1633989294929879040.webp?w=640)
Has DOJ’s Bitcoin [BTC] movement caused panic among holders?The transfer of some BTCs by the DOJ seemed to have caused the price of BTC to drop. Despite the mass movement from the DOJ, the Netflow has not reflected irregular activities. Bitcoin [BTC] has been struggling to get past the barrier it has hit lately. Recent action taken by a United States government department […]
Read more »
Bitcoin: Caution warranted as BTC short squeeze risk risesBitcoin shorts increase as the bearish conditions intensify. Whales drive the current price action but a pivot may trigger shorts liquidations. Bitcoin and the altcoin market are going through the most bearish week of 2023 so far. A situation that has resulted in the liquidation of long positions as prices crashed. Many derivatives traders have […]
Read more »
Bitcoin: Fall of Silicon Valley Bank might be a silver lining for BTC, here’s whyUSDC has seen increased swaps as more Bitcoin leaves exchanges. BTC volume reaches almost a three-month high as transactions go up. Fear, uncertainty, and doubt (FUD) about Bitcoin stemming from the collapse of a single bank contributed to its downward trend earlier this week. Yet, the failure of yet another bank may have reversed the […]
Read more »
Assessing Bitcoin’s dip to $20,000 and altcoins’ reaction to itBitcoin’s price has dropped to the $20,000 region for the first time in over five weeks. The dip in BTC’s price has caused over $300 million in crypto liquidations in the past 24 hours. Thus far, Bitcoin [BTC] and the cryptocurrency market have had a rough March. The price of Bitcoin and other alternative coins […]
Read more »
SEC rejects VanEck’s spot BTC ETF application, yet againThe U.S. SEC on 10 March rejected the investment manager VanEck’s application to create a spot Bitcoin exchange-traded product (ETP). The SEC alleges that no exchange has so far demonstrated its fund’s resilience to fraud. The United States Securities and Exchange Commission (U.S. SEC) yesterday rejected the investment manager VanEck’s application to create a spot […]
Read more »