bitcoin Ordinals are sweeping the network once again. The total count of bitcoin ordinal inscriptions minted has reached a new record.
This milestone coincides with the second anniversary of the activation of the long-awaited bitcoin upgrade, Taproot, which occurred at block 709,632 on November 14 and was the catalyst for the start of the Ordinals.
bitcoin Ordinals Explode
According bitcoin-ordinals-analysis” target=”_blank” rel=”noopener” data-wpel-link=”external”>data Compiled by Dune Analytics, the number of ordinal bitcoin inscriptions minted increased to 505,000, marking a new record. Primarily driven by BRC-20, this surge has taken the total number of bitcoin signups to surpass 40 million as of November 12.
In particular, atomic bitcoin-atomicals-potocol-analytics” target=”_blank” rel=”noopener” data-wpel-link=”external”>attracted over 28,000 minting on November 14, with a substantial fee payment of 2.63 btc.
This fee amount ranks second after the protocol’s launch on September 23. The increase in minting activity is predominantly attributed to the creation of the DMINT meme token following the official release of documentation for the dmint update.
Ordinal inscriptions, similar to NFTs, represent digital assets recorded in a satoshi, the smallest unit of bitcoin (btc). The ability to sign up for satoshis was made possible by the introduction of the Taproot update, which was deployed to the bitcoin network exactly two years ago.
Backlash and positive side
The resurgence of Ordinals has triggered a massive surge in bitcoin fees, which rose to the highest level since the meme coin mania last May. Earlier this week, the average bitcoin fee skyrocketed to $15.86.
This has led critics to reiterate their stance that the emergence of these bitcoin-linked NFTs is abusing the network. However, Ordinals developer Casey Rodarmor argued that such accusations are baseless.
Additionally, the resurgence of Ordinals has helped bitcoin miners’ bottom lines, with blockchain transaction fees now contributing nearly 8.5% of their revenue, according to a report. report by asset manager 21Shares.
“Transaction fees now make up ~8.5% of miners’ revenue, which is timely in the context of the upcoming bitcoin halving, which will reduce block rewards from 6.25 to 3.125 btc, which some see as a deterrent to continuing to support bitcoin mining activities. This is also relevant as it shows a desire to interact with the underlying network.”
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