Bitcoin Fees Spike to 2-Year High as Ordinals Bonanza Gives Windfall Profit to BTC Miners
Share prices of publicly listed bitcoin mining companies are “on fire” thanks to high transaction fees, one analyst said.
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Share prices of publicly listed bitcoin mining companies are “on fire” thanks to high transaction fees, one analyst said.
In the historic auction house’s first-ever sale of the Ordinals inscriptions known as “NFTs on Bitcoin,” a batch of three pixelated images from a mushroom-themed collection drew about $450,000, or roughly five times the highest estimates.
Overall capitalization of such tokens has risen over 21% in the past 24 hours, outperforming most other token sectors.
Satoshi Nakamoto published the Bitcoin white paper on Halloween Day in 2008. (Jonathan Borba/Unsplash, modified by CoinDesk)
This week, new reports were released that point to a major slowdown in NFT trading. Plus, Etihad Airways will soon let its community of frequent fliers stake NFTs for miles.
The team behind the Ordinals protocol, led by Casey Rodarmor, has created the Open Ordinals Institute to grow its ecosystem without compromising neutrality.
Pseudonymous NFT researcher and artist Elena admitted to tracing other pixel art to pad out her upcoming collection Atomic Ordinals.
The creation of Bitcoin-based meme coins using the new BRC-20 standard has driven up Bitcoin fees as they use more data than a basic Bitcoin transaction. But while some developers in the Bitcoin community are proposing a filter to block Bitcoin NFT projects, such censorship could run counter to Bitcoin’s open-source characteristics, CoinDesk’s chief content officer Michael Casey argues.