Bitcoin Ordinals Inscriptions, a revolutionary form of NFTs on Bitcoin's network, have stirred up the crypto world, opening a fresh avenue for creativity and personal expression. As users began to etch their messages on the Bitcoin blockchain, a significant milestone was achieved, marking Bitcoin's entry into the NFT space. However, the surge in popularity led to a substantial rise in transaction costs and network congestion... But why do recent data suggest a cooling off of this trend? And what does this mean for the Bitcoin network moving forward?
Bitcoin miner revenue stabilizes as Inscriptions demand wanes Bitcoin miner revenue stabilizes as Inscriptions demand wanes
The normalization of miner revenue and the decrease in transaction fees suggest that the market has adjusted to the Inscriptions phenomenon.
2 min read
Updated: Aug. 4, 2023 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ordinals serve as a unique numbering scheme for satoshis, allowing users to track and transfer individual sats.
