The number of Bitcoin inscriptions via the Ordinals protocol has surpassed 500,000, marking a significant technological milestone.
The increasing popularity of Bitcoin inscriptions on the Ordinals protocol can also provide a new revenue stream for Bitcoin miners, who earn fees for including these inscriptions in their blocks. This can incentivize more miners to participate in the network, which can increase the overall security of the Bitcoin network.
Moreover, according to data from onchain, Bitcoin (BTC) miners have earned an additional $2.66 million in fees as inscriptions have grown in popularity.
Bitcoin Inscriptions on Ordinals
Approximately 538,094 Bitcoin inscriptions have now been made using Ordinals. This technology enables users to embed text, images, audio, video, and applications, among other data types. According to data from Dune Analytics, the threshold of 500,000 was surpassed on March 17, 2023.
Over 40 percent of these Bitcoin inscriptions consist primarily of text. In addition, 32.3% of inscriptions are in PNG format, while 14.3% and 6.8% are in WEBP and JPEG formats, respectively.
Bitcoin Inscriptions continue to increase on the NFT Market
Positively, the use of Bitcoin inscriptions on the Ordinals protocol can expand the Bitcoin network’s use cases and utility beyond that of a payment system. It enables the embedding of diverse types of data in Bitcoin transactions, which is useful for a variety of applications including proof of ownership, digital identity, and more.
Particularly on the Bitcoin blockchain, the Ordinals inscription trend continues to gain momentum.
The blockchain now contains over 500,000 Bitcoin transactions, and miners are reaping the benefits. Therefore, the future looks bright for this innovative technology.
Overall, the effect of the rising use of Bitcoin inscriptions on the Ordinals protocol is complex and multifaceted, and is dependent on a variety of factors including adoption, scalability, regulation, and others.
